The UK franchise sector is booming, with the latest figures showing it is now worth an estimated £17 billion to the economy and employs over 700,000 people. However, franchising in Scotland is not growing at the same rate.
Although franchising still contributes 0.8 billion to the Scottish economy, Scotland was the only area in the UK not to post any positive growth between 2015 and 2018, meaning it is now lagging well behind the rest of the UK.
Scotland’s premier franchise expert, Suzie McCafferty, who is CEO of Platinum Wave and chairperson of the Scottish Franchise Forum, explains that Scotland needs to wake up to the huge opportunities that are available after the disappointing figures highlighted in the recent British Franchise Association/NatWest survey.
“Scotland’s franchise sector has not grown as much as it should have in the last few years, but this means there are huge opportunities out there. Although franchising contributes a healthy 0.8 billion to the Scottish economy, the country is yet to take advantage of the myriad opportunities on the same scale as the rest of the UK. I believe this is down to a general lack of knowledge of the power of the franchising industry, so more needs to be done to raise public awareness especially with business consultants and advisors. Scotland really needs to step up as it is missing out on a huge amount of potential revenue, you just have to look at the North West of England which enjoys more than twice our franchising turnover.”
In an effort to increase public awareness Platinum Wave is teaming up with Lloyds Banking Group and law firm Harper Macleod, to offer a series of free ‘how to franchise your business’ seminars aimed at independent brands seeking growth, and business advisors from across Scotland, such as law firms, accountancy firms, funding bodies and local authority business support networks. The first event is taking place in Edinburgh on Tuesday, August 27, and tickets can be booked on Eventbrite.
For more information visit www.platinumwave.co.uk.
