One of Cumbria’s most successful family-run firms of Chartered Accountants, Tax and Business Advisers Lamont Pridmore has said that a new study it sponsored shows the importance of family businesses to the local economy – and their need for effective professional advice.

In the UK almost half of all family businesses have been established for more than 30 years and with this history of success, almost a third have now welcomed in their third generation of family owners according to the National Family Business Survey.

The survey was produced by Family Business Place , one of the UK’s leading networks of family businesses, in partnership with Lamont Pridmore .

The survey also revealed that around two-thirds have a turnover exceeding £1 million, nearly double the amount who recorded this achievement in 2014, and 25% employ more than 100 people.

However, the family-run sector also faces challenges according to the same study.

Only 33% have an established exit or succession strategy, while 45% of businesses thought that integrating the next generation was the biggest challenge they faced.


Disappointingly only half (50%) think their professional advisers, such as their accountant, understand their unique needs as a family business, down from the previous survey where 60% said they felt their adviser understood their company.

You can download Lamont Pridmore’s guide to the full survey results here: www.lamontpridmore.co.uk/national-family-business-survey-results


Speaking after the release of the report, Lamont Pridmore ’s Chief Executive Graham Lamont said:

“Whilst family businesses continue to do well in Cumbria and beyond it has become clear from this survey that the levels of tailored assistance they receive is in decline, which is really worrying.

“At Lamont Pridmore, as a family-run firm, we thought it was important to commission this survey so that the business community have a better understanding of the often unique needs of family companies.

"We have spent more than a century in practice assisting a wide range of family-run enterprises so we hope this research will help them.”

He added:

“We as professionals need to assess the services we deliver to these firms and where they are not up to the high standard required, adapt.

"It is through this process that Lamont Pridmore has become recognised as leaders, not only in the family company community but across the wider business sector in Cumbria and beyond.”

One area in which family-run firms are particularly struggling according to the report is finance.

Around 30% of those surveyed said it had become harder for them to obtain finance since the financial crisis of 2008.

This access to finance is critical, especially for the 36% of family-owned companies who said they were looking to invest in new machinery, premises or capital projects.


Chris (left) and Graham Lamont of Lamont Pridmore chartered accountants Chris Lamont, Managing Director at Lamont Pridmore’s Carlisle office and a partner at the firm, added:

“The issues identified in this new study are typical of what we see, especially in regards to financing, which has become such a significant issue.

“We have a long track record of providing proactive, value-added services to a wide range of clients, of which we are immensely proud.

“Raising finance is just one of the ways that we can assist family businesses and we would invite companies facing any of these issues to come and talk to us about their requirements.”

Lamont Pridmore is committed to helping family businesses in Cumbria and staff are currently exploring new and innovative ways of supporting the region’s family-run firms.

To find out more about how Lamont Pridmore’s Family Business Service can help you:

Watch their Family Business Specialist film

Download their helpful factsheet

Succession Planning for the Family Business

Read more about the Family Business Specialist Services online.