Five businesses from Wales were crowned as the fastest growing firms in their sectors at the first ever Fast Growth 50 awards, held at the Bloomsbury Big Top in London.
Building on the successful Wales Fast Growth 50 which was started in 1999 to celebrate entrepreneurial success and innovation, the new awards not only identify the fifty fastest growing firms in Wales but also in London, the Midlands and the East of England, the North of England, Northern Ireland, Scotland and the South of England.
This year, the 350 businesses appearing on the index collectively had a turnover of £15.1 billion in 2023 and had increased their sales by £9.6 billion during the period 2021-2023 at an average growth rate of 172.8%. More importantly, they not only employ over 62,000 people but have created over 24,000 new jobs in two years, or 10% of all additional private sector employment during this period.
The five businesses from Wales winning their categories are
- Fastest growing UK business-to-business services firm: Tiqtoq
- Fastest growing UK construction and building services firm: Castell Group
- Fastest growing UK food and drink firm: Coffi Lab
- Fastest growing UK manufacturing and engineering firm: Focus MEP
- Fastest growing UK people services firm: Involve Rail
Involve Rail were also the fastest growing firm in Wales in 2024, having grown by 1796% between 2021 and 2023
James Shapland, founder of Coffi Lab, said “The UK Fast Growth Awards are a genuine barometer of entrepreneurial success and I am delighted to have won this accolade. Having previously built the Coffee No 1 brand in Wales, I know that growth is never easy and that a lot of hard work and grit goes into achieving it, especially in a hospitality business. We have an incredible team working for us and I am humbled every day by the talented and determined people at our Coffi Labs who strive to turn the ordinary into extraordinary.”
Professor Dylan Jones-Evans, the founder of the awards, said that fast growth firms make a real difference to the UK economy.
“I would like to congratulate all five Welsh businesses on becoming the fastest growing firm in their sectors in 2024 and demonstrating the talent we have here in Wales.
This small group of businesses that grow quickly continue to play a significant role in driving economic growth, creating jobs and contributing to the economic development of the local communities in which they are based. By highlighting the success of these companies in every region and nation, the UK Fast Growth Index emphasises the importance of supporting and nurturing the private sector across the UK.
More importantly, the UK Fast Growth Index demonstrates how a small number of fast growing firms can make a substantial contribution to the UK’s economic landscape, providing real examples of how innovation, enterprise and sheer hard work can make a real difference in all regions of the economy.”
Full details of the UK Fast Growth Index can be found at www.fastgrowth50.com