With some 60% of men over the age of 55 not working an increasing number of early retirees are looking around for a second career as a way of supplementing pension.

Many are turning to franchising with some 93% of them making a profit and over 80% positive about their prospects.

The latest NatWest/British Franchise Association survey reveals the industry is now worth a record £10.8 billion, and the sector has now grown 44% in 10 years, taking the total number of franchise outlets up to nearly 34,000 and number of systems up to 781.

Around 93% of franchises make a profit, and turnover per franchising unit is up to £323,000. Over the last decade the increase in turnover for the industry as a whole has rocketed by 83%.

The report found that franchisees are getting older, with their average age rising 6 years in the last decade to 46, suggesting the industry appeals as a second, or third, career. But the industry also attracts plenty of young entrepreneurs, with graduates operating nearly a third of all franchises.

However, higher education has little impact when it comes to profitability as those without qualifications account for 52% of those franchisees reporting the highest profits. Franchising now employs 371,600 people.

‘The franchise sector remains a significant employer and last year alone created 7,000 more jobs in the UK,’ said Dan Archer of the British Franchise Association.