Last Updated on 23.9.22 by Gorvins
As a keen supporter of family businesses with a dedicated family business team Gorvins Solicitors are delighted to be taking part in National Family Business Day 2022.
Family firms across the UK come in all sizes and sectors and many have been around for hundreds of years, successfully passing from generation to generation. This longevity is the result of good governance, strong values, innovative families and a focus on the long term and as such family firms have become the bedrock of communities all over the country. Other family firms may be younger in age but share similar values and are part of the very fabric of the communities in which they operate.
Cumulatively, the statistics stand for themselves and family firms are the engine room of the UK economy. Studies have shown that there are more than 5 million family firms in Britain (Source: IFB Research Foundation), they account for almost a third of UK GDP, employ more than 14 million people and contribute significantly to both the Exchequer and regional economies too. It is also recognised that the greatest part of Britain’s wealth is held within family businesses and that the family business sector is a force to be reckoned with.
Recent research undertaken by Family Business United (‘FBU’) shows that the largest ten family firms in the UK generated over £61 billion of turnover between them.
The contribution made by the family business sector deserves to be recognised. National Family Business Day is a national campaign that seeks to put family businesses on the map. Organised annually by FBU it really does help to put family firms on the map. As Paul Andrews, founder of FBU adds, “This is a day of real celebration of the firms that are at the heart of the UK economy, on high streets and at the heart of towns and villages across the UK. Family firms have a story, a real narrative, and it is their very essence and the family connection that makes them special. Add the fact that they are significant economic generators and are recognised as the engine room of the UK economy and you can see why they deserve to be celebrated too.”
National Family Business Day helps to raise the profile of the positive contribution that family firms make on a daily basis across the UK. Family firms are encouraged to add their voice to the campaign using the hashtag #GBFamilyBizDay.
Christian Mancier, corporate and commercial partner at Gorvins Solicitors who heads up the firm’s dedicated Family Business Team commented, “dealing with family firms as we do on a daily basis we see some truly amazing family businesses with every one of them having a different and fascinating story to tell. Family firms are the backbone of the UK economy and contribute so much to their local communities and it’s a privilege to be able to show our support to this fantastic sector and celebrate their achievements on September 23rd each year.”
As Paul concludes, “FBU is all about the family business sector and it is a real privilege to champion family firms each and every day, not just on #GBFamilyBizDay. Family firms are special, they are the backbone of the UK economy and will be for generations to come and we look forward to celebrating their contribution on September 23rd and for many years to come too!”