THE FASTEST GROWING BUSINESSES IN SCOTLAND 2023 ANNOUNCED

Posted in FG502023

The very first list of the fifty fastest growing firms in Scotland has been released today by the UK Fast Growth 50 Index.

The 2023 Fast Growth 50 list showcases rapidly expanding companies in Scotland, and the fifty growth firms identified have demonstrated remarkable achievements across a range of sectors and locations.

Collectively, these firms generated a turnover of £892 million and employed 6,300 people in 2022. However, it’s their ability to produce an additional £510 million in turnover during the period from 2020 to 2022, at an average growth rate of 134 percent, that highlights their exceptional performance and impact on the Scottish economy.

Profiles of the Scotland Fast Growth 50 2023

As Scotland began to recover from the adverse effects of the COVID-19 pandemic, these fifty businesses have led by example, creating 3,800 new jobs in just two years and expanding their workforce by 65%. This job growth demonstrates the resilience of these firms during challenging times and underscores their significance as drivers of economic growth.

While some may assume that fast growth occurs mainly in the early stages of a firm’s existence, the 2023 Scotland Fast Growth 50 list dispels this notion. The average age of a fast-growing Scottish firm in 2022 was thirteen years old, with only six of the firms in the cohort being relatively new (aged five years or less). This indicates that scaling up and achieving rapid growth are challenges that firms tackle at various stages of their development.

The fastest growing firm in Scotland for 2023 is Join Talent, which provides services to businesses needing expert support with hiring and engaging the talent they need.

Find out more about Join Talent

With a team of industry professionals, the company was set up through combining their expertise in modern talent acquisition, a deep understanding of employer branding and the application of emerging technologies to make their company unique and provide an exceptional service to their clients. Founded in 2018, Join Talent now works with clients in more than twenty countries, and has over 200 team members working at the firm.

Therefore, the firms on the very first Fast Growth 50 list for Scotland in 2023 not only contribute significantly to the local economy but also serve as sources of inspiration for budding entrepreneurs. That has demonstrated that rapid growth is achievable across a variety of sectors and at different stages of a company’s life.

For example, whilst there are technology-based firms on Fast Growth 50 list, the diversity of sectors reflects Scotland’s multifaceted economy with business activities ranging from restaurants to energy-efficiency specialists to knitwear design and even including a third-generation family-owned milk delivery business.

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.

“There has been considerable attention recently on the contribution that scale-up firms can make to the Scottish economy and the publication of the Scotland Fast Growth 50 reinforces this focus on the small number of firms that are generating jobs and wealth across the nation. By recognising the achievements of these fast-growing companies, we are not only highlighting individual business success but providing inspiration for the broader business community and encouraging further business growth and innovation. Their stories are a testament to the entrepreneurial prowess that defines Scotland.”

This year’s Wales 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.”