Shropshire firms contribute a bearly believable £1.68bn in revenues
The 50 fastest growing companies in Shropshire have contributed £1.68bn in revenues in the latest year – a 23% increase on the previous year, according to a new report.
The Shropshire Growth Barometer, published today by accountancy and advisory firm BDO, measures the average turnover growth of companies in the county and identifies the fastest growing sectors based on turnover and job creation.
Topping the list with an impressive 140% average growth over the last three years is Telford-based Golden Bear Products, which has been manufacturing children’s toys in the region for more than 35 years.
In terms of sector growth, whilst the largest proportion of companies in the list falls into the manufacturing sector (11 of the top 50), the fastest growing sector by turnover is hospitality and leisure.
This can be attributed in large part to the growth seen by Shrewsbury Town Football Club, which has experienced 39% growth (from £3,768,000 to £6,860,000) during the last three years.
Automotive businesses in Shropshire have also performed well. With strong growth from companies such as Greenhous (third in the top 50) and JP Arthurs and Sons (ninth), the sector overall has seen an average growth rate of 27% during the last three years.
This is closely followed by the food and drink sector, which reported growth of 25%. Evolution Foods and Allfresch Group ranked fourth and 11th respectively in the top 50.
With regards to job creation, the environmental services sector tops the list with 47% average growth with Reconomy (UK) and Select Holdings (UK) in particular reporting impressive recruitment drives.
David Pooler, a partner at BDO and author of the Shropshire Growth Barometer, said: “For those of us who live and work in Shropshire, it is fantastic to see the business achievements of the county recognised.
“Fast-growth businesses in Shropshire are extremely diverse and geographically spread out, ranging from football clubs to technology companies to manufacturers of toys. It has been very interesting for us to analyse our data to get a deeper understanding of where the growth in the region lies and in which areas there may be challenges.”