UK mid-sized manufacturers could be missing out on £183bn in revenue due to an insufficient access to finance, according to research from Wyelands Bank.
The research focused on UK mid-sized manufacturers turning over £10m–£300m and revealed that 89% of firms were being held back because of a lack of finance.
Each firm said that a lack of finance meant they had missed out on an average of £20m in revenues and an average of 11 new contracts, which would have enabled each firm to create 10 new jobs.
Iain Hunter, CEO at Wyelands Bank (pictured above), said: “Our research shows that UK mid-sized manufacturers are not able to grow to their full potential without greater access to finance.
“But that finance has not been available as traditional banks are too often unable to help.”
Wyelands Bank’s report also suggests that the 23,000 UK mid-sized manufacturing businesses have collectively missed out on 163,000 contracts, which in turn would have created 175,000 jobs.
“Helping individual businesses unlock growth along the manufacturing supply chain would help tackle the UK economy’s productivity challenges,” added Iain.
“Mid-market firms can have a disproportionate effect on growth and job creation, but first they need to be understood as individual businesses.”
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