The first meeting of a new forum to help medium-sized companies to grow in troubled times will be held today.
The M-Club in the West Midlands has been founded by lobby group the CBI to help what it calls a forgotten group of companies to network, learn from experts and exchange experiences.
The group will be among 33 across the UK and will meet to discuss key issues for the region’s medium-sized businesses; accessing growth capital, selling more overseas; and building on their leadership skills.
Richard Butler, CBI Director in West Midlands region, said: “The CBI is launching M-Clubs across the UK to help the forgotten army of medium-sized businesses get together and access knowledge that can really help them to grow their businesses. Our research shows that having more high-growth champions could add £20 billion in extra GDP by 2020, and we want to help ambitious medium-sized firms fulfil their potential.
“Any medium-sized businesses with a turnover of between £10 million and £500 million are invited to join our M-Clubs. This is a unique opportunity to hear from national experts on issues that really matter to businesses of this size and to engage with other business leaders who are working hard to succeed, grow and develop during these challenging times.”
The groups are being backed by GE Capital, Grant Thornton and Lloyds Bank Wholesale Banking and Markets who will be on hand to offer expertise on a range of issues including increasing exports.
The CBI is holding three M-Clubs in West Midlands region in the coming months, which take place today, on November 28 and March 5.
The CBI last year launched a campaign for the UK’s medium-sized businesses, with a report called Future Champions: unlocking growth in the UK’s medium-sized businesses.
Since then it has been working with the Government and businesses to set the right policies to realise potential growth, and results include a new £1.2 billion Business Finance Partnership and £10 million funding for UKTI to help an additional 500 mid-sized firms to export to new markets.
John Jenkins, chief executive at GE Capital UK, said: “The mid-market is critical to the future success of the UK economy. Our own research has identified a total of 21,000 mid-market firms* that together contribute around a third of total private sector GDP and employment.
“They are also in growth mode, with mid-market firms across the UK posting 5.8 per cent growth last year alone.”