The number of fast-growing ambitious businesses with leaders hungry for success is increasing across Humber – new insights from the ScaleUp Institute reveal.
There are now 425 companies in the region that meet the definition of scaleup because they have increased turnover or employment by more than 20% annually. Humber scaleups are employing a total of 31,000 staff and their turnover is worth £3.5 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 Bee Health, J Rotherham, Bankside Patterson, Crest and Walker Modular, while the top five for turnover growth are Spencer British Engineering, Bee Health, J Rotherham, Walker Modular and John Good Shipping.
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 Humber they particularly highlight access to UK markets, access to talent and leadership development as key issues. They also want to access support from local leadership development programmes, peer-to-peer networks and Growth Hubs.
The ScaleUp Institute notes that Humber offers a number of services for scaleups. “This is encouraging and we will continue to monitor their impact,” said Irene Graham.
Phil Glover at Humber LEP said: “The Humber LEP is delighted to see an increasing number of ‘Scale-up’ businesses operating across the region. We believe this reflects the current level of commercial opportunity in the area combined with a very competitive cost base and a strong partnership approach to business support. Recent investments in supporting infrastructure and facilities such as C4DI and AURA alongside our funded business support and new ‘Scale-up’ schemes will continue to provide the right ecosystem to nurture and grow our star companies of the future.”
The ScaleUp Insight Report is available here.