Members of a North East business group have added £300m to their collective turnover despite battling a range of challenges, a new report says.
The Entrepreneurs’ Forum has published its 2024/25 Impact Report, saying that it supported more than 400 North East entrepreneurs as they overcame rising costs, skills shortages, new Government policies and market uncertainty. Over the year, members of the Forum collectively generated £2.5bn in turnover, up from £2.2bn in the previous year, while employing 16,000 staff across the region.
The Entrepreneurs’ Forum, which was founded in 2002 by Sir Peter Vardy and Lorna Moran, aims to support emerging business leaders by connecting them with more established entrepreneurs for advice and support. During the last year, it said that it brokered nearly 100 mentoring connections, as well as putting on workshops and other training sessions.
It also expanded its events programme from 57 to 70 events, with sessions including a series of round tables and off-the-record discussions on the barriers to growth identified in its quarterly surveys of members.
Chief executive Elaine Stroud said: “Entrepreneurs are the people who take risks, create jobs and drive growth across the North East and beyond. The life of an entrepreneur is never easy, but this year has reminded me why ambition matters so much.
“Despite what’s been thrown at them this year, our members showed resilience and creativity, and crucially, they supported each other. That spirit of collaboration is what makes the Entrepreneurs’ Forum so special.”
She added: “Our ambition remains to be the number one support organisation for entrepreneurs in the Ƶ. That means supporting the entrepreneur, not just their business. We will continue to raise the bar on the quality of our programmes, broaden the diversity of our membership, and invest in data and insights to demonstrate the impact we’re making.”
Figures released last week suggest that the number of new businesses set up in the North East rose by 12.9% in July compared to the same month last year, while insolvency-related activity in the region fell by 16%. New research from insolvency body R3, using data provided by Creditsafe, showed that 1,569 new businesses were set up in the North East in July, up from July 2024’s total of 1,390.
Kelly Jordan, chair of R3 in the North East, said that the figures “suggest growing confidence in the region’s business community”.
