Ennis Chamber is warning that current economic conditions could force vast swathes of rural businesses to close their doors.
It comes as new figures show business insolvencies are up by a third so far this year with almost 500 businesses having failed in the first nine months of the year.
The latest insolvency barometer from PwC has found that while insolvency rates are at historically low levels, more businesses across the country are failing year on year.
With 468 business failures reported so far this year, it’s predicted that this number will be in the region of 650 by the end of the year compared to 539 in 2022.
In addition, the baromoter notes an annual failure rate of 25 in every 1,000 businesses, which is 79% higher than 14 in every 1,000 in 2021, but lower than the pre-pandemic level of 36 in every 1,000 in 2019.
Sixmilebridge Businesswoman Flora Crowe says a number of factors including staffing difficulties are making it less viable for small and medium business owners to keep going.
Amid fluctuating energy costs, it’s been confirmed small businesses will receive energy supports in the upcoming budget through proceeds from the Energy Windfall Tax.
Ennis Chamber President Sheila Lynch says if businesses aren’t given adequate supports, more will become insolvent, which would have a detrimental effect on Irish society.
