Lincs company revealed as fastest-growing in East Midlands

A Lincolnshire logistics and transport business has been named as having the fastest-growing profits over the last 12 months.

The East Midlands Top 200 Report, collated by Grant Thornton and the CBI, names Freshlinc Group as the region’s number one business for profit growth this year.

The report shows that the East Midlands 200 top performing businesses have grown profits by an average 35% and employment by 8%, and together provide more than 48,000 jobs.

Spalding-headquartered Freshlinc Group has grown profits faster than any other East Midlands business, rising more than 100-places from its position on last year’s report, to take the number one spot this year, up from 117th position in 2017.

Freshlinc specialises in supply chain management of temperature-controlled fresh, chilled and horticultural products across the UK and Europe. It has five operating divisions including the traditional haulage business DirectLinc, and supply chain resourcing company Top Up Resources.

Taking second place for profit growth is Derbyshire’s GF Tomlinson, followed by Derby-based Ark Capital in third position, Lincolnshire’s Branston in fourth, and Leicestershire’s C3 Construction in fifth place.

Of the 200 businesses on the Report, 60 are based in each of Leicestershire and Nottinghamshire, 44 in Derbyshire, and 36 in Lincolnshire.

Together, they have a combined annual turnover of £15.3bn, show an average 14% growth in annual turnover, 35% average growth in profit, have an average operating profit of £1.8m and profit margin of 12%.

Thirty-one companies on the list have grown profits by more than 50%, including two with 100%-plus year-on-year growth since 2014.

The top three sectors represented are Industrial & Manufacturing (23%), Agriculture, Food & Drink (23%), and Business Support Services (21%), with the remainder from Wholesale (13%), Retail & Leisure (10%), Property & Construction (5%) and Transport & Logistics (5%).

Mark Pashley, director at Grant Thornton’s East Midlands regional office, said: “The 200 companies making it onto our list this year are a great example of what the East Midlands has to offer, and showcase the strength of our local economy. They show that overall, the East Midlands continues to perform strongly for business growth compared to the rest of the UK.

The CBI’s Richard Blackmore, regional director – East Midlands, said: “The East Midlands economy continues to be the fastest growing outside of London in the UK and this year’s Top 200 Report reflects this. The top 10 companies highlight the diversity of the East Midlands with logistics, construction, manufacturing and the financial sector all represented.

“It is now important that businesses in the region are given the opportunity and support to continue investment, innovation and the upskilling of employees and they will be looking for the governments industrial strategy to help deliver this.”