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UK’s ‘critical £1.3 trillion mid-market’ can be engine of growth for East Midlands economy
- c.13,000 of these businesses exist across the UK;
- while being only 0.5% of the total number of UK companies each MMC business contributes the equivalent of 200 SMEs to the economy;
- every year they contribute £1.3 trillion of turnover and £420 billion of Gross Value Added (GVA) to the economy, nearly one third of all companies;
- with the correct support, MMCs could contribute an additional £115bn to turnover and £35bn of GVA by 2030. For areas outside of London and the South East, the growth potential could be up to £70bn and £24bn for turnover and GVA respectively, and
- employ 7.3 million Britons – 26% of the total and are essential employers across the UK’s regions.
- Insufficient access to skills – MMCs struggle to fill vacancies at every level (specialist and entry level) and the problem is getting worse;
- Infrastructure and planning restrictions – MMCs are typically more regionally based, limitations in regional infrastructure (e.g., housing, rail/bus links, grid connectivity, broadband) disproportionally affects this segment. Compounded by problems with the planning system;
- Complexity growing faster than their capacity – the level of complexity can exponentially increase as they establish new business lines, enter new markets or breach thresholds for regulation or red tape;
- Lack of self-identity and collective profile – MMCs do not self identify as a distinct segment (unlike the German Mittelstand), and therefore cannot collectively advocate for additional support and policies which would enable growth;
- Lack of data and transparency – this segment loses in terms of policy support and other targeted measures as the lack of data means it is difficult for public and private sector stakeholders to understand the importance of the MMC segment to the economy and define policy and other targeted measures to support growth and productivity.
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Eureka! Archimedia finds perfect hire to kickstart growth plans
A Nottingham accountancy practice is expanding after making a key hire. Archimedia Accounts, which is based at Nottingham Science & Technology Park, has hired well-known city finance professional Jill Fox as a Client Manager and Accountant. Chris Demetriou, Co-owner and Finance Director, explained that Jill is the perfect fit for Archimedia. He said: “Jill is completely aligned with our firm’s culture. She cares about clients, which isn’t something easily found these days. All accountants have the skills, but to truly want your clients to succeed is where the magic happens.” Chris said that Jill’s experience will be hugely beneficial to Archimedia’s clients. He added: “I know Jill will go the extra mile for clients because she truly cares about what they want to achieve, saving them money and giving them insights that will help their businesses grow.” Jill is the next step in the expansion plan for Archimedia, said Chris: “Next year we’ll be looking to hire two more employees; an Accountant and and a Senior Bookkeeper. It’s an exciting time for us – and our clients.” Speaking about joining the business, Jill Fox said: “I’ve always admired the way that Archidemia focuses on their clients and the core values it has as a thriving family firm. Until now, I’ve only seen it from the outside but they have a great reputation locally and within the industry for thoughtful, tailored service. I’m excited to become part of the growing team.”