Mid-sized companies 'driving economic growth'

Chief financial officers working at mid-sized UK companies could see a new range of funding opportunities become available to them as these firms continue to be a central part of the country's economic growth.

A new report from Deloitte found the top 50 mid-level companies are growing 73 times faster than the national average, adding to enthusiasm about their overall economic role.

This follows research by GE Capital, the finance provider, reported in the Financial Times.

Stephen Roper, professor of enterprise at Warwick Business School and the report’s author, said strong "market headwinds" have not prevented the UK mid-market from embracing a robust view of the future.

Medium-sized businesses came close to matching the revenue recorded by their counterparts in Germany, suggesting they are beginning to close the gap on the powerful and admired Mittelstand cadre of firms often cited as a factor in Germany's economic renaissance.

Britain's 1,000 fastest-growing medium-sized businesses have collectively increased revenues by £45 billion in the past four years, reports Deloitte.

Vince Cable, business secretary, welcomed the report and expressed his enthusiasm about the income generated by mid-sized companies.

"As well as creating the British Business Bank to improve access to finance for businesses looking to grow, we have already helped over 9,000 businesses to grow through the GrowthAccelerator scheme," he told the newspaper.

While London and the south-east took its usual place at the top of the table, all regions were represented in the report, with Northern Ireland, the north-west, the West Midlands and the east of England creating an impressive 73,000 jobs in total.

Firms in the technology, media and telecoms industry made up 16 per cent of the top 50, with business and professional services organisations accounting for 24 per cent.

David Sproule, the chief executive of Deloitte UK, said small businesses have the combination of flexibility and long-term aspirations that makes them an ideal site for economic growth over the coming years.

Although CFOs have had to endure some difficulties in the last decade, this positive data will come as a welcome relief.