FAMILY businesses in Yorkshire are confident about the future, according to the results of a new survey by a firm of York accountants.

The survey, carried out by Garbutt & Elliott in conjunction with global accountancy network Praxity, revealed that the profitability of family businesses had increased during the past year with 55 per cent of those questioned describing their financial position as “good” or “excellent”.

The survey also revealed that most family businesses expected the economic situation in the UK to improve over the next 12 months.

Meanwhile 27 per cent of respondents revealed that the number of their employees had increased during the past 12 months.

David Dickson, partner in charge of the Family Business team at Garbutt & Elliott, which has offices in Monks Cross and Leeds, said: "Our survey is extremely positive and encouraging.

"Family Businesses are the lifeblood of the Yorkshire and UK economy and, if they are confident about the future, then that really is very good news for us all.

"While there are clearly challenges ahead, family businesses across the county seem to be in very robust health. This survey provides yet more evidence that confidence is returning to the economy and that a well-run family business will be perfectly positioned to take advantage."

Jeremy Oliver, a partner with Garbutt & Elliott, who specialises in family business succession, added: "Handing over a business from one generation to the next can be very difficult.

"It is therefore encouraging to see that of the family businesses questioned, some are now on the third, fourth or fifth generation.

"This trend will continue with over 50 per cent of respondents saying they would hand over their business to the next generation."