24% hike in newly established companies

The number of new companies established in July amounted to 1,014 — 24% up on the same month last year and the highest figure witnessed since 2008.

The Vision-net figures tie in with signs of decline in the level of business failures; with July showing a 6% annualised fall in the amount of companies hitting the wall. In all, 119 companies “failed” — 66 being liquidated, 47 going into receivership and six entering examinership.

However, while there was a jump in newly established firms, the number of companies which actually began trading this past month fell by 3% year-on-year to 2,569; or 100 per day.