Mike Wheeler, MD at Auto Styling Truckman, has championed the desire of entrepreneurs to continually invest in their businesses at a Downing Street reception.

Business leaders from across the country joined David Cameron and the Chancellor of the Exchequer, George Osbourne, at 10 Downing Street to discuss issues high on the agenda of the UK’s 5.2m SMEs ahead of the summer Budget on July 8.

Wheeler believes that, to encourage growth, a reduction in Corporation Tax would free up funds for increased direct investment and help create an environment, which favours growing businesses.  However, he is concerned that a reduction would further exacerbate preventing successful businesses from accessing business grants.

“A reduction of taxes on the UK’s enterprising SMEs would also make more money available for further investment. The revenues lost through lower taxation would be more than recovered thanks to the positive effect these businesses would have on the economy in terms of job creation and investment, which would both have a large multiplier effect.

 “However, it is very hard for entrepreneurs that leave profits in their companies for investment to access business grants.  While grants should be available to new or struggling businesses, they could also provide a springboard for successful enterprises that will take them onto the next level if the process better understood firms’ growth ambitions.”

His business, Auto Styling Truckman, which is one of the UK’s leading manufacturers of hardtops for pick-up trucks, has continually invested in its facilities, workforce and operations in recent years. 

The company recently announced a £2.7m investment in a new head office and large fitting and distribution centre, which followed on from the opening of an additional production facility, which received investment of £375,000 18 months ago.  Its workforce has grown from 39 to 63 since 2013.

In the lead up to the General Election, Wheeler co-signed a letter published in the Daily Telegraph, which praised the Conservative-led coalition for guiding the economic recovery and encouraging others to support the Chancellor’s continued stewardship of the economy.

Renewed confidence in the stability of the economy played a significant part in Wheeler’s decision to invest in his business, including the company’s new premises, which is creating 15 new jobs.    

He added: “It is estimated that small firms account for 99% of private sector business in the UK; they really are the lifeblood of our economy and anything that can be done to further support their ambitions can only have a positive impact on the economy.”