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SOUTHERN entrepreneurs


Entrepreneurial success: The rise of the middle market


Richard Baker, EY’s recently appointed office managing partner in Reading and across the Thames Valley, takes a look at the region’s entrepreneurial success and shares some economic insight on what impact future growth in Reading and the Thames Valley will have on the entrepreneurial business community


Middle market is the backbone of regional growth


We continue to see investment across the Thames Valley, including increasing foreign direct investment, alongside political developments to create a combined authority. As a consequence, we see growth opportunities for companies looking to expand and grow. The middle market in particular is having a significant impact on growth in the Thames Valley, with the region constantly being highlighted as an attractive destination for entrepreneurs, with a large percentage of fast-growing companies based in the South East.


Middle-market companies come in different shapes and sizes, but what they all have in common is that they are focused on accelerating and sustaining their growth. The ‘middle market’ is often difficult to define and covers a wide range of businesses from FTSE250 through to privately-owned and PE-backed companies, and fast-growth entrepreneurial companies. Often considered to be the backbone of the regional economy, middle-market firms are providing the jobs, innovation and sustainable growth to spur the region into a sustained period of economic recovery and prosperity.


EY has strong links with entrepreneurial businesses across the Thames Valley through our London & South Entrepreneur Of The Year awards programme, which last year brought in entrants ranging from Accesso, provider of cutting-edge queuing and ticketing technology solutions to major theme parks and attractions; Bullit Group, which designs, manufactures and sells mobile phones and consumer electronic products in partnership with global brands; Westcoast, distributor of IT and mobile brands; and The Knowledge Academy, the largest globally accredited training organisation – all operating in the middle market.


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In 2015, the 35 finalists in the London & South Entrepreneur Of The Year awards programme had combined revenues of over £2.8 billion and employed more than 32,000 people across London and the south.


Region sees fastest economic growth


One of the contributing factors helping the region to nurture a thriving entrepreneurial culture is the performance of the region’s economy. New research from EY’s regional economic forecast revealed Reading to be one of the UK’s fastest expanding major towns over the next three years, with forecast economic growth of 3.1% GVA and employment growth of 1.4% – marginally outperforming London’s economic growth of 3.0%. The pattern of growth we’re seeing across the Thames Valley with its service sector focus has benefited from the strength of consumer demand and a lower exposure to imports.


Economic growth is also thriving for the rest of the southern regions, with London and other major towns and cities across the south of England continuing to outpace the rest of the UK over the next three years. This approach is one that regions up and down the UK must learn from when shaping their economic development strategies. Successful regions around the world have differentiated and integrated propositions for investors – Reading is benefiting from having an industry specialisation in IT, telecommunications and related sectors.


These figures prove that the region continues to attract and retain entrepreneurial talent, and certainly shows no sign of slowing down in 2016. There’s optimism in the air amongst southern entrepreneurs who are continuing to invest in their businesses and have their sights set firmly on future growth in the region. EY is particularly focused on helping our clients grow and expand beyond their traditional


markets, whilst mitigating the risks of operating in an evolving political landscape.


Recognising entrepreneurs in the Thames Valley


Now in its 30th year globally and 17th in the UK, Entrepreneur Of The Year celebrates the spirit and contribution of exceptional entrepreneurs who can see the future, and through their entrepreneurial businesses, are helping to reshape the regional economy.


As we begin our search for the most innovative entrepreneurs to be named among the next generation of legacy builders, we encourage you to enter our 2016 programme or to nominate an entrepreneurial business leader who inspires you.


Entrepreneur Of The Year offers the opportunity to connect with fellow entrepreneurs and to raise the profile of your business at a regional, national and global level. Joining the network allows you to benefit from EY insight into ways to help you accelerate your business growth, developed over years of working with some of the world’s most inspirational entrepreneurs.


If you would like details on how to enter EY’s Entrepreneur Of The Year programme, contact Dave Hales, details below.


Details: Dave Hales 0118-9281354 dhales@uk.ey.com www.eoy.co.uk.


THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2016


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