Leicester business owners confident about local economy
Firms in the Leicester area have reported strong growth since the Brexit vote, and are confident about the future – according to a survey of local business owners.
A cross-section of company directors and shareholders were polled last week [9 Nov], at a Leicester business event hosted by law firm Freeths and corporate finance advisor BCMS.
The survey found that 61% felt confident or very confident that the UK economy would continue to grow in the next 12 months, compared to just 6% who were doubtful.
Executive Director Jonathan Dunn at BCMS said: “One of the most encouraging findings from the evening was the overriding sense of business confidence at the event. The uncertainty created by the result of the EU Referendum vote, coupled with concerns about the recent US election have done little to destabilise the positivity of businesses within the Leicester area, with two in three owners positive about UK growth prospects over the next 12 months.”
More broadly, a majority of directors reported a post-Brexit boost and rising business confidence among customers and suppliers. Many also said that acquisition activity had increased in their sectors.
However, despite this positivity, the results suggest business owners can clearly not afford to be complacent. There is still some concern about what a “post-Brexit” future has in store for their business, and some uncertainty about the economy looks set to continue for the medium term.”
The event featured a panel of specialists discussing succession and business exit strategies: Jonathan Dunn from BCMS; Phil Baigent from Freeths; and two entrepreneurs – Hazi Mistry and Michael Spencer – who have both successfully sold businesses through BCMS.
The event also revealed that most business owners thinking of leaving their company want to do so for lifestyle reasons, with retirement or a desire to realise investment the next most popular reasons.
M&A advisory firm BCMS and its partners will be conducting similar surveys at events throughout the UK to build a national picture on the concerns of business owners.
BCMS added that from its contact with clients in the UK and worldwide, the positivity of owners within the Leicester area was remarkably higher than previous results elsewhere in the country.