Scottish SMEs plan to invest £71m in business as Brexit uncertainty ceases
Scottish businesses are planning a £71 million investment boost over the next two years as Brexit uncertainty ends, according to a new survey from finance specialist Together.
The survey by the specialist finance found that over the next two years plans to expand premises and employ more staff top the agenda for small and medium-sized (SMEs) enterprises.
The survey revealed that overall, SMEs across the Uk intend to invest £1.7 billion over the same time period.
TOgether has said that more than a quarter (27%) of owners and senior executives at SMEs – the equivalent of 1.6 million businesses - plan to move premises as apprehension over the UK’s departure from the European Union ebbs away.
Meanwhile, 23% of companies who took part in the survey said they plan to expand their workforce in the next two years.
Together has also said that small and medium-sized businesses are set to drive a commercial property boom in the same period. Together’s research shows that almost 6 out of ten SMEs (58%) - nearly 3.4m across the UK - say that a boost in business is driving the need to move or expand their existing business site to accommodate for additional staff, equipment and storage space.
Of those SMEs who have property plans, 30% are looking to relocate to larger premises, while one in six (16%) aim to extend their current facilities. A further one in eight (12%) have said they will purchase additional buildings or construct them.
Andrew Charnley, head of corporate relationships at Together, said: “There is real evidence of a property boom getting underway as business owners finally feel assured enough to commit investment into a move or to extend where they are. It is great to see that SMEs are genuinely on the move now that business confidence is returning.
“However, finding the right property may be tough for some. Firms will need to make sure they can move quickly once they spot an opportunity, so it’s advisable to have clear plans in place first – including finances, lenders and lawyers – to enable them to push ahead with their growth ambitions.”