West Midlands firms centre stage in fastest growing companies table
FIVE West Midlands-based companies are included in the latest Sunday Times Virgin Fast Track 100 league table which is published this weekend.
The annual table, published for the 19th time, ranks Britain’s private companies with the fastest-growing sales over three years.
The seven companies headquartered in the Midlands – including two from the East Midlands – include five new entrants to the league table and they have all made a strong contribution to the local economy. Together they employ more than 1,150 staff and have achieved combined sales of £175m.
Top-ranked company in the West Midlands is Worcestershire-based Gtech, which is a new entrant at No 11.
The company was founded in 2001 by Nick Grey, who left Vax to design his own cordless floor sweeper. Taking on established brands like Dyson and Hoover, Gtech now makes cordless vacuums, sweepers, garden tools and an electric bicycle. Sales have grown by an average of 117% a year to £48.3m last year.
Next highest at 25 is Worcester-based housebuilder and developer Lioncourt Homes with average sales growth over three years of 89%.
Redditch-based travel agent CRUISE.co.uk is another Worcestershire-based new entrant, at No 54. Founder Andrew Gardner and chief executive Seamus Conlon led a buyout in 2013, backed by Risk Capital Partners. Sales hit £30.1m in 2014 as the company invested in its online platform, and it recently bought two businesses in Ireland and Australia.
Its average sales growth over three years was 61%.
At 65 in the list is Coventry sports nutrition developer Grenade with 57% average sales growth and at 97 is Aspens Services, a Worcestershire-based contract caterer, with average sale growth over three years of 44%.
The league table and awards programme is sponsored by Virgin, Barclays, BDO and BGF, and is compiled by Fast Track, the Oxford-based research and networking events company.
Sir Richard Branson of Virgin, the title sponsor for all 19 years, said: “This year’s Fast Track 100 is packed full of entrepreneurs and family businesses tackling many different challenges head-on and thriving thanks to their team spirit and togetherness.”
