Lancashire’s manufacturers are confident about the future of the economy and looking to invest, a leading finance provider has claimed.
SME investor FW Capital, which manages NPIF – FW Capital Debt Finance Fund in the county, said new research showed firms were not being put off by uncertainty around Brexit.
A recent study showed 71% of manufacturers had grown their revenues in the past year and 70% predicted further growth in the next 12 months.
FW Capital is sponsoring the Manufacturer of the Year category at this year’s Be Inspired Business Awards, the BIBAs, which is open for applications until the end of the month.
Andy Traynor, Senior Investment Executive said: “In a region like Lancashire, manufacturing is at the heart of a successful economy and therefore this latest research is good news for the county.
“There are issues in areas such as skills and infrastructure, as well as uncertainty around Brexit which are affecting manufacturers, but in spite of all these challenges, manufacturers are resilient.
“Businesses are looking to invest in the coming year and the funds we manage are supporting exactly this type of investment.”
The MHA Manufacturing and Engineering Report showed more than half (51 per cent) of firms have high or above average business expectations over the next year and 50% of these are looking to increase their capital investment in the coming year.
The research was published by MHA Moore & Smalley, the Lancashire-headquartered chartered accountants and business advisers, Lloyds Bank Commercial Banking and the Institution of Mechanical Engineers.
The BIBAs closes for applications to its 20 prize categories next Friday, March 29, with categories available to businesses of all sectors and sizes in Lancashire.
To enter, visit www.thebibas.co.uk/enter.
In 2018, the lifetime achievement award, Lancastrian of the Year, went to Tony Attard, the High Sheriff of Lancashire and founder of Burnley-based textiles firm, Panaz.
Other winners included Preston-based Sunshine Events and Blackburn’s Flavour Warehouse, both of which picked up two awards each: Creative Business of the Year and Service Business of the Year; and Manufacturer of the Year and Exporter of the Year respectively.