The number of fast-growing businesses in the UK is at highest level in more than a decade
A member of the UK200Group of independent accountancy and law firms has commented on news that an Enterprise Research Centre (ERC) study shows the number of fast-growing businesses in the UK now stands at 11,855; its highest level in more than a decade. The ERC defines such companies as having more than ten staff and recording annual average employment growth of 20% or more over three years. Despite accounting for only about 7.5% of all companies with more than ten staff, high-growth firms created about a third of the increase in private sector employment between 2012 and 2015. Between 2009 and 2015, the number of high-growth firms increased by 36% outside London, which itself experienced a 15% increase.
Duncan Montgomery, tax partner at UK200Group member firm Whittingham Riddell, said:
“Growth has been assisted by various government schemes like Growth Accelerator which really helped businesses, particularly where owners have little time to work on the business and were at the coal face every day. Those are now mainly closed, but with help from other sources including an accountant, business can continue to grow, providing enough time is given to allow the business to be worked on, not in.”
