The number of startups in the East Midlands has hit its highest monthly level for over a year, according to new research.

The Midlands branch of R3, the insolvency and restructuring trade body, has found that there were 2,691 startups in the East Midlands in February. This is the highest recorded figure for the region since R3’s records began in January 2022.

R3’s figures also show that the February statistic is 61.23% higher than the 1,669 recorded at the end of 2022, and a 19.23% increase on the number for February 2022.

Stephen Rome from R3 Midlands spokesperson said:

“It is encouraging to see such a strong entrepreneurial start to 2023, despite the hugely challenging trading conditions we are currently experiencing.

“These startups 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.