595 Cheshire and Warrington Companies Gain ScaleUp Recognition
The number of fast-growing ambitious businesses with leaders hungry for success is increasing across Cheshire and Warrington – new insights from the ScaleUp Institute reveal.
There are now 595 companies in the region that meet the definition of scaleup because they have increased turnover or employment by more than 20% annually. Cheshire and Warrington scaleups are employing a total of 78,000 staff and their turnover is worth £7.6 billion. This is according to new research by the ScaleUp Institute based on the latest 2017 ONS data.
In the area, the top five scaleups by employment growth are Proximo, County Milk Products, Laker Vent Engineering, Crest Medical and Kinaxia, while the top five for turnover growth are Laker Vent Engineering, Williams Tarr, Myprotein, Gladman and Kinaxia.
Across the UK there are over 36,000 scaleups, an increase of 3.7% from 2016.
ScaleUp Institute Chief Executive Irene Graham said: “Scaleups are the engine drivers of local economies; they are twice as innovative as large firms, employ twice as many apprentices, are twice as likely to be operating in international markets, and, significantly, they create high quality jobs.
"Their aspirations remain high. According to our recent ScaleUp survey eight out of ten expect to scale again in 2019, generating £1.5 billion more in turnover and creating an extra 7,000 jobs.
While they are ambitious about their growth, scaleups continue to face major challenges. In Cheshire and Warrington they particularly highlight access to talent, access to UK markets and access to infrastructure as key issues. They also want easier access to support from Local Government, banks and other financial suppliers.
The ScaleUp Institute notes that Cheshire and Warrington offers a number of services for scaleups. “This is encouraging and we will continue to monitor their impact," said Irene Graham.
Cheshire and Warrington Local Enterprise Partnership Chief Executive Philip Cox said “Our economy is one of the strongest performing and fastest growing in the UK, and so it’s encouraging that this is reflected in the accelerated development of our high-growth businesses.
“Through our Business Growth Hub, the LEP is delivering bespoke business support attuned to the individual needs of companies going through significant and sustained growth; we are working on transformational skills and talent programmes and investing to ensure our region is one of the most digitally connected in the UK.
“The LEP is committed to creating the environment that all businesses need in order to thrive.”
Ned Wakeman, Director of the Alderley Park Accelerator service, dedicated to the startup and scaleup of biotech and life science businesses, said: “High-growth businesses are of critical importance to creating jobs and driving growth within UK Plc and Alderley Park is central to the exciting progress being made in our region.
“The UK Government’s Industrial Strategy acknowledges the fundamental importance of helping business start and scale. We are aligned to this approach and extremely proud of the success to date at Alderley Park, which is now home to 200 fast-growing businesses employing over 2,000 people, a community that features some of Europe’s fastest-growing bioscience companies, including Concept Life Science, which is highlighted in the report.
“Our business support services at the Park are focused on helping companies make those strides through access to skills, funding, mentoring and being part of a network and a community where businesses have achieved sustainable growth and established themselves in global markets. We understand too the benefits of regional collaboration and continue to work closely with our colleagues at Manchester Science Partnerships.”
Note to editors
1. The ScaleUp Insight Report is available here: http://www.scaleupinstitute.org.uk/research/the-scaleup-landscape/
2. A summary of the local scaleup initiatives is available in Annex 1 of our annual review, available here: http://www.scaleupinstitute.org.uk/scaleup-review-2018/ The region contains the following programmes which have been designated 'endorsed' or 'one-to-watch' by the ScaleUp Institute in Chapter 2: Alderley Park.
3. About the Scale Up Institute. The ScaleUp Institute is a private sector led, not-for-profit organisation focused on collaborating with policy makers, corporates, finance players, educators and Government at a local and national level. Our mission is to help the UK to become the best place in the world to grow a business as well as start one, and enable our existing high growth businesses to ‘scale up’ even further. The Institute was founded in 2015 to help the UK improve its record in scaling companies which lags behind its major competitors after evidence showed that a one per cent boost to the UK scaleup population would boost the economy by hundreds of billions. The 2018 ScaleUp Review is available here: http://www.scaleupinstitute.org.uk/scaleup-review-2018/
4. National ONS data. Scaleup businesses are defined as companies who have increased their turnover and/or employee numbers annually by more than 20 per cent over a three-year period. Nationally, the latest 2017 data from ONS shows that there are 36,510 of these businesses which is an increase of 3.7 per cent overall. The national number of scaleup companies has increased by more than one-third over the past five years. There are 35% more scaleups than in 2013, compared to GDP growth over the same period of just 9%. Scaleups generate more than £1.3trn in combined turnover. This is up 34% on 2016, and compares to a turnover of £1.9trn by all SMEs combined. They employ approximately 3.4m people across all sectors and areas of the UK economy.
5. The top five scaleups by turnover and employment growth are drawn from companies with annual turnover greater than £10.2m - the threshold for filing full accounts at Companies House.
6. Our recommendations to the scaleup ecosystem can be found here: http://www.scaleupinstitute.org.uk/scaleup-review-2018/executive-overview/