Patrick Reeve

Over Half of UK Small Businesses Set to Enter New Markets by 2017

Over Half of UK Small Businesses Set to Enter New Markets by 2017

More than half of UK small and medium businesses plan to enter new overseas markets by 2017, with 34% looking to export and a further 30% hoping to tap into new markets in the UK, research by Albion Ventures has found. Of the 34% of firms that plan to expand overseas, the report found that 19% expect to export to markets outside of the EU while 15% are planning to stick to a single market. Medium-sized firms appear to be more ambitious than small companies when it comes to growth – 77% expect to target new markets in the next two years compared to 53% of small companies. In regards to sectors, manufacturing firms led the way with 75% planning to enter new markets, followed by marketing and advertising at 68% and IT/ telecoms at 56%. Regionally, London-based firms are the most likely to ent... »

Young Entrepreneurs Lead the Way in Small Business Funding

Young Entrepreneurs Lead the Way in Small Business Funding

UK small and medium enterprises are increasingly optimistic about future growth ambitions as the number of firms securing investment excels – up 44% from 26% in 2013 – the third annual Albion Growth Report has found. The report, conducted by venture capital trust Albion Ventures with over 1,000 companies, found that small businesses ran by entrepreneurs aged 35 and under have the biggest appetite for investment. 29% of young business owners have attempted to raise finance opposed to 14% of entrepreneurs aged over 45. However 15% of these young founders admitted they had failed to raise funding despite their attempts. Young entrepreneurs were also far more willing to admit that they would benefit from business mentoring (24% compared to 17% of those over 45). The report also highlighted a s... »