Business Barometer

12% Year-On-Year Start-up Increase in Q3...

A 12% year-on-year increase in the number of company start-ups was recorded for the third quarter of 2023, with 185 insolvencies recorded in Q3 this year, versus 120 for the same period last year, according to the latest figures from credit risk analyst CRIFVision-net.

Ireland's economy has remained relatively strong through 2023 in spite of cost-of-living challenges and a mixed global outlook. The year-on-year data for July, August and September suggests that inflationary pressures have driven an uptick in the rate of insolvencies.

During the third quarter, there was a slight increase in insolvencies seen in education, leasing, and retail, all of which had relatively low initial numbers. On a county level, Cork experienced the highest number of new insolvency cases for the quarter, totalling 21.

Optimism in start-up growth

Overall, there was a 12% increase in the number of company start-ups YoY, with 5,154 start-ups recorded in Q3 this year, versus 4,593 for the same period last year.

19 counties recorded company start-up growth in Q3, with just 7 seeing a YoY decrease versus the same period in 2022. Mayo (66%), Cavan (51%), Carlow (30%), Offaly (28%), Kildare (24) and Louth (20%) recorded the highest Q3 increases in start-ups YoY.

Key urban hubs Galway (18%), Dublin (16%), Limerick (10%) and Cork (8%) all recorded YoY growth for the quarter.

Economic bellweather sectors such as hospitality (+15%), construction (+10%) and IT (+30%) all recorded start-up growth. Meanwhile another key industry, real estate, saw a marginal 1% decrease in new start-ups.

July was the busiest month for new company start-ups (1,852) in quarter, while September proved the quietest (1,563).

Dublin accounted for the largest number of new start-ups nationwide in Q3, recording a total of 2,328 registrations, the number was a 16% YoY increase, up from 2,013 registrations when compared with the same quarter in 2022

The counties to record the highest percentage start-up YoY decrease in the period were Roscommon (-42%), Wexford (-28%), Kilkenny (-26%), Longford (-14%) and Kerry (-10%).

Stay tuned for next week to read what our MD Christine Cullen has to say about the above stats...

Insolvency Notices

1,882

The number of companies that have collapsed this year. This figure is up 22% compared to last year
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PREDICTIVE CREDIT REPORTS

Our Credit Reports are predicting over 80% of insolvencies at up to 6 months in advance.

Appointments

LIQUIDATORS

  • 43 Companies

E8 (Notice Of Appointment Of Receiver)

  • 2 Companies

EXAMINERS

  • 0 Company

Closures

199

The number of companies that have closed this week.

New Startups

New Companies

  • 406 Companies

New Businesses

  • 1 Business

Important Changes

Changed Status

  • 485 Companies

HIGH COURT NOTICES

  • 1 Company

Strike off & Struck off Companies

Strike Off

  • 137 Companies

Struck Off

  • 120 Companies

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