Good news for SMEs
The number of small and medium sized businesses (SMEs) in the transportation and storage sector has grown by 41% in the past five years, making it one of the top 10 industries for SME growth.
This is according to a new study from Hampshire Trust Bank. Its annual research found that the number of SMEs has grown in total by 23% from 2011 – 2016, with office admin and business support demonstrating the highest growth (76%). This is followed by human health services and motion picture, video, TV, sound recording and music publishing, both of which have experienced a 50% rise in the number of SMEs in the past five years.
The study, conducted in partnership with the Centre for Economics and Business Research (CEBR), analysed the top 30 micro sectors in the UK to establish which are growing the most. The study reveals that service-led industries have grown strongly over the past five years.
Jon Maycock, managing director of Asset Finance at Hampshire Trust Bank, said, ‘SMEs are thinking long-term about their business and for many sectors this is a positive projection forward. The transportation and storage sector has shown considerable growth over the past five years and as a bank we are seeing larger numbers of SMEs take advantage of asset finance deals to help propel their business forward.
‘We back the growth ambitions firms are demonstrating as this positive state of mind will go a long way in providing them with the strength and determination to make their companies succeed. But positive thinking is not enough. We need to recognise the importance of smaller businesses and the role they play in the success of the UK economy and ensure these firms have the support they need to thrive and grow. We believe this is where specialist banks such as Hampshire Trust Bank can help, providing SMEs in the sectors in which we operate with the funding required to support their growth aspirations.’