Mid-sized firms ‘misunderstood and ignored’
MEDIUM-sized businesses are frequently misunderstood or ignored, according to accountancy group Grant Thornton.
The firm believes the sector is critical to the future of the North West economy but lacks proper definition and should be removed from its traditional categorisation, where it is grouped in with SMEs.
Les Ross, managing partner of Grant Thornton in the North West, pictured, said: “We find that mid-sized businesses outpace their larger and smaller counterparts in spending on research and development.
“Productivity in the sector is also extremely impressive – our data suggests it’s now the highest in the UK, overtaking that of large firms in 2012. Growth in capital spending has also recovered more robustly than large businesses following the 2008-09 recession.”
The firm has carried out research with the Centre of Economic and Business Research into the contribution mid-sized firms make to economy.
To make the case for the sector Grant Thornton is hosting a series of summits called Agents of Growth around the UK specifically for leaders to let policy makers know what would help their businesses.
Mr Ross added: “Documenting the sector is only the beginning; we believe there is a need to turn analysis into action. We’ve developed the Agents of Growth summits to bring together CEOs and MDs of mid-sized businesses to discuss how to overcome business hurdles, exchange growth strategies and build a manifesto to drive momentum in the mid-market.
“The series will shape a response to form a cohesive case aimed at policy makers. Our hope is that the summits will be catalysts to enable mid-sized businesses to grow strategically and operationally.”
The North West growth summit is on Thursday November 7 at Concorde Conference Centre by Manchester Airport featuring panellists Tim Bacon, chief executive of Living Ventures; Asif Hamid, chief executive of The Contact Company; and Matt Moulding, chief executive of The Hut Group. Paddy Ashdown will deliver a keynote speech and discussions will be facilitated by Steph McGovern of BBC Breakfast.
Businesses interested in attending can request further information on Grant Thornton’s Growth Summit by emailing agentsofgrowth@uk.gt.com
