ACCORDING to research from Nottingham-based accountancy firm UHY Hacker Young, the number of UK businesses has hit record highs with more young entrepreneurs starting up their own companies.
Thanks to Britain’s booming start-up economy, an increasing number of companies are now being set up by directors in their twenties and thirties. Nottingham is just one UK city reaping the benefits of this entrepreneurialism, with more and more millennials taking the plunge and starting up their own businesses.
Local consultancy company, Dewey Group is a business which has thrived since it was set-up by managing director Billy Berridge when he was 27-years-old.
The Newark-based firm is a specialist recruitment and training consultancy working within the ground engineering sector. The company provides personnel at management and operational levels, and arranges accredited training in: first aid, health and safety and other areas.
‘Having worked in ground engineering since 2009, I was confident that I knew enough about bespoke needs of the ground engineering industry to set up my own company in 2014,’ says Billy.
‘The ground engineering industry is unlike any other, making the recruitment demands of businesses unique. At Dewey Group, we have filled a niche gap in the market, working across the UK with multinational organisations such as Balfour Beatty and Bauer Group.’
The firm has seen phenomenal growth since its inception two years ago, with turnover increasing by more than 300 per cent since last year. This progress may be down to the UK’s business-friendly climate, says UHY Hacker Young, as the UK has a range of grants, loans and government schemes designed to support entrepreneurs.
James Simmonds, partner at UHY Hacker Young, says, ‘Right now the UK’s start-up economy is flourishing, which is great for entrepreneurs thinking about starting up their own companies.
‘It’s clear to see from our research that young people in particular are taking advantage of this, as the number of UK businesses with young directors at the helm has increased.
‘Billy and Dewey Group are a testament to the spirit of entrepreneurship in Nottingham, and we’re delighted to be supporting them as they continue to go from strength to strength.’
Billy adds, ‘We took part in the government’s Growth Accelerator programme for six months, which helped put us in touch with trusted business advisors who could guide us on how best to grow the business.
‘UHY were also invaluable in allowing us to take our growth to the next level. The team supported me in finding my feet and understanding the ins and outs of accountancy – from tax efficient management incentives to shareholder planning. These are all valuable things which have saved me time and money in the long-term, allowing Dewey Group to grow.’
The UK government also offers a range of grants, loans and tax reliefs for entrepreneurs. These range from innovation vouchers, which subsidise business advice for SMEs and start-ups, to Entrepreneur’s Relief, which reduces capital gains tax for entrepreneurs looking to sell their businesses.