Housebuilder tops list of Worcestershire’s fastest growing mid-sized companies

Gary Rouse

Worcestershire’s fastest growing mid-sized companies generated £2.4bn in revenues in the last year, contributing to 64% growth over a three-year period.

The latest Worcestershire Growth Barometer, published by BDO, identifies the 50 fastest growing mid-sized companies based on average turnover growth.

Housebuilder Lioncourt Homes has climbed from fifth fastest last year to claim the number one spot this time around, having experienced 123% growth over the three year period.

It is followed by Kidderminster carpets group, Victoria (83% growth), electric bike and vacuum cleaner supplier Grey Technology – better known as GTech – (78%), fitness brand Gymshark – which has recently announced its relocation (76%) and Redspeed International (64%).

The 50-strong list includes companies from across eight different sectors, with retail and leisure companies making up 30% of the final list, closely followed by the manufacturing and engineering (26%).

Analysis of the sectors showed that manufacturing and engineering has seen the most significant turnover growth at 40% over three years, with retail and leisure in second place with revenues up almost 30%.

These two sectors also took top place for job creation; creating almost 10,000 jobs between them and accounting for more than 74% of the total employment of the top 50 businesses.

Of the locations, more than a quarter (26%) of firms were from Redditch, making it the most populated district for fast-growth companies.

This is followed by Worcester City which is home to 20% of the firms. In terms of financial performance, Wyre Forest saw the highest turnover growth at 113%, as well as employment growth of 32%.

Worcestershire Local Enterprise Partnership is two years into a ten-year grwoth plan and has made major investments in recent years to support the fast growing companies.

Partnership chairman Mark Stansfeld said: “Worcestershire has seen impressive achievements in the past few years, being recognised as the number one in the country for productivity gains and higher-level workforce skills growth. The vision is to build a brand and make it a place people talk about not just in the UK but internationally.”

Gymshark CEO Steve Hewitt said a great deal of his firm’s success was down to “working as a local brand on a global basis”, with the team’s strong culture being the most important element of their business.

He also stated that thefirm was facing infrastructure challenges – something which may have prompted its decision to relate to Blythe Valley Park .

Ivan Knezovich, managing director of West Midlands Safari Park (Safariworld Holdings), said efficient use of new technology had helped his own business.

Robert Capper, partner at law firm Harrison Clark Rickerbys (also in the Top 50) said support from the LEP, and the county and city councils with regards to its recent office move had been a major benefit to the business.

Gary Rouse, director at BDO and author of the report, said: “This year’s edition of the Worcestershire Growth Barometer shows that the mid-sized businesses in the region are continuing to expand at a very good pace. It is great to see the turnover of traditional sectors such as manufacturing going from strength to strength, but it’s also reassuring to see the depth and breadth of our region’s expertise. The development of the cyber security sector, for example, is definitely one to watch.

“Overall, the report and its findings are very encouraging for businesses in the county and those looking to invest here.”

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