North West leading the way in growth rates

Ed Cottrell of Investec

Ed Cottrell of Investec

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The North-West’s share of an influential list of the country’s fastest-growing businesses is increasing at a faster rate than that of any other region.

Businesses in the region account for 14 of the UK’s top 100 fastest-growing private companies according to research by the specialist bank Investec and DueDil, the business data provider.

Almost a quarter of the firms on the list are based in either the north-west, Yorkshire or the north-east.

Ed Cottrell

The summer update of their Mid-Market 100 list, following the inaugural biannual report in November 2014, measures the most dynamic businesses in the mid-market sector – those reporting between £10 million and £200 million annual turnover.

Nine of the region’s businesses featured in the previous report, an increase of 56 per cent – the biggest improvement of any region in the current study.

Two of the top-10 performers are based in the north-west: discount store operator Quality Save, which is in fourth position nationally with turnover growth of 86 per cent , and civil and electronic engineers Luton Engineering Services, which is in eighth place with 67 per cent growth.

Both operate from Manchester.

More than half of the firms in the north-west region are newcomers to the Mid-Market 100 list highlighting the substantial growth of business in the region.

The latest study indicates the importance of the northern counties to the broader economy: almost a quarter – 24 – of firms represented are based in England north of the Humber.

Whilst the south-east, which has 15 firms on the list, and London, which has 21, contribute more companies to list their significance could be waning: they had 17 and 22 in November’s survey, representing a respective decline of 12 per cent and five per cent.

The east of England saw its share of the Mid-Market 100 grow by 40 per cent.

Ed Cottrell, Head of Growth and Acquisition Finance at Investec, said: “It is ......encouraging to see the north-west pulling away, contradicting the received wisdom that growth is most evident in London and the south-east.

“Almost a quarter of the firms on the list are based in either the north-west, Yorkshire or the north-east.”