THE FASTEST GROWING BUSINESSES IN THE MIDLANDS AND THE EAST OF ENGLAND IN 2023

From Birmingham to Cambridge and from Shropshire to Essex, the inaugural Fast Growth 50 list for the Midlands and the East of England collectively generated £3.2 billion in turnover in 2022, employing 5,267 individuals.  Between 2020 and 2022, these companies achieved an additional £2.1 billion in turnover, at an average growth rate of 202 percent. These firms not only achieved financial success but also created 2,186 new jobs in just two years, reflecting a 70 percent workforce expansion as the region’s economy recovered from the Covid pandemic.

Despite the perception that rapid growth primarily characterises new businesses, the data shows otherwise. The average age of a fast-growing firm in 2022 was sixteen years, with only six new firms aged five years or less. This challenges the notion that significant growth only happens in a company’s early stages. The oldest fast-growth firm on this year’s list, Interclass Holdings, was established in 1976.

In terms of sectors, business-to-business services were prominent, constituting nearly a third of all firms on the list, followed by financial and professional services and consumer products. Interestingly, only six technology and digital firms were listed, indicating that growth extends beyond knowledge-based sectors.

Professor Dylan Jones-Evans OBE, Founder Fast Growth 50 said:

“The UK Fast Growth 50 Index demonstrates that a small number of fast growth firms make a substantial contribution to the UK’s economic landscape, providing real examples of how innovation, enterprise and sheer hard work can make a real difference in all sectors from construction to financial services to technology.Their incredible growth during difficult times shows that through generating wealth and jobs in their local communities, entrepreneurship is the cornerstone of regional and national prosperity. Most important of all, their success stories demonstrate the impact of ambition and adaptability, providing a blueprint for sustainable growth that will hopefully inspire others to follow a similar journey.”

In conclusion, the 2023 Fast Growth 50 list for the Midlands and the East of England highlights the diversity and vitality of fast-growing businesses in the region. These firms not only contribute significantly to the local economy but also exemplify the entrepreneurial spirit that characterises the region. Their stories serve as inspiration, demonstrating the exceptional achievements possible through innovation, dedication, and resilience.

This year’s Fast Growth 50 list is in partnership with UBS, the world’s leading and truly global wealth manager. Mark Goddard, Head of UK Regions at UBS Global Wealth Management said:

“Business owners and entrepreneurs are the engine of our economy, and UBS has a long history advising and connecting them on each stage of their wealth journey, helping them to unlock their potential. Led by entrepreneurial spirit and often solving some of the UK’s biggest issues, the level of talent and innovation uncovered through this year’s list shows that more needs to be done to support small businesses to strengthen local economies and give back to the local community. As the lead sponsor of this year’s Fast Growth 50, UBS is looking forward to following and supporting these businesses as they go from strength to strength.”