Business deal activity in North Wales is falling short of the rest of the UK at just half the expected level according to a leading accountancy firm in the region.
Llandudno and Bangor-based firm Williams Denton reported the statistics at two launch events to mark its membership of The Corporate Finance Network.
The results show that that there is a huge opportunity for ambitious small and medium sized companies in North Wales looking to grow as well as those looking to sell their businesses.
Speaking at the recent launch events in Bangor and Llandudno, Peter Denton, founding partner at Williams Denton explained: “We have found that North Wales’ deal activity is falling short of the rest of the country, based upon pro-rata deals expected for a region of this size. We should have completed double the number of deals that were actually reported to the year end March 31.
“We had already identified that almost a third of businesses under £10m turnover and in the LL postcode area have directors with an average over 60. This provides the local economy with both a potential problem if those businesses wind up, but also a massive opportunity for those interested in growing through acquisition.”
Mr Denton added that businesses with directors approaching retirement should focus on making their business as attractive to potential purchasers as possible.
Kirsty McGregor, founder and chairman of The Corporate Finance Network, said: “On a UK level, we are seeing more and more SMEs take advantage of the current climate for buying a business, despite, or perhaps because of it, being the hardest ever environment for organic growth.
“Those businesses with younger directors should step up to the mark and become ambitious enough to consider a business acquisition.”
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