THE FASTEST GROWING BUSINESSES IN NORTHERN IRELAND IN 2023

Posted in FG502023

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

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

Collectively, these firms generated a turnover of £2.1 billion and employed 8950 people in 2022. However, it’s their ability to produce an additional £1.1 billion in turnover during the period from 2020 to 2022, at an average growth rate of 108 percent, that highlights their exceptional performance and impact on the Northern Ireland economy.

Profiles of the Northern Ireland Fast Growth 50

It’s worth noting that the growth in employment is considerably less at 25% in two years, with 1800 new jobs being created.

The data shows that, unlike the other nations and regions of the UK, fast growth firms are concentrated in traditional sectors such as construction and building service, manufacturing and engineering, and tourism with only three technology and digital firms on this year’s list.

Many are family-owned firms and have been established for an average of 32 years, which is more than twice the age of high growth businesses in the other parts of the UK.

The fastest growing firm in Northern Ireland in 2023 is Lough Erne Investments which owns Ready Egg Products, a major food manufacturing business which produces liquid, hard-boiled, scrambled and other egg products with facilities in both Northern Ireland and the mainland UK

Find out more about Ready Egg Products

Professor Dylan Jones-Evans OBE, Founder of the UK Fast Growth 50 Index 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.”

Therefore, the 2023 Fast Growth 50 list for Northern Ireland sheds light on the dynamic and diverse entrepreneurial landscape in the region. These firms not only wield significant economic influence but also represent the importance of entrepreneurship for the region. Their stories serve as inspiration, demonstrating the remarkable achievements possible through vision, determination, and innovation in Northern Ireland.

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.”