ED Reid was so impressed with a business support scheme that he bought it.

He established the York franchise of The Alternative Board (TAB) in 2009. It brings together like-minded business owners and experts to share experience and support one another.

Helped by Marc Allison, a British Franchise Association affiliated lawyer, he went on to build the franchise, working with more than 80 members over six years, arranging monthly meetings between small groups of owners of similar small-medium size businesses with a turnover of £1m-£20m.

Mr Reid, a former senior executive at Nestle, said: “The concept allows members to get different perspectives from experienced people who understand the challenges and opportunities they are facing but are running different kinds of businesses in different ways.

“Members meet with the same group each month. They hold each other accountable by listening and discussing, then saying what action they intend to take as a result of the advice shared.

“They report back at the next meeting on what they’ve done and outcomes.”

When the owners of the UK company of TAB approached Mr Reid to buy it, he again turned to Mr Allison, who is now a partner of BHP Law based in their Darlington office.

Mr Allison said the sale involved two deals working in parallel. “We had to negotiate a new master franchise agreement with TAB in the USA, which holds the global rights, as well as the acquisition of the UK business.

“We worked with US lawyers on our legal team to cover all of the international legal aspects.”

Mr Reid is now managing director of TAB UK. He took a 50 per cent share along with his business partner Mags Fuller, who is finance director, funding the share purchase personally and with investment from Lloyds Bank and the EV Fund.

Nationally, there are 30 TAB franchises and Mr Reid aims to bring on board a new franchisee every other month.

TAB also operates in Australia, New Zealand Germany, Austria, Ireland, Switzerland and the Czech Republic.