The transport and distribution sector has seen a 22 per cent rise in the number of SMEs since 2010 according to a study by Hampshire Trust Bank.
Jon Maycock, managing director of asset finance at Hampshire Trust Bank, said: “Our report identifies the critical importance transport and distribution SMEs play within the economy, particularly the many micro firms that are emerging in the UK.
“An increasing number of consumers are choosing to buy goods online and the market for delivery times is becoming ever more competitive. With the emergence of local distribution hubs around the country to fulfil the increasing consumer demand for 24 hour delivery deadlines, we expect that the impact of the ‘Final Mile’ trend will result in a growing number of SMEs operating in the market. That’s why firms need to be considering their vehicle needs now to ensure they continue to have the edge in a constantly changing environment.
“The government also has an important role to play to support transport and distribution SMEs. Investment in infrastructure will be vital to ensure this sector’s SME stay on track on the road to Brexit to ensure they can continue to contribute to the strong economic performance we are currently witnessing in the UK.”
The research conducted in partnership with the Centre for Economics and Business Research (CEBR), reveals the three sectors which demonstrated higher growth were technical and professional (39 per cent), information and communication (33 per cent) and business services (25 per cent). Looking at the UK as a whole, there has been a 17 per cent rise in the number of SMEs from 2010.