UK’s social businesses achieved £10.4bn turnover in 2015
Latest figures from NatWest show that some 1,244 UK-based social enterprises pumped £1.3bn of profits back into society...
There has never been a better time to start a social enterprise; according to new figures from NatWest which show that some 1,244 UK social businesses achieved combined turnover of £10.4bn in 2015 with 80% revenue growth.
The data, released within the sixth annual NatWest SE100 index report, suggests that these social ventures collectively pumped £1.3bn of profits back into society as the social enterprise sector continues to grow at an “impressive rate”.
The report’s top 100 fastest growing social enterprises achieved 951% in 2015; bringing the average growth rate over the past three years to 824%.
These figures are said to far outstrip average sales growth of the UK’s top 100 private companies; which achieved 65% growth over the past three years.
In the report, it was claimed that the social enterprise sector “continues to be dynamic and has a big collective impact on both society and the UK economy”. This comment follows news that the Prince of Wales’ charity Business in the Community has this week launched a search to find the country’s “most ambitious” social enterprises.
NatWest’s Mark Parsons said:
“This report shows that social enterprises across the country are generating significant profits whilst having a powerful impact on their communities.
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“The 80% average growth in turnover in the sector is hugely impressive, while the performance of the top 100 shows that there are some incredible high-growth social businesses out there – transforming economies and lives at the same time.”