37 start-ups every day ‘despite tough conditions’

MORE than 37 start-ups a day were set-up in the first six months of this year.

Company registration website Vision-net.ie said despite ongoing tough economic conditions 8,015 companies were formed in the six months to the end of July. That’s 104 more than were formed during the same period last year.

The retail sector accounted for the majority of the companies, with 975, or 12.2%.

There were 896 management firms formed, making up 11.2% of the total.

Despite the slowdown in the sector, construction was next on the list, with 667 companies, or 8.3%.

Kavanagh Fennell partner Ken Fennell said the figures on start-ups may not represent trading businesses.

According to Kavanagh Fennell, 917 companies collapsed between January and July, up 22% on the 2009 figure of 754. It expects insolvency figures to hit 2,000 by the end of the year, which would be up on 2009 figures.

It said construction was the worst affected in the first six months.

According to the figures, 277 construction firms collapsed between January and July, 30% of the total, up 11% on last year, when 249 insolvencies were recorded.

The figures from Vision-net.ie show there were 27 liquidators and five receivers appointed to firms in the last seven days.