The number of SMEs in the transport and warehousing market has increased by 41 per cent in the past five years, according to research by Hampshire Trust Bank and the Centre for Economics and Business Research.
Between 2011 and 2016 the number of SMEs in transport and storage grew from 92,485 to 65,590.
“SMEs are thinking long-term about their business and for many sectors this is a positive projection forward,” said Jon Maycock, managing director of asset finance, Hampshire Trust Bank. “The transport and storage sector has shown considerable growth over the past five years and as a bank we are seeing larger numbers of SMEs take advantage of Asset Finance deals to help propel their business forward.
“We back the growth ambitions firms are demonstrating as this positive state of mind will go a long way in providing them with the strength and determination to make their companies succeed. But positive thinking is not enough. We need to recognise the importance of smaller businesses and the role they play in the success of the UK economy and ensure these firms have the support they need to thrive and grow.”