Latest UK Franchise Survey results are out
The survey is now in its 29th year and has become a benchmark measure on how the UK franchise industry is performing. Key facts that have been published are as follows:
- Industry annual turnover: £13.7 billion
- Revenues have grown 20% since 2008 (overall UK economy has contracted 2.5% in the same timeframe)
- Number of franchisors: 930
- Number of franchisee outlets: 39,000
- Number of people employed in franchising: 561,000
- Full-time employment in franchising tops 250,000 for the first time ever
- Franchisees reporting profitability (including new businesses): 92%
According to the British Franchise Association the survey this year has focused on the growth of franchising since 2008 and the onset of the financial crisis, highlighting the exceptional performance of the sector which has greatly outstripped the rest of the economy.
The survey also reports that business confidence is now on the up and 9 out of 10 franchisors expect 2014 to be a better year for them than 2013.
The average franchise unit turnover according to the survey is £356k which is just over half of the Driver Hire 2012/13 average turnover of £704k.