More than 16,800 start-ups were launched in the North East in 2023, according to new research.

Data analysed by R3, the UK’s insolvency and restructuring trade body, revealed a 5.5 per cent increase from 2022's total of 15,971.

In March alone, 1,740 new businesses were established, marking a 10.7 per cent rise when compared to the same month in 2022.

Mr Chris Ferguson, chair of R3 in the North East, remarked about the resilience of entrepreneurs amidst economic challenges, saying: "Amidst tough economic challenges like high inflation, persistent interest rates, and supply chain issues, tens of thousands of entrepreneurs in the North East embraced the opportunity to launch new businesses last year."

Hexham Courant: Data comes from R3, the UK’s insolvency and restructuring trade body

He highlighted the significance of these new ventures, adding: "Many of these new ventures are micro and small businesses, owned and run by local people, and will play a crucial role in supporting the growth of the North East’s economy in the year ahead."

However, Mr Ferguson emphasised the need for vigilance to avert financial troubles.

He explained: "However, setting up a new business is just the first step – directors need to stay alert to any signs of financial distress and act accordingly should they arise, it's essential to seek advice from a qualified source."