More than 80,000 new North West businesses in 2023

More than 80,000 start-ups were launched in the North West in 2023, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 80,404 firms were set-up in the North West in 2023 – a rise of 7.7 per cent from 2022’s total of 74,658.

North West start-up numbers were at their highest in March 2023 in the North West, when 7,390 new firms were set up.

The North West had the third highest total number of start-ups in 2023 of all the UK’s regions and nations, behind Greater London (293,060) and East Anglia (93,470).

Fran Henshaw, chair of R3 in the North West, says: “Amidst tough economic challenges like high inflation, persistently higher interest rates, and supply chain issues, tens of thousands of entrepreneurs in the North West embraced the opportunity to launch new businesses last year.

"Many of these new ventures are micro and small businesses, owned and run by local people, and will play a crucial role in supporting the growth of the North West economy in the year ahead." Fran, who is head of corporate recovery and Insolvency at Beever and Struthers, continues: “However, setting up a new business is just the first step – directors need to stay alert to any signs of financial distress and act accordingly should they arise.

“Problems paying the bills or staff on time, stock levels piling up and falling revenue are all early indicators a business could be in trouble, and at this point it's essential to seek advice from a qualified source, whether you’re running a start-up or a more established business...

“Many R3 members in the North West are happy to provide a free initial consultation to learn more about your concerns and help you understand the options you have for resolving them.”