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Thursday, July 18, 2019

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59% of mid-sized manufacturers feel their business isn’t a priority for their bank

Sam Monk | 14:51 Wednesday 3rd July 2019

Almost three-fifths of UK mid-sized manufacturers (59%) feel that they aren’t a priority for their bank, according to recent research.

The study from Wyelands Bank focused on UK mid-sized manufacturers turning over £10m–300m.

Other highlights from the research included:

  • 50% stated that they’re given the run around by their bank
  • 56% claimed they felt like a ‘small fish’
  • 50% said their bank wouldn’t accurately be able to describe what their organisation does
  • 51% claimed they weren’t able to access bespoke financial solutions to unlock growth
     

“Our research shows that UK mid-sized manufacturers are struggling to access the funding they need to unlock growth,” said Iain Hunter, CEO at Wyelands Bank (pictured above).

“But when mid-sized businesses are responsible for so many jobs, it is important they can access the specific finance they need to survive and thrive. 

“The challenge for many established banks will always be how to deliver personal service on an industrial scale.

“They try to base their service on a real understanding of their customer’s need.  

“But it takes time and effort to understand a firm’s specific challenges and identify how to help them.”

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