The franchising sector in Wales is continuing to grow and boasts an annual turnover of £510m, according to the latest survey.
And according to the research, of NatWest and the British Franchise Association (BFA), UK-wide the industry is now worth a record £10.8bn. Following on from last year’s exceptional performance, the industry has gone on to report steady, stable growth, as the market shows signs of maturity.
The sector has now grown 44% in 10 years, taking the total number of franchise outlets up to nearly 34,000 and number of systems up to 781. As the sector grows in size so does the strength of its success, with an impressive 93% making a profit.
Turnover per franchising unit is up to £323,000. Over the last decade the increase in turnover for the industry as a whole has rocketed by 83%.
Mark Scott, national franchise manager, NatWest, said, “With figures like these, it’s hardly surprising that the number of franchisors showing confidence in their own business remains very high with 80% positive about their prospects.
In addition, an impressive 84% of franchisees continue to feel either motivated, or highly motivated.
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