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Mixed Fortunes

Almost 1,000 new companies were formed in Ireland last month

New figures for August out today contain some mixed news. Start-ups were up significantly – but there was also an increase in insolvencies last month.

THERE WAS AN increase of 19 per cent in insolvencies across all sectors of the Irish economy in August with 108 cases recorded, compared to 91 in the same month last year.

Figures released this morning from business risk analysts show that 45 per cent of company insolvencies recorded were in Dublin, followed by 19 per cent in Cork and 6 per cent in Galway.

However, there were some encouraging signs amid the figures: manufacturing, for instance, experienced 50 per cent fewer insolvencies last month, compared to August 2013 (just 5, compared to 10 last year).

In the motor industry, there were no insolvencies at all last month.

Starting out

There was even more good news under the ‘company start-ups’ heading… 983 companies were formed last month — up 8.4 per cent on the same month last year (amounting to 38 start-ups every day).

Industries badly affected by the recession experienced positive growth, with construction start-ups rising 30 per cent (82, compared to 63 last year).

The number of finance start-ups also grew, with 53 companies founded compared to 21 last August. Real estate start-ups increased too — with 44 recorded, compared to 31 in 2013.

Vision-net’s Managing Director Christine Cullen said the increase in finance start-ups could be indicative of greater liquidity in the lending market, “particularly in the mortgage market”.

Overall, the figures contained good news for sectors ”hit particularly hard by the recession” she said.

Read: Which industry did Irish consumers complain about most in 2013?

Read: Why Ireland is a bit like Padraig Harrington when it comes to being competitive

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