The British Franchise Association (BFA), in partnership with NIC Services Group, has announced the results of its 2024 National Franchise Survey, an extensive study that highlights the resilience and growth of the UK’s franchise sector.
As the first survey of its kind since 2018, the findings paint a positive picture of a thriving industry, despite the challenges posed by the global pandemic and economic pressures. The results have been published in the newly launched British Franchise Journal, available via the BFA website.
Growth, optimism, and economic impact
The franchise sector is a cornerstone of the UK economy, contributing a remarkable £19.1 billion annually. Each franchise unit now averages £400,000 in turnover, strengthening the financial power of the sector.
One of the standout findings is the optimism amongst franchisors. According to the survey, 87% of franchisors anticipate improvements in their company’s conditions, while 53% expect better overall economic conditions in the near future. This positive outlook reflects the sector’s resilience, even amidst economic adversity.
John Spencer, Chairman of NIC Services Group and former BFA Chairman, expressed his enthusiasm for the findings:
“Franchising continues to thrive, adapting exceptionally well during challenging times. It is clear that the sector’s ability to pivot and innovate positions it as a crucial player in the UK’s economic recovery.”
Franchise systems and unit growth
In 2024, the UK is home to 1,009 franchise systems. A figure representing an 8% growth since 2018. Additionally, there are now over 50,421 individual franchise units in operation across the country, marking a 4% rise.
Source: Elite Franchise Magazine
