Leaving the European Union would damage UK business and the economy according to the business leaders of companies backed by private equity and venture capital.
In a survey of 200 key decision-makers conducted by Ipsos MORI for the BVCA, 83% of business leaders of companies backed by private equity and venture capital believe that remaining in the EU would be best for their business, while 78% feel Brexit would have a negative impact on the overall economy.
Conducted between December 2015 and February 2016, the survey also examined economic confidence and attitudes to private equity and venture capital ownership. There are currently around 3,000 companies in the UK - employing a total of around 490,000 people - backed by private equity and venture capital, making this one of the most comprehensive surveys of its type.
The business leaders surveyed are bullish about their own growth prospects over the coming 12 months, with 84% believing their business will improve over the next year. In particular, 79% expect to create new jobs and 88% anticipate revenue growth, with more than one in three (38%) of those expecting to increase revenues by over 30% in the next 12 months.
Commenting on the economy, 62% of respondents feel economic conditions have improved over the last 12 months, and 49% are confident the economy will continue to improve over the course of the year.
A summary of the report can be found here and the full survey here
Tim Hames, Director General of the BVCA, said: “Private equity and venture capital is all about the companies we back and it was for this reason that we sought the views of the business leaders of our investee companies. It is particularly interesting that such a high proportion support the UK’s continued EU membership.
"It is also very encouraging to see that despite global market turmoil, the vast majority of the companies sampled in this survey are very positive about their growth prospects. This reflects very well on the strength and positioning of venture capital and private equity backed businesses in the UK.”
FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA
+44 (0)20 7492 0400
TOM ALLCHORNE, DIRECTOR