A recent report partnered by The British Franchise Association and Natwest has found the UK’s franchise sector to be operating at record levels. The report found that franchising added £15.1bn to the economy, with 44,000 franchises employing over 600,000 people.
97% of franchises surveyed as part of the report were profitable, while over 50% of all UK franchises are turning-over in excess of £250k. The report also discovered that young people are increasingly entering the franchise market, with 20% of franchisees under the age of 30. Encouragingly, the report also found that the rate of commercial failure remains low; less than 1% of franchises closed their door as a result of poor performance last year.
“Good franchising continues to deliver serious dividends for Britain’s economy” says Brian Smart, director general of the bfa, “creating businesses, jobs and wealth for local communities across the country”.
“The outstanding performance of the sector, in good economic times and bad, shows the power of the franchise model and its impact in the UK’s business landscape increases each year”.