Introducing the UK Fast Growth 50 Index: Midlands and East of England’s Fastest Growing Firms
The UK Fast Growth 50 Index has unveiled the inaugural list of the fifty fastest growing firms in the Midlands and the East of England. This year’s list reveals outstanding economic and employment achievements, reflecting the resilience and innovation of the region’s businesses.
The Key Highlights
The combined turnover of these fast-growing firms in 2022 stood at an impressive £3.2 billion, employing 5,267 people. The period from 2020 to 2022 saw these companies achieve an additional £2.1 billion in turnover, reflecting an average growth rate of 202 percent. In just two years, these firms created 2,186 new jobs, marking a 70 percent workforce expansion post-Covid pandemic recovery.
A common misconception dispelled by the data is that significant growth is only characteristic of new businesses. Surprisingly, the average age of a fast-growing firm in 2022 was sixteen years. Only six new firms aged five years or less were found on the list, challenging the notion that rapid growth is exclusive to companies in their early stages. The oldest firm on the list, Interclass Holdings, was established in 1976.
Industry-Specific Insights
Diverse sectors were represented on the list, with business-to-business services, financial and professional services, and consumer products dominating. Despite this, only six technology and digital firms made the cut, suggesting that growth extends beyond knowledge-based sectors.
The firm boasting the fastest growth rate was Atlas Commodities, which achieved a remarkable 1,267 percent growth from 2020 to 2022. Their specialization in risk management and cost reduction within the global supply chain underlines the potential for growth in a variety of sectors.
The Economic Impact
The Fast Growth 50 Index emphasizes the substantial contribution that these fast growth firms make to the UK’s economic landscape. These firms reflect how innovation, enterprise, and hard work can drive growth across sectors, from construction and financial services to technology.
The 2023 Winners
- Fastest growing firm in the Midlands and East of England: Atlas Commodities
- Fastest growing business to business services firm: Imperial Corporate Events
- Fastest growing property development firm: Barberry Group
- Fastest growing construction and building services: Cladspray
- Fastest growing consumer products firm: Nourished
- Fastest growing consumer services firm: ADHD 360
- Fastest growing financial and professional services firm: Atlas Commodities
- Fastest growing green firm: Reconomy Group
- Fastest growing technology and digital firm: Thrive
- Fastest growing wholesale services firm: DBC Group
Partnering with UBS
This year’s Fast Growth 50 list is in partnership with UBS. Mark Goddard, Head of UK Regions at UBS Global Wealth Management, acknowledges the importance of supporting small businesses to strengthen local economies and give back to the community. UBS is committed to following and supporting these businesses as they continue to grow.
Conclusion
The Fast Growth 50 list for 2023 showcases the diversity and vitality of fast-growing businesses in the Midlands and the East of England. These firms not only contribute significantly to the local economy but also exemplify the entrepreneurial spirit that characterizes the region. Their stories serve as inspiration, demonstrating the exceptional achievements possible through innovation, dedication, and resilience.
