March 08 ,2016 | by Claire Payne

Women-led businesses major contributors to UK economy, shows study

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Women-led businesses are the driving force of the UK economy, according to data compiled by Founders4Schools, a company that focuses on inspiring young people to set up their own business.

Figures from the open-government and LinkedIn data sets showed that the average annual turnover for businesses led by women is £11,719,080, more than the average business annual turnover of £11,284,634.

The data was compiled using cluster maps to reveal women-led businesses in the UK with £1 million to £250 million in revenue.

Major contribution

The data, which was released to mark International Women’s Day, showed that the 762 women-led businesses revealed on the cluster maps are expanding at a medium growth rate of 30 per cent a year.

The total revenues of the businesses were found to have increased by £2 billion over the past year, with the average revenue standing at £12 million, up by £2.3 million from the previous year.

Over 60 per cent of the women-led businesses were found to be based outside of London. Over 200 women-led businesses were found in Greater London, with 44 based in Camden. This was followed by Leeds, which was found to have 43 businesses led by women.

Founders4Schools Chair and author of the report, Sherry Coutu CBE, commented on the findings, stating that the company is “delighted” to celebrate these women who are making a “major contribution to UK economic growth.”

Encouraged

Internet Safety and Security Minister, Baroness Shields, said of the data: “I am delighted that we now have the ability to identify and track the growth of female led businesses as a result of the UK government’s open data policy.”

Tech UK President, Jacqueline de Rojas, also supported the availability of the new data, stating that she is “encouraged” to see women in leadership positions across the UK.

Claire Payne

Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.

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