THE number of start-ups took a surprise leap at the beginning of 2023, according to R3, the insolvency and restructuring trade body for Winchester.

R3’s analysis of latest data, supplied by business intelligence provider Creditsafe, showed that 6,128 businesses were launched in the south east in January.

It was the highest number since March 2022 when 6,635 start-ups were recorded and was 618 up on January 2022 when there were 5,510 new businesses in the region.

The latest statistics also showed 157 counts of insolvency-related activity in the South East during January – a fall on the figure of 235 in December 2022 but up on 117 in January 2022.

The number of late payments for companies awaiting money fell to a total of 517,273 unpaid late invoices in January 2023 compared with 546,666 in December 2022.

Furthermore, the number of companies owing money in excess of agreed credit terms decreased slightly from 60,576 in December to 59,924 in December.

Garry Lee, chairman of R3’s Southern and Thames Valley region, including Winchester, said: “January’s start-up figures provide an encouraging opening to 2023.

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“There is usually an uptick in new businesses at the start of the year but the scale of this January’s increase is greater than may have been expected given the current economic situation. It may be that some of those starting new businesses were made redundant at the tail end of 2022, lost employment due to a business closing or were among those who re-considered their priorities during the pandemic.

“The entrepreneurial flair of the south east cannot be underestimated either, which made the region the second highest performing outside of Greater London across the whole of the UK.”

Garry added: “The figures for insolvency-related activity give some greater depth to the picture.

“The figures were lower in January 2023 than in December 2022 but up by a third on January 2022.

“Undoubtedly, turbulent times are ahead. Any business in Winchester, whether new or established, is urged to remain alert for any signs of financial distress.

“The moment any issues appear, it is important to seek support from a qualified and regulated professional advisor. The earlier issues are addressed, the more options are available.”