Survey shows nearly half of mid-sized firms to invest £3m in expansion plans

According to BDO’s Economic Engine survey nearly half of mid-sized businesses in the Midlands plan to invest over £3m in expansion over the next five years.

The survey, which covers 500 businesses with turnovers between £10m and £300m, reveals that 42% aim to spend on growth.

Among these businesses, 29% plan to focus their investment within the UK.

More than a quarter (27%) are prioritising securing new capital, such as private equity or bank loans, while 24% are focused on developing new products or services.

With a new government in place, Midlands businesses are calling for policies to support their growth plans, including easing workforce pressures, improving access to finance and boosting regional investment.

45% want to address recruitment challenges and 40% seek better access to business financing and grants.

Kyla Bellingall, regional managing partner in the Midlands at BDO said: “With a new government in place and inflation hitting the Bank of England’s 2% target in May, businesses in the region have some reason to be optimistic after years of challenging economic conditions and uncertainty.

“The message from Midlands business is clearly one centred on growth, but they will need the support of central policymakers to ensure that the regions receive the required investment to accelerate those ambitions, with Labour looking to take a fresh approach to tackling regional inequalities.”