Stuart Hulme, director of savings at Hampshire Trust Bank, said: “Our SME Growth Watch report highlights the vital contribution of SMEs both within the hospitality sector and indeed across all sectors of the UK economy, and the rapid level of growth being demonstrated by some of the nation’s smallest businesses.
“These figures should be viewed as encouraging for the government, demonstrating the widespread resilience and ambition of UK SMEs.
The research, conducted in partnership with the Centre for Economics and Business Research (CEBR), shows that 55% of hospitality SMEs feel confident about the future, 3% higher than the national average.
Hospitality SMEs believe economic uncertainty and competition in the market are the biggest barriers to growth, according to the report.