More than half of small and medium-sized businesses (SMEs) in the UK construction sector believe that business conditions are improving, with 52 percent planning to invest in their company in 2015.
According to the latest Close Brothers Business Barometer, nearly a third (30 percent) of construction firms believe they will expand this year.
Close Brothers Asset Finance’s managing director for the industrial equipment division, Steve Gee, stated, “The UK economy has turned a corner, with the European Commission telling us that it is expected to grow by 2.4 percent this year.”
This is, of course, good news for businesses of all sizes, but especially for smaller businesses, which have arguably struggled to thrive more than most in the last five years. According to our survey results, more than half of construction firms are now confident in making strategic growth decisions.”
According to the survey, which polled SME owners and senior management from a variety of industry sectors, half of businesses plan a recruitment drive this year, with only 1% stating that they will reduce headcount.
Four out of every ten construction SMEs polled said they are actively seeking funding to help them grow.
“The challenge now is to ensure that these ambitious small businesses can access the finance they need to meet their growth and job creation targets,” Mr Gee added. Access to appropriate funding is one of the most significant barriers to growth. It is critical that businesses have access to the right type of finance at the right time, which they can only do if awareness of the full range of financial options continues to rise.
“As an asset finance provider, we are pleased to see a growing recognition of the role alternative finance plays in supporting business growth from both the government and the business community.”