Tipperary only county to record increase in start-up businesses this year

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Digital Desk staff

The number of start-up registrations in Ireland has fallen to the lowest level in five years.

All but one of the 26 counties in the Republic noted a yearly decrease in the number of start-up companies being registered, the only exception being Tipperary with an increase of 4 per cent.

The counties that recorded the biggest yearly declines were Westmeath (-38 per cent), Louth (-36 per cent), Sligo (-35%, 57), Waterford (-33%, 140), and Cavan (-33%, 107).

New registrations rose in June, with 1,701 start-ups representing a 7% increase compared to June last year.

There were 9,853 new companies registered in the first six months of 2020, the lowest since the first six months of 2015 (8,981).

Data from CRIF Vision-net shows a 30 per cent decrease between February and May compared to the same period last year.

April took the heaviest hit, with only 1,075 start-up companies joining the register.

The sectors most affected were community, social and personal (-36 per cent), real estate (-32 per cent), leasing (-32 per cent) and hospitality (-27 per cent).

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Fishing was the worst hit sector recording a 60 per cent yearly decrease on 2019 figures.

Public administration and defence was the only area to record an increase in new start-ups, with an 11 per cent rise.

The closure of courts due to Covid-19 and Government support packages have led to reduced levels of insolvency, down by 27 per cent, however this is expected to increase when courts resume activities.

The highest number of insolvencies was recorded back in February, with 72 companies experiencing financial difficulties.

April had the lowest level in the first six months of 2020, with only 12 insolvencies, a 71 per cent decrease compared to April 2019.

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