UK family-owned businesses saw sales increase by 10.2%, raking in over £35.5bn in the last year, according to research from the Institute for Family Business (IFB).
Close to one-third of Britain’s GDP is generated by the family business sector, so good news for family businesses helps the British economy as a whole.
Associated British Foods (ABF), who produces products under such brand names as Jordans, Kingsmill, Ryvita and Silverspoon, saw sales of £10.2bn, a rise of 8.5%. The company also owns Primark, who saw their individual sales grow 13%, helping to quell the price increases of cotton around the world.
Other family-owned businesses showing successful trading figures included Shop Direct, who own Littlewoods, recording a turnover of £1.9bn, a rise of 10%.
Family-owned businesses are said to increase feelings of loyalty and security of jobs in their staff, according to research from the University of Birmingham. This helps to motivate staff, keep overall morale high and improve efficiency amongst work forces.
But family-owned businesses are unlikely to stay that way, with various research showing only a tiny fraction of such businesses being passed down into the fourth generation of a family and beyond.