Companies

Increase in newly-registered businesses despite 56 per cent rise in insolvencies

The increase in newly-registered hospitality firms indicated that entrepreneurs are ‘undeterred’ by the cost of operating in the sector

There was a 9.8 per cent annual increase in the number of newly-registered companies in the first three months of the year. Picture: iStockphoto

The number of new companies registered in Ireland was almost ten per cent higher in the first quarter of 2024 compared to a year previously, according to new figures.

Data from CRIFVision-net, the credit risk analysis website, indicated a 9.8 per cent annual increase in the number of newly-registered companies in the first three months of the year.

Despite the growth in new firms, CRIFVision-net noted the “challenging” circumstances for businesses, with the number of insolvencies recorded increasing by 55.6 per cent year-on-year.