Praetura Commercial Finance perfectly placed to fund North West manufacturing boom
The North West remains the UK’s manufacturing powerhouse as it continues to enjoy an industrial renaissance.
According to the latest report from the manufacturers’ organisation EEF, and accountancy and business advisory firm BDO, the North West tops the productivity table at 15.8% above the UK manufacturing average.
The report highlights that the region has seen the biggest increase in employment in the sector in the last year with 350,000 people now working in manufacturing in the North West. The sector accounts for 16.3 per cent of the North West economy and the number of manufacturing jobs now equates to around one in 10 of the region’s total workforce – with 15,000 new jobs created since 2010.
There are 14,590 manufacturing companies operating in the region, producing 15.4 per cent of total UK manufacturing output. The North West also continues to be a strong exporter, with almost 10 per cent of total UK manufacturing exports yet, interestingly, depends on exports to the EU less than other regions.
Stuart Bates, Commercial Director of Praetura Commercial Finance comments:
“The findings of the report haven’t come as a surprise to us, as we work with a number of growing manufacturers in the region every day. However, it is good to have the significant contribution of this sector to the UK more widely acknowledged.”
“One thing has changed significantly in recent times. Whereas manufacturers would have once looked to their banks as the first natural port of call in order to fund this growth in demand, they are now increasingly seeking support from the independent asset based lending sector, which is typically more responsive, flexible and entrepreneurial.”