Grant Thornton to hold summit for region’s mid-sized businesses to have their say
MID-sized businesses (MSBs) are vital to the UK’s economy but the segment is frequently misunderstood or ignored, according to business and financial adviser Grant Thornton.
To redress the balance the firm is hosting a series of summits specifically for MSB leaders to let policymakers know what would help their businesses.
Grant Thornton’s Midlands’ growth summit is on Tuesday November 26 at Edgbaston Cricket Ground. Former Liberal Democrats leader Paddy Ashdown will deliver a keynote speech and discussions will be facilitated by Steph McGovern of BBC Breakfast.
Following last year’s Agents of Growth report Grant Thornton is undertaking a second major research project in partnership with the Centre of Economic and Business Research to define the strength of the mid-market and its contribution to the UK economy.
Early research for the 2013 report shows:
• MSBs are predicted to hire an additional 59,000 workers in 2013 and have more workers on average than in 2011. MSBs in the West Midlands have increased their employment levels by an estimated 2.7% between 2011 and 2013, equivalent to 9,000 jobs
• MSBs have outpaced their larger and smaller counterparts in spending on R&D in 2013
• MSB productivity is now the highest in the UK, overtaking that of large firms in 2012
• growth in capital spending among MSBs has recovered more robustly than large businesses following the 2008-09 recession
• MSBs are estimated to have contributed £282 billion to UK GDP in 2012, with £151 billion going into the household finances of their employees
Birmingham-based Dave Munton, regional managing partner at Grant Thornton and host of the growth summit in Birmingham, said: “Last year’s Agents of Growth report showed a secret success story with many UK MSBs displaying high growth potential and the Midlands region echoes the national picture. But 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 MSBs 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 MSB case aimed at policy makers. Our hope is that the summits will be catalysts to enable MSBs across the UK to grow strategically and operationally.”
Businesses interested in helping shape their future and drive growth and momentum in the UK mid-market can request further information on Grant Thornton’s Growth Summit by emailing agentsofgrowth@uk.gt.com
