A new franchise survey has shown that the UK’s franchise sector is now worth over £17bn to the economy; up over £2bn since 2015.
Leading UK and international franchise consultancy Platinum Wave has welcomed the findings of the 2018 Franchise Survey produced by the British Franchise Association (bfa) and NatWest bank. Some 700,000 people are employed in the sector with just over 50% in full-time employment. The number of women and young people (under 30) engaged in the sector has risen significantly.
Suzie McCafferty, managing director of Platinum Wave, said:
“Franchising is a fantastic business sector to be involved in and the latest bfa survey shows that it is growing exponentially with ever more opportunities to either franchise your business, become a franchisee or even be employed by a franchise. There has never been a better time to get involved in franchising”
“Franchisees across the country are reporting 93% profitability and 6 in 10 franchised units turn over more than £250,000 and I think this proves that the franchise model, if followed properly leads to successful, sustainable and profitable businesses. It is a fact that less than 1% of franchise businesses close due to commercial failure. Over the past 20 years we have seen the sector go from strength to strength and as a consultancy we have helped hundreds of UK businesses get more from franchising, including expanding into international markets.”
Platinum Wave works with a wide number of leading brands helping with franchise development, franchise recruitment, network performance and marketing.The firm has also recently launched a brand new franchise recruitment agency called Franchise Moves offering two distinct services to the franchise industry.It recruits experienced franchise professionals on behalf of brands across every business sector, from support roles up to MD and CEO. It also offers a discreet service helping those already in senior positions plan and make their next career move within the industry. Franchise Moves is headed up by highly experienced franchise recruiter Steve Lampshire.
Platinum Wave has won a host of awards for its service, most recently winning the Best Customer Service award at the bfa HSBC Franchise awards.