Family firms across the UK are setting their sights on expansion following another hugely successful year for the sector.
New research for the Institute for Family Business (IFB) reveals the vast contribution family firms make to the UK economy – employing over 11.9 million people and making up 87 per cent of all private sector firms in the UK.
Since 2013 family businesses have increased employment by six per cent and turnover has also seen a strong rise, increasing by two per cent to reach £1.3 trillion. In addition, family firms paid £125 billion in taxes and contributed over a quarter (26 per cent) of the UK’s entire GDP.
For further information on the Institute for Family Business (IFB) visit www.ifb.org.uk
Look out for a NEW Professional Builder feature in the second half of the year profiling the role of the family business in the construction industry. If your firm is keeping it in the family with the second, or even third, generation on board, and you would like us to visit you on site, then contact us at firstname.lastname@example.org