Some 45% of hotel and restaurant businesses are family run, according to the latest UK Family Business Sector Report, conducted by Oxford Economics for the Institute for Family Business (IFB) Research Foundation.
The report found that there are a total of 153,387 hotels and restaurants run by families, and collectively they employ 980,000 people.
Family businesses account for a quarter of the UK’s GDP, having increased by £100bn to £519bn since 2010. The annual turnover for family run firms was also shown to have increased by £3.1bn in the last year.
Elizabeth Bagger, IFB executive director, said: “Family businesses are the backbone of the UK economy – but their widespread presence and contribution to the economy are often underestimated. You will find family businesses all across the UK, in every industry sector – from sibling start-ups to multi-generational international brands.
“The family business hotels and restaurants sector creates a substantial proportion of the UK’s GDP, and we are proud to champion and delighted to celebrate this incredible contribution.
“Since 2010 there are a million more family businesses in the UK, proving that family firms are here to stay. Not only have family firms created an extra 2.3 million jobs since 2010, but their tax contribution each year is more than the annual NHS budget.”