Start-up boom as businesses launched in Northern Ireland near triple in April

A record number of start-ups were launched in Northern Ireland in April, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 2,311 firms were set-up in Northern Ireland in April – the highest monthly total since records began in December 2021 and only the second time numbers have exceeded 2,000.

Start-up figures in Northern Ireland rose 33.7% in April when compared to the previous month’s total of 1,728, and were 188.5% higher in April 2024 than in April 2023, when 801 new businesses were recorded.

R3’s analysis of data provided by Creditsafe shows 2,311 firms were set-up in Northern Ireland in April – the highest monthly total since records began in December 2021 and only the second time numbers have exceeded 2,000. Pictured is Ian Leonard, chair of R3 in Northern Ireland

Ian Leonard, chair of R3 in Northern Ireland, said: “Start-up figures in Northern Ireland have soared in the first quarter of 2024, and in fact, there have been more start-ups launched in the first four months of 2024 than in the entire first eight months of 2023.

“In particular, it is fantastic to see the tech sector thriving in our nation's capital. Belfast is emerging, not just as a city seeing unprecedented growth, but as a major hub of innovation and opportunity, drawing talent and investment from across the globe.”

Northern Ireland had the largest yearly increase in start-up figures between April 2023 and April 2024, followed by the West Midlands (62.7% rise) and Yorkshire and Humberside (57.9%).

At the same time however, statistics from the Insolvency Service also show that corporate insolvencies in Northern Ireland have risen from 40 in Q1 2023 to 82 in Q1 2024 – an increase of 105%.

Ian, who is a director at Interpath Advisory, continues: “These figures are indicative of the significant opportunities for investment and growth that our economy currently provides, but equally, there remain a number of challenges and headwinds which certain businesses are facing. I would urge directors to remain alert to the signs of financial distress, like cash flow problems, falling margins, or problems paying bills or staff on time.

“If any of these issues arise, it’s important to seek advice from a qualified professional as soon as possible. Conversations around money are hard, but the sooner you talk about your concerns, the more time you will have to think about your next steps.”