Financial stain affecting business growth plans

MEDIUM sized businesses in the North-East are delaying growth plans as they buckle under financial and operational pressures, new research has revealed.

Three quarters of accountants say their clients have stopped growth plans for now, in a survey by the official journal of the Institute of Chartered Accountants of England and Wales.

The journal called Venture Finance and Accountancy performed the research among 250 accountants in May and June of this year in their annual credit check report.

Daniel Summerfield, regional director of Venture Finance in the North-East, said: “Medium sized businesses have huge potential to be the real engine of growth the economy needs.

“Currently they are stuck between a rock and a hard place as they struggle with pressure from both suppliers and customers.”