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Rise in business failure cause for concern

4 January, 2008


Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA (South Antrim) has voiced his concern at the large increase in business failures in the North over the last year.

Mitchel McLaughlin said:

"A 25% increase in business failures last year must be cause for concern at a time when we are encouraging investment and entrepreneurship. I would urge the Department of Enterprise, Trade and Investment to study the figures carefully to see what lessons can be learned and to devise new more high profile information and educational programmes to assist new business start-ups in avoiding the pitfalls.

"I accept that there will never be a 100% success rate in business. But I believe that properly targeted information and advice services for new business and for existing business in the early stages of difficulties could greatly reduce the number of failures.

"There are a number of Business Start-up schemes available and who do good work. However, I believe that the problem is the lack of assistance programmes designed to offer long-term easily accessible and ongoing advice. I believe that if such a service were available then we may see a increase in business successes." ENDS

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