"Growing confidence" within the Irish business community

The rate of company insolvencies in Ireland has slowed, while the number of new business start-ups is growing, according to figures from business and credit risk analysts, Vision-net.
 
The number of company failures is a third lower this month than it was in October 2012, with liquidations down by almost a third (32 per cent) to 65 and receiverships halving to just 21.
 
Christine Cullen, managing director of Vision-net, said the more modest year-on-year company failure rate for October suggested a "growing confidence" within the Irish business community.
 
"The number of companies failing is reducing significantly and on the other side of the equation the number of new Irish companies now being created is also increasing," said Cullen.
 
Additionally, some 1,069 companies were incorporated in October, an increase of 17 per cent on the same period last year. When newly registered business names are included there were 2,777 start-ups in Ireland – a three per cent increase on the total figure in October 2012.
 
A new survey from the trade group, the Irish International Business Network (IIBN) also claims that 85 per cent of Irish firms believe their national identity is an important factor in getting new business in foreign countries.
 
The report found that 93 per cent of Irish firms surveyed would choose an Irish product or service over another if given the option, while nearly two-thirds of respondents said they preferred to work with other Irish professionals wherever possible as they appreciated and understood the country’s working culture.
 
Niall Fenton, the IIBN’s Dublin chairman, believes national identity was playing a "significant role in the success of Irish businesses throughout the UK and Ireland".
 
"There is a strong desire to support indigenous businesses and to help them grow. Irish professionals across the globe are embracing this mutuality, resulting in an ever-strengthening worldwide business community," he said.
 
"We believe the conference will act as a catalyst to expand the reach of Irish businesses domestically and overseas."

Date published 30 Oct 2013 | Last updated 30 Oct 2013