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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...
N26 appoints chief banking officer
N26 has appointed Thomas Grosse (pictured above) as its new chief banking officer...