18 agents of growth
Solent MSBs are the UK’s special agents of growth
Mid-sized businesses (MSBs) are leading the UK recovery and many Solent companies are at the forefront, says Grant Thornton
According to the firm’s recent Agents of Growth report, MSBs in the South East are also outperforming other UK geographic regions, other than London, in terms of business growth, employment figures, and turnover.
Research from Grant Thornton shows that the number of UK mid-sized businesses has grown by 5.4% in the past six years to total 34,100, while the nation’s 1.1million SMEs reduced by 0.9%.
Solent 250-listed MSBs have increased turnover on average by 14% over the past four years
MSB productivity per employee is also higher than the comparative SME and large corporate business sectors.
South East MSBs are the second highest regional employer (609,000 jobs in 2013) after London (745,000).
Combined turnover of MSBs in the South East is five times the turnover of MSBs in Wales.
It’s
nearly double the turnover of similar-sized businesses in Scotland too.
’Intuition is the hardest part. You have to work hard and keep looking for the best staff’
Mid-sized businesses within the Solent 250* list of top private independent businesses trading in the Solent area, reflect the encouraging MSB performance findings of the Agents of Growth report.**
Grant Thornton’s local research shows that an additional 46 MSBs have joined the Solent 250 list over the past four years.
Solent 250-listed MSBs have increased turnover on average by 14% over the past four years.
Impressive turnover growth has been
shown by MSBs such as Carisbrooke Shipping (24%), and credit and finance company Richmond Group (76%).
Of the 78 ever-present Solent 250 MSBs, 40 have grown their employee numbers.
* Grant Thornton is one of the main sponsors of the Solent 250, produced annually by The Business Magazine
** Full report available at
www.grant-thornton.co.uk/ Agents-of-growth
Anthony Thompson, CEO of Fat Face, is one of the Solent companies quoted in the Agents of Growth report and he stresses the importance of ensuring employee numbers grow with the right kind of people.
He said: “To get great results you have to have fabulous people who know people, product and trends in order to produce what customers want.
Intuition is the
hardest part. You have to work hard and keep looking for the best staff.“
Source: Grant Thornton/Centre for Economics & Business Research (Cebr)
www.businessmag.co.uk THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2014
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