NORTHERN entrepreneurs grew sales by 19% year on year, demonstrating their role in rejuvenating the UK economy, according to new figures out yesterday.
The findings, based on responses from Ernst & Young’s Entrepreneur of The Year finalists, show that leading entrepreneurs across the North East, Yorkshire and North West, achieved 24% employment growth at their companies in two years.
The number of jobs created by the 48 finalists rose from 8,956 to 11,129 between 2009 and 2011.
Forty eight entrepreneurs across the North will compete for the title of Ernst & Young’s Overall North Entrepreneur Of The Year at an awards dinner tomorrow night at the Lowry Hotel in Manchester.
The UK’s entrepreneurs have innovated and created jobs in parts of the country suffering stubbornly low employment rates.
In Scotland, entrepreneurs doubled their staff, while in London and the South it rose by 43%, the North by 24% and the Midlands by 8%.
Despite their role in job creation, entrepreneurs still felt they were being held back on this front, with 22% saying a key challenge is not being able to recruit skilled employees. The findings suggest that entrepreneurs are providing a major impetus to employment.
Simon Whiteside, North East Entrepreneur of The Year leader, said: “Dynamic businesses, led by entrepreneurs with the energy and insight to drive their businesses forward, have demonstrated that they are a major factor in rejuvenating the UK economy.
“However, there is a sense that they are achieving these results despite serious issues around talents and skills shortages, which need to be tackled.”