By Mike Hughes
Director
Grant Thornton Northampton
THE Northamptonshire economy is alive and vibrant with a range of companies, from long-standing SMEs and larger corporates to fast growth emerging firms, continuing to prosper.
The health of the county’s business community has been underlined once again by the 2018 findings of our annual Northamptonshire Limited study which showed the 100 largest, privately owned companies achieved a sixth successive year of growth in turnover (up 5.6 per cent), profits (up 17.3 per cent) and employment which rose by 9.7 per cent.
This is no mean feat given the undeniably turbulent economic and political environment over the past 18 months and the raft of challenges local businesses have faced, from national issues such as the new GDPR legislation and broader talent shortage through to more local factors such as the funding crisis at Northamptonshire County Council.
All this serves to demonstrate the underlying resilience of companies in Northamptonshire. With strong foundations to draw upon, many are well placed to seize opportunities as they emerge. Deal activity across the county continues to flourish despite Brexit uncertainty and we have seen a continued stream of significant deals complete this year as businesses look to expand through acquisition or secure investment for future growth.
However, to continue to move forward, we should acknowledge that some underlying issues do exist and consider how these can be tackled.
Grant Thornton’s Vibrant Economy Index research conducted earlier this year, compared the 324 local authority areas in England across six broad economic and social indicators and found that whilst some parts of Northamptonshire performed well, others fell behind the national average.
As part our nationwide Vibrant Economy campaign, we are working to support businesses throughout the county by getting businesses, communities and key influencers to work together to stimulate ideas and actions that will create a more productive and progressive economy at all levels. Examples include our upcoming Director Club events, investment in the Silverstone Technology Cluster and Brexit Planning sessions.
The new Oxford Cambridge Expressway also creates another huge opportunity for forward thinking local companies. The high-quality road link will greatly improve access to this fast growth region, create more housing and employment to attract the skills our county’s businesses need, and encourage further business investment and development.
Grant Thornton’s 200-strong team of experts at the firm’s Northamptonshire office has played an integral role in the county’s business scene for many years, collaborating with public and private sector organisations and educational establishments to progress Northamptonshire’s fortunes.
This commitment to the county runs through all our work as we continue to support local businesses – and Northamptonshire as a whole – to reach its full growth potential.
Find out more at www.grant-thornton.co.uk
