Stability of family firms can help the Lancashire economy

The stability offered by family firms will serve Lancashire well during the uncertainty of the coronavirus, a local business leader has said.

Suzanne Carr Chief Executive of Age Concern Central Lancashire, said that the long-term commitment of family members which run businesses offered certainty to their employees of a commitment to investing in their future.

She added that a number of the country’s most successful brands, including JCB, Dyson and Specsavers, were run by families along with thousands of small and medium-sized enterprises.

Age Concern Lancashire is sponsoring the Family Business of the Year Award category at The Be Inspired Business Awards, The BIBAs, which is open for applications until the end of July.

Suzanne said: “Family owned businesses are not answerable to shareholders and therefore they look beyond profit and loss and this belief stretches from the boardroom right the way through the business.

“This offers stability and certainty which at a time like the one we are experiencing is exactly what workforces and the wider Lancashire economy needs.

“It has always been difficult to overstate the value which family businesses play in our economy and in the months and years to come I believe they will be central to our recovery.”

Last year, a poll showed that Blackburn-based EG Group, the world’s leading independent fuel station and convenience retailer, was the UK’s fastest-growing family business with sales of then £10 billion.

The business was established by brothers Zuber Issa and Mohsin Issa who bought a single petrol filling station in Bury, Greater Manchester in 2001.

The Family Business of the Year category is one of 20 prizes which are on offer at The BIBAs this year with other categories open to manufacturers, engineering businesses and construction firms.

The awards has extended its application window until July 31 to enable Lancashire businesses to get their entries completed to their satisfaction whilst dealing with the challenges of the nationwide lockdown.

Each application will be assessed against a criteria established by the awards’ organisers, the North & Western Lancashire Chamber of Commerce, before deciding which applicants will go forward to interviews held in September.

The awards’ ceremony will take place in the Tower Ballroom at The Blackpool Tower on Friday, December 11.

For further details on The BIBAs, visit the official awards’ website at www.thebibas.co.uk.

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If you want to give your business a bigger competitive edge, enter the BIBAs today.

Closing Date: 27th March 2020