APPLICATION are now open for the Fast Growth 50 index which will be celebrating its 25th anniversary of identifying the fastest growing firms in Wales.
Small and mid-sized businesses with combined annual turnover of £4 billion and responsible for 20,000 new jobs expected to make series of national and regional Fast Growth 50 league tables
To mark this achievement, the project is being replicated across the UK. In partnership with UBS, the world’s leading global wealth manager, the Fast Growth 50 will publish a detailed index of fast-growing firms in seven other nations and regions including East of England, London, the Midlands, North of England, Northern Ireland, Scotland and the South of England.
As a result, it is estimated that the 400 high-growth firms being identified through the Fast Growth 50 in 2023 will have increased their sales by £4 billion per annum and generated 20,000 new jobs every year.
According to the latest report from the Scaleup Institute, fast-growth firms which are normally defined as achieving 20% growth per annum make up less than 0.6% of the UK business population but represent 50% of the total small and medium-sized enterprise (SME) turnover output. Research has also shown that this small group of firms are more productive, innovative, and export-oriented than other businesses and despite an impending recession, nine in 10 firms plan to grow further in 2023.
By creating an index of 400 fast-growing ‘local heroes’ across the UK, this programme will also make a significant contribution to the levelling-up agenda that is currently driving UK Government’s economic policy by recognising those businesses making a major contribution to jobs and wealth creation.
Applications are now open and those named to the 25th Wales Fast Growth 50 index will be celebrated at the annual awards event to be held at the Cardiff International Arena in October 2023
The founder of the Fast Growth 50, Professor Dylan Jones-Evans OBE, is delighted that the project is celebrating a notable milestone in supporting Welsh businesses. He told Herald.Wales: “When we published our first list back in 1999, we never would have guessed that we would still be identifying the fastest growing firms in Wales a quarter of a century later. More importantly, since then we have seen the massive impact that the fastest growing Welsh firms in Wales have had on the economy with 701 businesses creating 55,000 jobs and generating £30 billion of additional turnover, much of which is spent in their local area.
“I am delighted to be taking this ‘Made-in Wales’ initiative across the rest of the UK for the very first time in 2023 to recognise the achievements of the best scale-up businesses in every part of the economy. I also cannot wait to bring together those Wales fast growth 50 firms and the business community together in Cardiff later this year to celebrate the achievements of those businesses that have such an impact on the Welsh economy.”
Mark Goddard, Head of UK Regions at UBS Global Wealth Management said: “We’re proud to see UBS become the lead sponsor of the Fast Growth 50 list, as it expands to shine a spotlight on the fastest-growing small businesses across the UK. Business owners and entrepreneurs are the engine of our economy, and UBS has a long history advising and connecting them on each stage of their wealth journey, helping them to unlock their potential. We look forward to joining the Fast Growth 50 team on this journey and can’t wait to see what ideas, innovation, and talent we uncover during the process”.