A new report reveals the UK and Ireland are enjoying a ‘resurgence in entrepreneurial activity’, freshbusinessthinking.com reports.
The Barclays Entrepreneurs Index showed that in H2 2012, that such businesses recorded greater profits, saw more management changes and a greater number of company shares ‘changed hands’.
Ownership changes were seen in 24,000 growing companies during this time, compared with 13,000 in H1 2012 and 21,000 in H2 2011.
Profits, correspondingly, were up for the third consecutive half-year. They rose from £1.3 million in H2 2011, to £1.7 million and finally reaching £2 million in H2 2012.
Unsurprisingly, according to cityam.com, the largest growth in activity was noted in London. This is due to an extra competitiveness borne out of the sliding value of sterling. Beyond London, entrepreneurs – who might encompass sole traders, those in franchise services or the owners of small to medium-sized enterprises – were most active in the industrial sector.
Commenting on the findings, Richard Phelps, Managing Director of Barclays Wealth and Investment Management said: “It is encouraging to see that active companies have shown not only resilience in the face of instability, but even growth in certain sectors.
“The rise in profitability of these companies, the resurgence of traditional industries and prosperity for younger sectors…is further proof that entrepreneurs are the engine room of the British economy.”