According to research from the Eastern branch of R3, the UK’s insolvency and restructuring trade body, start-ups rose by 19.4% in East Anglia last month, from 7094 in April to 8471 in May. This is the highest number of start-up businesses in any UK region outside Greater London.
R3 Eastern’s figures, which are based on an analysis of data from business intelligence provider Creditsafe, also show that the number of East Anglian companies with late payments on their books fell over the same period.
R3 Eastern Chair Alistair Bacon, founding principal at AMB Law, said: “These are encouraging statistics for our region and show that there is still scope for growth in the current environment.
“The fall in businesses with late payments is further positive news, particularly as the local economy is still facing the challenges of stubbornly high inflation, rising costs of materials and wages as well as a squeeze on consumer spending.
“Should significant cash flow difficulties arise, however, it’s crucial for business owners to take relevant professional advice. There is a significant amount which can be done to rescue and support local businesses, beyond traditional insolvency solutions, if help is taken early enough.”
Image: R3 Eastern Chairman Alistair Bacon of AMB Law.