Entrepreneurs’ Forum welcomes increase in region’s high growth businesses
The Entrepreneurs’ Forum has welcomed a report which reveals the number of high growth businesses in the North East region has surpassed the 1,000 mark.
The 2019 review by the ScaleUp Institute provides a comprehensive picture of the national scale-up landscape created in collaboration with the Office of National Statistics, using detailed research undertaken in the UK regions.
Figures for the region – divided between the North East and Tees Valley LEPs – reveals a total of 1,075 scale-up businesses, employing 90,878 people and generating a total combined turnover of £11.3 billion.
The corresponding 2017 review reported 940 scale-up businesses, employing 89,845 people with a total £11.3 billion turnover.
Nationally, the review reports a 35% increase in the number of high growth businesses – those with average annual growth in employees or turnover greater than 20 percent per year over a three-year period - in the UK compared to 2013.
The top five visible scale-ups by employee growth within the North East LEP are: Lanchester Wines, Cussins, END, Crafter’s Companion and ABCA Systems, whilst the top five by turnover growth are: Oil Consultants, Atom, Hathaway, Tharsus Group and Groundwork Services.
Within the Tees Valley LEP, the top five visible scale-ups by employee growth are: Wilton Engineering Services, MAP Group, LJJ Ltd, Greencroft Milk Supplies and Magnum Packaging. The top five in terms of turnover growth are: Wilton Engineering Services, Wynyard Hall, QA Weld Tech, Greencroft Milk Supplies and Ward Bros (Steel).
Respondents to the Institute’s survey highlighted a need to access solutions at a local level to help overcome barriers to growth in the areas of recruiting talent, leadership development, access to UK markets and infrastructure. They also called for greater support from government, particularly in the field of innovation and research and development.
However, the ScaleUp Institute held up the Entrepreneurs’ Forum as an exemplar for its innovative Scale-up Leader’s Academy, now in its fourth year.
It supports ambitious business owners in preparing for rapid and sustained business growth through a range of inspirational events, practical workshops, scale-up workshops and peer to peer mentoring.
Jonathan Lamb, chief executive of the Entrepreneurs’ Forum, said: “These figures are very positive for the region – proving it can support thriving, high-growth businesses that create employment and make a valuable contribution to the economy.
“There is always more that can be done to encourage entrepreneurs to grow their businesses, especially at a national level, but I’m pleased that the Entrepreneurs’ Forum is playing a valuable role in creating an environment which both inspires and supports this region’s ambitious business leaders.”