Member Article

Financial advisers to hold summit for mid-sized businesses

Mid-sized businesses are vital to the UK’s economy but the segment is frequently misunderstood or ignored, according to business and financial advisers Grant Thornton.

The firm believes the sector is critical to the future of the North West economy but that it 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 LLP in the North West, said: “We find that mid-sized businesses outpace their larger and smaller counterparts in spending on R&D. 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 undertaken a major research project with 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.

The North West growth summit is on Thursday 7 November at Concorde Conference Centre by Manchester Airport featuring panellists Tim Bacon, CEO, Living Ventures Asif Hamid, CEO, The Contact Company and Matt Moulding, CEO of The Hut Group. Paddy Ashdown will deliver a keynote speech and discussions will be facilitated by Steph McGovern of BBC Breakfast.

Les 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.”

Businesses interested in attending can request further information on Grant Thornton’s Growth Summit by emailing agentsofgrowth@uk.gt.com

This was posted in Bdaily's Members' News section by Simon Malia .