Growing confidence sees 58pc SMEs branching into new markets

Research from Albion Ventures revealed 58 per cent of firms across all sectors plan to expand through new custom in the coming months.

However, fewer of Yorkshire and the Humber’s small and medium-sized enterprises (SMEs) plan to act on their ambitions, with just 54 per cent preparing to sell in new markets. This is compared to 66 per cent in London, 62 per cent in the South West and 59 per cent in Newcastle and Scotland.

Three-quarters of manufacturing firms will enter new markets, with 68 per cent of media, marketing and advertising firms and 56 per cent of telecoms companies also looking to grow custom.

However, 52 per cent those who have taken the plunge expressed problems with tapping new markets, with regulation and expertise the main barriers.

One in three (34 per cent) SMEs will be looking to grow abroad - with 19 per cent looking outside of the EU and 15 per cent within the single market.

Albion Ventures’ Patrick Reeve said the search for new markets is “gathering pace”. He added: “Given the EU’s continuing economic travails, it’s of little surprise that other overseas markets are proving more popular.”