Figures show 10% increase in business start-ups

Figures show 10% increase in business start-ups

A total of 3,080 company and business start-ups were recorded between April 1 and 26, a 10% increase on 2011.

Of these, 2,018 were registered business names while 1,062 were company incorporations.

The Vision-net study found that there was an average of 118 start-ups per day launched in April, but six per day were also declared insolvent. That figure is down 17% on same period last year.

Of the companies declared insolvent, 96 were liquidated, 50 entered receivership and examiners were appointed in three cases.

Liquidator appointments are down almost one-fifth on last year while receiverships have dropped by 17%.

Between April 1 and April 30, 115 companies held meetings of creditors - down 22% on the same period last year - owing over €40 million.

One quarter of new company incorporations last month were in the professional services sector.

However, this sector also accounted for 24% of company closures, meaning no growth was experienced.

The sectors recording the least number of new company incorporations were motor and real estate, each taking a 3% share.

Of 11,156 companies Vision-net surveyed, 55% were deemed to be at high risk of collapse, 14% were deemed medium risk, and 31% were in the low-risk category.

Vision-net’s analysis shows that, last month, 301 registered consumer and commercial judgments worth €14.5m were awarded in the courts, with banks awarded €8.6m and the Collector General awarded €3.7m.

"The number of new companies and business start-ups is high and it bears out our reputation for entrepreneurship which, according to the 2010 Global Entrepreneurship Monitor, is among the highest in Europe," said Christine Cullen, Managing Director of Vision-net.

"However, much is this is attributable to necessity-driven entrepreneurship - people who start companies because they cannot get a job anywhere else - and Vision-net’s advice is to research the marketplace using proper credit checks and business intelligence before embarking on new ventures.

"Already established businesses across the sectors can save jobs and money and identify new growth opportunities if they make use of reliable market intelligence in making informed trading decisions."

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