West Midlands start-ups hit nine-month high
The number of start-ups in the West Midlands has hit a nine-month high, with the region having one of the highest levels of new businesses of any region in the UK.
Latest research from the Midlands branch of R3, the insolvency and restructuring trade body, shows that there were 5,999 start-ups in the West Midlands in February, which is the highest recorded figure for the region since May 2022’s total of 6,216.
The February statistic is also 52.18% higher than the 3,942 recorded at the end of 2022, and a 7.41% increase on the number for February 2022, which was 5585.
R3’s figures, which are based on an analysis of data from business intelligence provider Creditsafe, also show that the West Midlands is one of the most active regions in the UK for entrepreneurs, with start-up levels falling below only Greater London (23,679), East Anglia (7494) and the North West (6840).
R3 Midlands spokesperson Stephen Rome, a director at Thursfields Solicitors in the region, said: “It is encouraging to see such a strong entrepreneurial start to 2023, despite the hugely challenging trading conditions we are currently experiencing.
“These start-ups should be able to create jobs for the region as well as new business opportunities for their suppliers, customers and clients. They will also help to balance out the high level of corporate insolvencies we have seen across the UK in recent months.
“It’s important to note, however, that businesses can be particularly vulnerable in their first few years of trading, particularly in the current turbulent economy. It’s therefore imperative for entrepreneurs to seek help as soon as any issue arises.
“There are many potential solutions available for struggling businesses, but they become far fewer if a problem is left to spiral out of control. It can be helpful to know that R3 members offer a free initial consultation to those who are looking for support and want to explore their options.”