THE 2018 WALES FAST GROWTH 50

-

Twenty years ago, I had this crazy idea of putting together a project that would identify and celebrate the fastest growing businesses in Wales at a time when the focus by politicians was firmly on attracting large inward investors into the Welsh economy.

And so the Wales Fast Growth 50 was launched in 1999 and a small awards lunch put together for the firms at Jury’s Hotel in Cardiff with Rhodri Morgan - the then economic development minister - attending.

Fast forward to 2018 and last Wednesday, the 20th list of the fastest growing firms in Wales was published following a glittering awards dinner with over 900 guests at Cardiff Motorpoint Arena.
In fact, since the project was established in 1999, the 602 firms that have appeared on the twenty lists are estimated to have created 40,000 jobs and generate an estimated £20 billion into the Welsh economy, much of which is spent in their local area. Indeed, eleven previous and current fast growth 50 firms - including North Wales firms Watkin Jones PLC and GAP Personnel -  were responsible for over £4.4 billion of turnover last year.

Every year, the list identifies some incredible businesses that are making a significant difference to their sectors, markets and communities and this year is no exception. So what about the fifty firms which are the fastest growing firms in Wales in 2018?

This year’s list had a collective turnover of £735 million in 2017 and employed over 3,300 people. More importantly, they generated an additional £484 million in turnover during the period 2015-2017 at an average growth rate of 193 per cent and for the first time, all fifty firms on the list had grown by at least 100 per cent over that period with three businesses expanding their sales by over 1000 per cent. Whilst the median size of the fifty firms was £5.1 million, nine had a turnover of more than £15 million.

As would be expected, they are significant contributors to employment and these fifty businesses also created 1,600 new jobs in just two years, demonstrating their continuing importance across the Welsh economy.

The largest sector this year is construction and building services, demonstrating that there is considerable activity in the sector across Wales in both the commercial and housing markets.

Business to business services is again prominent with nine firms followed by eight retail businesses and seven knowledge-based and creative firms. There are also five manufacturing and engineering firms on this year’s list which again suggests that the sector continues to defy expectations and create high growth firms.

Only eight companies have more than 25 per cent of their turnover generated from international markets and given the imminent departure from the European union next March, the Welsh and UK Governments need to do more to ensure that our fastest growing firms are able to export both goods and services to international markets.

In terms of location, fast growing firms were to be found in fifteen Welsh counties with Cardiff being the main growth hotspot in Wales with nineteen firms being based in the capital city, an increase on 2017.  In fact, the Cardiff Capital region has more than two thirds of all firms on this year’s list. Other hotspots include Swansea (five firms), and Newport (three firms) with North Wales having six businesses including Tir Prince, Macbryde Homes, Zaviz International, Stands Out, Net World Sports and CHC Waste Facilities Management

Finally, congratulations to ALS Managed Services from Caerphilly in the South Wales Valleys for achieving an incredible growth rate of 4238 per cent on the way to a turnover of nearly £11 million in 2017. Having recently received investment from the Development Bank of Wales, they will certainly be a company to follow closely over the next few years and I wish them, and all of this year’s Fast Growth 50, every success for the future.



Popular posts from this blog

THE IMPORTANCE OF FRANCHISING

-
Image
When we talk about start-ups and entrepreneurship, rarely do we discuss the potential of franchising not only as a way of establishing new ventures in the economy but also as a method of growing existing businesses. According to the British Franchising Association, franchising is the granting of a licence by one person (the franchisor) to another (the franchisee), which entitles the franchisee to own and operate their own business under the brand, systems and proven business model of the franchisor. The franchisee also receives initial training and ongoing support, comprising all the elements necessary to establish a previously untrained person in the business. This enables individuals to start their own businesses without having to develop their own ideas and utilising an existing brand and established market. Of course, whilst each franchise business is owned and operated by the franchisee, the franchisor controls the quality and standards of the way in which the business is
Read more

THE IMPORTANT IMPACT OF STARTUPS ON THE WELSH ECONOMY

-
Image
Earlier this week, in association with Wales Week London , we launched the sixth Wales Start-Up Awards which celebrates the success of the best new Welsh businesses every year. It was a pleasure to interview a number of the award winners that are making a real stamp on their industries and markets.  These included Project Blu , overall winner in 2020 which has signed a major multi-million pound deal to sell their environmentally friendly dog products in the USA; Yoello , the Cardiff-based payments specialist which had to pivot during the pandemic but has completed a major funding round to expand their operations substantially; t he Goodwash Company , whose innovative approach to their business is putting them on the path to becoming a major UK brand in the next couple of years; and the Enbarr Foundation which is rewriting the textbook on community entrepreneurship through its efforts in Deeside. Despite all the challenges of the last 12 months, these amazing founders had not only survi
Read more

UNIVERSITIES NEED TO BE AT THE HEART OF THE ECONOMIC RENAISSANCE OF THE WELSH ECONOMY

-
Image
With the majority of us still working from home during a dark and cold January, it may difficult to envisage that in less than one hundred days and barring any postponement from Cardiff Bay, we will be voting in the elections for the Welsh Senedd. As the political parties start to formulate their manifestos, various organisations, pressure groups and other bodies are putting together a list of their priorities that the next Welsh Government will hopefully enact as part of their programme. One of the most important of these submissions has come from the Welsh university sector that, during the last five years, has been responsible for developing world class research and innovation, delivered skills to people of all ages and backgrounds, and made a significant contribution to the economic and societal wellbeing of Wales. As the nation looks to recover from the challenges that we have all faced as a result of the Covid-19 pandemic, higher education institutions are aiming to continue thi
Read more