Monday, April 15, 2024

East Midlands start-ups hit regional high

The number of start-ups in the East Midlands has hit its highest monthly level for over twelve months.

This is according to latest research from the Midlands branch of R3, the insolvency and restructuring trade body, which shows that there were 2,691 start-ups in the East Midlands in February, which is the highest recorded figure for the region since R3’s records began in January 2022.

R3’s figures, which are based on an analysis of data from business intelligence provider Creditsafe, also show that the February statistic is 61.23% higher than the 1,669 recorded at the end of 2022, and a 19.23% increase on the number for February 2022, which was 2257.

R3 Midlands spokesperson Stephen Rome, a director at Thursfields Solicitors in the region, said: “It is encouraging to see such a strong entrepreneurial start to 2023, despite the hugely challenging trading conditions we are currently experiencing.

“These start-ups should be able to create jobs for the region as well as new business opportunities for their suppliers, customers and clients. They will also help to balance out the high level of corporate insolvencies we have seen across the UK in recent months.

“It’s important to note, however, that businesses can be particularly vulnerable in their first few years of trading, particularly in the current turbulent economy. It’s therefore imperative for entrepreneurs to seek help as soon as any issue arises.

“There are many potential solutions available for struggling businesses, but they become far fewer if a problem is left to spiral out of control. It can be helpful to know that R3 members offer a free initial consultation to those who are looking for support and want to explore their options.”

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