Acquis Insurance, which operates in the European finance and leasing industry, has released quarterly data, which shows that despite the economic turmoil, businesses in the UK are holding firm.

The Acquis Index, an economic indicator, shows that new leases signed by UK companies during the second quarter of 2022 have grown 1.6% compared with the same period last year.

The data indicate that recovery is sluggish with a growth of 6.3% higher than June 2020.

This year’s UK lease inception data shows volatility, which was 37.4% between January and March, down 5.6% from March to May, and down 9.9% from May to June.

A comparison between EU data for the same types of equipment across the same type of sectors shows that firms in the UK have outperformed their EU counterparts by 34.7%.

New leases in the bloc have fallen by 33.1%.

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Sector-wise data by Acquis Index shows that restaurants and retail are performing strongly with a 49.6% surge in equipment lease in comparison with the second quarter in 2021 and a 278.6% increase over the same period in 2020.

The computer equipment sector has shown a fall of 12.4% over the last quarter and 32.7% over the same period in 2021

The office equipment sector has recorded a 2.4% growth since the first quarter of 2022 and 15.1% over the same period in 2021.

Acquis Insurance chief commercial officer James Rudolf said: “Against such oppressive economic conditions, we may start to see management teams grow more reluctant to sign new deals to lease equipment that is vital to their operations, staff retention and growth prospects, as business confidence is dented and costs start to bite.

“Yet there are some positive signs that growth has continued throughout the second quarter of 2022, albeit at a slower rate than hoped. Restaurants and retail outlets are one sector that is clearly still investing – hopeful they can combat a cost-of-living crisis that is already seeing UK families reduce discretionary spending.”

Last month, Acquis appointed Tom Denman as its new chief finance officer.