The Black British Initiative (BBI) launched the Unlock Britain campaign at the House of Commons this week, aiming to boost the revenues of black-owned businesses by £20 billion as a first step toward unlocking a potential £75 billion contribution to the UK economy identified by Coutts Bank.
Campaign targets £20 billion boost
Research by Coutts Bank estimates that Black and ethnic British owned businesses could contribute up to £75 billion more to the UK economy if barriers were addressed. The Unlock Britain campaign seeks to realise that potential, starting with a £20 billion increase in turnover for black-owned businesses. Darren Miller, founder and CEO of BBI, said: "There is a £20 billion economic growth opportunity being overlooked - and in these uncertain and volatile economic times, that is a prospect the UK simply cannot afford to miss."
More than 200,000 black-owned businesses operate across the UK, but their median turnover is just £25,000 a year, compared with more than £548,000 across all UK micro businesses. The campaign's core initiative, Project £100K, aims to raise the average turnover of black-owned businesses by £100,000 by 2030, lifting it from £25,000 to £125,000. "If all 200,000 black owned business can add £100,000 to their top line, the nation benefits to the tune of £20 billion," Miller explained.
Barriers to growth: funding and education
Miller shared his own experience of struggling to secure funding: "When we made our breakthrough and needed to expand we went to a high street bank and asked for £50,000 to buy industrial equipment. We had about £300,000 going through the bank and knew we were a good bet. But the bank just could not bring itself to say yes." He emphasised that the challenge is not a lack of ambition but limited access to executive education, networks, capital, and opportunities.
BBI's MBA 30 programme, an SOAS-accredited executive education for Black entrepreneurs, has supported more than 290 founders through 14 cohorts since its launch in 2023. The programme equips business owners with skills in financial modelling, governance, growth strategy, and investor readiness. BBI's analysis shows that every £1 invested in the programme generates more than £13 in economic value.
Success stories and scaling ambitions
Graduates have achieved significant results. Tendai Moyo, founder and CEO of RUKA Hair, raised more than $1 million, secured investment from Henkel, and expanded into Sephora US after completing the programme. David Adjei, founder and CEO of AICHITECT, raised £300,000, created five jobs, and secured contracts with the NHS and Notting Hill Genesis. AICHITECT is now an award-winning GovTech platform.
The campaign aims to expand MBA 30 graduates from 290 to 2,000 by 2028 and 4,000 by 2030. Miller called for government support: "The course is relatively affordable at £3,250 but still accounts for 3% of a £100,000 turnover company’s annual revenue. With the support of the Government’s Help to Grow scheme the cost could be reduced." He also urged banks to change their attitude toward credit ratings, noting that 85% of MBA 30 participants are first-generation entrepreneurs who lack family business experience.
Breaking the plateau cycle
Miller highlighted that while black businesses often start strong, they plateau and decline after the first year. "We need to break that cycle, through knowledge and the funding that takes a good idea and makes it a great idea," he said. "Then we can unlock that £20 billion that is there for the taking and unleash the huge potential of Britain’s supremely talented black business community." The Unlock Britain campaign aims to build a coalition to support these efforts, driving inclusive economic growth across the UK.
