Number of start-ups down 20%

THE number of newly formed companies plunged by 20% during the first three months of the year.

This news follows a jump in the number of liquidations of Irish companies in the final quarter of last year from 69 to 80.

The decline in start-ups is mainly due to downturn in the real estate and construction sectors, which fell by 36% and 48% respectively, according to the latest Bank of Ireland (BOI) business start-up barometer.