Private businesses in the UK are hyper-local and have little interest in international markets, according to research from a report called Going for Growth: UK company growth strategies to 2021.
The survey was conducted for financial advisory firm Kreston Reeves and is based on the views of 530 privately owned businesses from across the UK – 80 per cent of which have a turnover below £25 million.
The findings claim that a third (32 per cent) of UK private businesses generate between 50-100 per cent of revenues from their immediate geographic location, with 18 per cent of businesses being ‘hyper-local’, meaning they generate between 75-100 per cent of their revenue locally.
According to the study, 60 per cent of businesses have seen turnover grow by more than a quarter during the past three years, with 58 per cent expecting the same level of growth during the next three.
In all, some 56 per cent believe their immediate geographic location is the most attractive market for future growth, while 35 per cent of businesses have no international aspirations at all.