Yorkshire commerical law firm reports massive franchising sector growth
Franchising has grown more than any other sector over the last five years contributing £13.7 billion to the economy in the last 12 months
This is according to law firm LCF Law, which specialises in franchise work, with 80 employees across Bradford, Leeds and Ilkley.
They have reported a significant increase in the number of new franchises setting up and expanding in the region.
Franchising expert James Sarjantson from LCF Law says: “The results of the 2013 NatWest British Franchise Association Franchise Survey are not at all surprising considering the increase in franchising work our company has experienced since the country entered the recession in 2008.
“This sector has defiantly outperformed the rest of the corporate market and we are predicting a very strong year for franchised businesses in 2014.”
The survey reveals that the franchising sector in the UK has experienced 20% growth compared to a 2.5% contraction in the overall economy during the same period.
More than 250,000 full-time jobs were recorded for the first time in UK franchise history, with total employment including part-time jobs in excess of 560,000, an increase of 20% over the last five years.
James adds: “Many of the top franchises in the UK have their HQ’s here in the region and over half of all franchise systems have a presence in Yorkshire which is great news for the regional economy considering their performance over the last five years.
“The NatWest survey is also reporting that franchisors are expecting their growth to continue through 2014, with almost nine out of 10 stating they believe trading conditions will improve in the coming year, and this is definitely something we have first-hand experience of.”
One LCF Law client, loss adjusters Delta Claims Services, which set up in 2008, has seen record growth over the last year, increasing its turnover by 28%, with anticipated growth forecast at a further 50% plus this year which will double its number of franchised operations and professional staff.
Managing Director of Leeds based Delta Claims Services Owen Gorman says: “Delta is the first company to employ the franchise structure to a loss adjusting practice and by combining the single brand with a group of highly motivated adjusters.
“The company’s model holds greater incentives for both the franchisee and franchisor which has no doubt contributed to the success of our model.
“Having set up as the recession hit, our success is a real stand out achievement that we are very proud of and our strong performance looks set to continue in 2014 with substantial expansion plans in place.
“We are actively looking for experienced Liability Adjusters across the UK with immediate opportunities existing in Yorkshire as well as other regions, and believe that we can offer people the opportunity to launch their own sustainable business with the support of a franchisor that has thrived during the country’s worst ever recession.”