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Wales sees start-up boom in April, new R3 research shows

Cardiff (Adobe Stock)

Welsh start-ups boomed in April as the number of new businesses soared to the highest monthly total in over two years, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 2,504 firms were set-up in Wales in April – the highest monthly total since records began in December 2021.

Start-up figures in Wales were 46.5% higher in April 2024 than in April 2023, when 1,709 new businesses were recorded.

Tim Sloggett, chair of R3 in Wales, says: “The surge in start-ups we’ve seen in April signifies a real sense economic optimism is taking hold in Wales, and this has been supported by the news business confidence rebounded in Q1 2024.

“These new ventures will potentially create jobs for local people and opportunities for local supply chains, particularly in thriving sectors such as renewables, tech and life sciences.”

Tim, who is a managing director at business advisory firm Quantuma, continues: “The first few years of trading can be particularly challenging for businesses. It is vital that both new and established businesses have robust plans that are monitored regularly, with a sharp focus on the critical success factors.

“Directors should also develop alternative strategies with clear parameters for when they would be implemented if the business is not progressing as planned.

“If financial concerns arise, I would urge all directors to reach out to a qualified professional as soon as possible to ensure that they have the best chance of survival and to meet their statutory obligations as directors.

“Conversations around money are hard, but the sooner you have them, the more time you will have to think about your next steps and there will be more options available.”