The first ever list of the fifty fastest growing firms in London has been released today by the UK Fast Growth 50 Index.
As one of the most dynamic cities in the world, London has long established a fertile environment for innovation and entrepreneurship. The city’s dynamic business landscape is in constant flux with start-ups, scale-ups, and established firms all striving for success.
The 2023 Fast Growth 50 list showcases the most rapidly expanding companies in London, and the fifty growth firms identified in the capital city have demonstrated remarkable achievements.
Collectively, they generated a turnover of £2.23 billion and employed nearly 11,000 people in 2022. However, it’s their ability to produce an additional £1.45 billion in turnover during the period from 2020 to 2022, at an average growth rate of 188 percent, that highlights their exceptional performance.
As London’s economy began to recover from the adverse effects of the COVID-19 pandemic, these fifty businesses have led by example, creating 6,600 new jobs in just two years and expanding their workforce by 152 percent. This job growth demonstrates the resilience of these firms during challenging times and underscores their significance as drivers of economic growth.
While some may assume that fast growth occurs mainly in the early stages of a firm’s existence, the 2022 London Fast Growth 50 list dispels this notion. The average age of a fast-growing London firm in 2022 was nine years old, with only three of the firms in the cohort being relatively new (aged five years or less). This indicates that scaling up and achieving rapid growth are challenges that firms tackle at various stages of their development.
The diversity of sectors represented on the Fast Growth 50 list reflects London’s multifaceted economy. In 2022, financial services dominated with ten firms, followed by consumer services with eight firms and consumer products with seven firms.
Notably, there were only five technology and digital firms on the list, suggesting that rapid growth is not confined to the tech sector alone despite the rapid growth of the sector in London in recent years. Surprisingly, there were no fast-growth businesses located in the construction industry, despite evidence of considerable activity in this sector.
Given the importance of the financial services sector in London, it is not surprising the fastest-growing firm in 2023 is Allica Bank, which increased its turnover by an incredible 9,765% between 2020 and 2022. Allica is a pioneering fintech challenger bank in the UK, focused on providing tailored financial solutions to established SMEs.
Its unique approach combines cutting-edge technology with personalised human relationships to empower British businesses. Allica Bank’s product lineup includes a fee-free flagship business current account, as well as a range of SME lending products, such as business mortgages, equipment finance, growth finance, and government-backed loans.
Other notable growth firms on the list include payments solutions specialist Universal Partners, which grew its sales by over £790 million in two years and the health innovator Cera Group, which created 4,000 new jobs between 2020 and 2022.
One impressive trend is the presence of nine B-Corp firms on this year’s London list, which underscores the shifting paradigm in the business world. It’s a recognition that businesses have a vital role to play in addressing pressing global issues, from climate change to income inequality and the commitment of these firms to “business as a force for good” showcases the transformative power of entrepreneurship in creating a positive impact on society and the planet.
Therefore, the very first Fast Growth 50 list for London in 2023 is a testament to the city’s vibrant entrepreneurial spirit. These companies not only contribute significantly to the local economy but also serve as sources of inspiration for budding entrepreneurs. The firms featured on this list have demonstrated that rapid growth is achievable across a variety of sectors and at different stages of a company’s life.
“The UK Fast Growth 50 Index demonstrates that a small number of fast growth firms make a substantial contribution to the UK’s economic landscape, providing real examples of how innovation, enterprise and sheer hard work can make a real difference in all sectors from construction to financial services to technology.
Their incredible growth during difficult times shows that through generating wealth and jobs in their local communities, entrepreneurship is the cornerstone of regional and national prosperity. Most important of all, their success stories demonstrate the impact of ambition and adaptability, providing a blueprint for sustainable growth that will hopefully inspire others to follow a similar journey.”Professor Dylan Jones-Evans OBE, Founder Fast Growth 50
London’s entrepreneurial landscape continues to evolve, and the Fast Growth 50 highlights the diverse and thriving businesses that call this city home. These companies are not just generating sales and creating jobs but are contributing to the vitality and dynamism of London, making it a city of endless opportunities and innovation. Their stories are a testament to the entrepreneurial prowess that defines the capital city.
This year’s Fast Growth 50 London list is in partnership with UBS, the world’s leading and truly global wealth manager.
“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. Led by entrepreneurial spirit and often solving some of the UK’s biggest issues, the level of talent and innovation uncovered through this year’s list shows that more needs to be done to support small businesses to strengthen local economies and give back to the local community. As the lead sponsor of this year’s Fast Growth 50, UBS is looking forward to following and supporting these businesses as they go from strength to strength.”Mark Goddard, Head of UK Regions at UBS Global Wealth Management
And the winners are:
- Fastest growing firm in London
- Allica Bank
- Fastest growing consumer products firm
- Little Moons
- Fastest growing consumer services firm
- Really Local Group
- Fastest growing creative services firm
- Fastest growing financial services firm
- Allica Bank
- Fastest growing green firm
- Eden Sustainable
- Fastest growing people services firm
- Fastest growing professional services firm
- Fastest growing technology and digital firm