Last year was a good year for most small and medium sized businesses in the UK, with 75 per cent of them either maintaining or improving their turnover compared to 2013.
Broken down, 41 per cent of British small and medium sized enterprises (SMEs) experienced an increase in turnover during the 12 month period, while turnover remained steady for 34 per cent.
The results, released by brokerage advisory firm LV=Broker, also showed an average increase in profits for business owners during the period.
SMEs also created more jobs – 21 per cent of SME owners said they took on more staff in 2014, while four per cent took on staff for the first time. This equated to 200,000 new jobs.
On top of this, 180,000 people started running their own businesses last year, adding to the UK's burgeoning startup scene.
“SMEs are the lifeblood of the British economy and it is great to see that so many have increased their turnover in the past year and taken on more staff.” said Mike Crane, Commercial Lines Director at LV= Broker.