Midlands beauty businesses booming – Barclays

THE number of beauty businesses in the UK has risen by over a fifth in the last four years, according to new data from Barclays Business.

Its research revealed there has been a significant increase in the number of small beauty businesses since 2010, in addition to a 24% rise in the combined turnover of these businesses over the same time period.

And nearly 9% of UK SME beauty businesses are based in the West Midlands

The proliferation of businesses in the beauty industry, which include beauty salons, hairdressers and tanning parlours, contributes £4bn to the UK economy.

The majority of beauty business SMEs are sole traders (62%), with 6% of owners under the age of 25, twice the rate of under-25s owning SMEs more generally (2.3%). In addition, a quarter of beauty businesses are owned by men.

London is the region with the largest percentage of beauty businesses, for a fifth (19%). Some 8.9% of the UK SME beauty businesses are based in the West Midlands.
 
Sharon Harding, Barclays Business area manager for Staffordshire, said: “We’ve seen a significant rise in the number of beauty business owners coming to us for support, particularly over the last four years.

“It’s an industry where small and medium businesses are increasingly finding opportunities from market demand, and we’ve also seen a jump in the number of younger entrepreneurs in this sector.

“The growth of the UK’s ageing population and a boom in online consumer behaviour has also fuelled expansion. The fast-growing men’s market is an area predicted to rise in the next few years.”

Mark Sproston, director and founder of Stafford-based Shavedoctor, said: “Running a business is tough, with no respite and being tied to the business 24 hours a day but with the great team around me the rewards far outweigh the downsides even after working long hours.

“The joy of seeing our product in salons and stores across the UK and Europe or simply a compliment from a happy customer makes it all worthwhile.”