2nd April 2019
The number of fast-growing ambitious businesses with leaders hungry for success is increasing across Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2)– new insights from the ScaleUp Institute reveal.
There are now 1,025 companies in the region that meet the definition of scaleup because they have increased turnover or employment by more than 20% annually. D2N2 scaleups are employing a total of 72,000 staff and their turnover is worth £8.1 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 Cooke & Mason, Oncimmune, SDL Group, Barrowcliffes and Bradburys Cheese, while the top five for turnover growth are Strawsons Property, Cooke & Mason, SDL Group, CWC Group and The Kent Group.
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 D2N2 they particularly highlight access to UK markets, leadership development and access to talent as key issues. They also want to access support from the LEP, local universities and peer-to-peer networks.
The ScaleUp Institute notes that D2N2 offers a number of services for scaleups. “This is encouraging and we will continue to monitor their impact," said Irene Graham.
Diane Beresford, Deputy Chief Executive at East Midlands Chamber, which is one of the delivery partners for the ScaleUp programme in Derby, Derbyshire, Nottingham and Nottinghamshire, said: “It’s easy for firms to grow quickly from launch but then plateau because they don’t know how to take the next step or don’t have the time or resources to do it.
“The D2N2 Growth Hub, the vehicle through which ScaleUp is delivered, is all about helping businesses take that step to the next level of growth.
“Following the success of ScaleUp, the Chamber and delivery partner Nottingham Trent University have launched a new UpScaler project, backed by the European Regional Development Fund, to support high-growth businesses across the D2N2 region for the next two years.”
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