The number of startups being launched in the East Midlands has dropped, according to new data.

The national insolvency and restructuring trade body R3 says its analysis suggests new businesses being started in the region is down almost 6%, falling from 2,462 in August to 2,319 in September.

At the same time, it said insolvency-related activity – which includes liquidator and administrator appointments as well as creditors’ meetings – was up more than a third.

R3 Midlands chair Stephen Rome said:

“The economic backdrop remains vastly unstable, making it very difficult for businesses to forecast the challenges they will be facing next week, let alone next month.

“Monthly corporate insolvency figures are at their highest in many years, with director fatigue and creditor pressure meaning many companies are turning to an insolvency process to help resolve their financial issues.”

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