New report highlights Top 50 fastest growing firms in Sandwell
THE contribution of manufacturing firms in Sandwell to a potential West Midlands Powerhouse is underlined in a new report published today.
Think Sandwell, the borough council’s business growth team, has launched a new index highlighting the performance of the 50 fastest growing companies in the area as it assesses which sectors are the principal engines for economic growth.
According to the Top 50 Fastest Growing Companies Index, half of those in the index are from the manufacturing sector, including the Hadley Group and The Angle Ring Company. Other sectors strongly represented are construction (seven companies) and automotive (five).
The food (two), wholesale & retail (four) and transport & storage (four) sectors are also represented.
Top 50 Fastest Growing Companies Index
Commenting on the launch of the index, Cllr Darren Cooper, leader of Sandwell Council, said: “The index clearly shows the vital role played by the traditional sectors in powering the business and economic prosperity of Sandwell and the Black Country region.
“The sectors are also vital to the success of the UK as a whole and Sandwell has developed deep expertise in advanced manufacturing and construction, and become the supply chain capital of the nation.”
Tipton-based Cab Automotive, a supplier of interior solutions to automotive brands including Mercedes, Jaguar Land Rover and Aston Martin, is ranked as the fastest growing company in the borough, having achieved a near 68% growth in revenue to almost £33m.
The buoyant automotive sector has helped the firm secure a number of new contracts.
To demonstrate the significance of the automotive industry to the Black Country, 16 of the world’s top 20 first tier suppliers and more than 1,500 second and third tier suppliers can be found in the West Midlands region, with many of them in Sandwell due to close proximity to the automotive supply chain.
Richard Semmens, managing director of Cab Automotive, said: “We are delighted to be recognised as the fastest growing company in Sandwell. Since 2005, we have grown our business to become a leading international player in the automotive industry, providing premium brands with high quality interior solutions.”
Stewart Towe, managing director of Hadley Group and chair of the Black Country Local Enterprise Partnership, believes the Top 50 Fastest Growing Companies Index confirms the borough’s reputation as the supply chain capital of the UK.
“The Top 50 index demonstrates the major contribution that businesses in Sandwell are making to the manufacturing, construction and automotive sectors, not just in the UK but around the world,” he said.
His own company employs 500 people in Smethwick and is the UK’s largest independent manufacturer of cold rolled metal sections and profiles. It had a turnover of almost £99m last year, representing an increase of 5.4% on the previous year’s trading.
The top 50 index also finds that SMEs are driving the business growth of Sandwell. Three out of five companies in the index are SMEs, ranging from property and construction companies to recycling and retail.
Cllr Cooper added: “We are proud of our support for SMEs. Since the recession, SMEs have driven the UK’s economic recovery and we have always encouraged entrepreneurism. Sandwell has a thriving business environment that is supportive of entrepreneurial and innovative ventures.”
The Top 50 Fastest Growing Index showcases the breadth of businesses in the borough. The companies together generated over £2bn in revenue and together employ over 12,000 staff.
According to the index, the highest revenue was generated by GeoPost – wholly owned by La Poste, the second largest postal operation in Europe – at almost £500m. The company also employs the most people in Sandwell. Out of the top 50, nearly 30 companies experienced double digit growth.
