A group of 1,100 SMEs in Yorkshire have experienced combined revenue growth of £3.5bn over the last three years, according to figures revealed by investor BGF.
The research calculated growth through changes in turnover and employee size among Britain’s private companies with revenues between £3m and £150m, a category of 13,286 businesses nationwide, 1,100 of which are based across Yorkshire.
Collectively employing more than 200,000 people in Yorkshire, overall combined turnover growth across the region over the last three years was 14 per cent, with 73 per cent of businesses growing their revenues during that period.
Richard Taylor, who leads BGF’s Yorkshire office, said: “For the first time, this research has allowed us to see the growth of this group of SMEs in Yorkshire and how much they contribute to the economy and its prosperity.
“It can feel like the headlines are dominated by stories of start-ups or large scale, multi-national businesses, so it’s hugely encouraging to see the strength and potential of businesses like these, despite wider political and economic uncertainty.
“These companies represent activity, productivity and progress and it’s more crucial than ever that they have access to the support they need to accelerate.
“We must recognise the major and genuine impact that unlocking capital to fast-track growth among businesses like these can have on industry, the economy, and society.”
Businesses in West Yorkshire experienced the region’s highest growth in combined turnover over the last three years, at 16 percent, higher than the UK average.
The research has been released as part of BGF’s ‘Ready for Business’ campaign, which will see the investor advocate for continued growth.