Businesses in the North West of the UK are enjoying rapid growth compared to the rest of the country, according to research by the specialist bank Investec.
The Investec Mid-Market 100 surveys the top 100 fastest-growing mid-market businesses in the UK by turnover growth. Company performance is assessed using compound annual growth rate (CAGR) in turnover over four years. Their list shows firms in the North West account for 14 of the 100 most dynamic businesses in the mid-market sector (those reporting between £10 million and £200 million annual turnover). This is up from nine in last year’s report, an increase of 56%.
Interestingly, Retail is the most dynamic sector with the addition of five new firms, bringing the total number of retail businesses featured on the list to 18. This makes it the largest single sector which is also witnessing above average growth of 46% across those 18 businesses.
I find it encouraging for the all the regions to see the North West pulling away, contradicting the perceived wisdom that growth is most evident in London and the South East. Almost a quarter of the firms on the list are based in the North West, Yorkshire or the North East, supporting the new Government’s positive outlook for the “Northern Powerhouse” of the economy.
The recession was challenging for all businesses, but with growth figures like this it shows the recession is firmly behind us, and Retail as one of the UK’s most important sectors will be at the vanguard of driving job creation.
Paul Williams is a Consultant in the Berwick Partners Retail Practice specialising in finding talented leaders for senior management positions across the sector.