SCOTLAND’S top-performing privately-held businesses have been recognised in the inaugural UK Fast Growth 50 Index for Scotland. The 2023 Fast Growth 50 list unveils 50 companies that have demonstrated exceptional growth, contributing significantly to the economy and showcasing resilience amid challenges.
The fifty firms collectively generated £892 million in turnover and employed 6,300 people in 2022. Notably, their impressive performance is highlighted by an additional £510 million in turnover during the period from 2020 to 2022, with an average growth rate of 134%. These fast-growing companies have not only weathered the impact of the COVID-19 pandemic but have also created 3,800 new jobs, expanding their workforce by 65%.
Contrary to the perception that rapid growth primarily occurs in the early stages of a company’s life, the average age of a fast-growing Scottish firm in 2022 was thirteen years old. This indicates that scaling up and achieving substantial growth are challenges faced by companies at various stages of their development.
Join Talent, a company providing expert support for hiring and talent engagement, secured the top spot as the fastest-growing firm in Scotland for 2023. Established in 2018, Join Talent has become a global player, working with clients in over twenty countries and employing more than 200 team members.
The diversity of sectors represented on the Fast Growth 50 list reflects Scotland’s multifaceted economy, including technology, construction, consumer products, green initiatives, manufacturing, and more. The inclusion of businesses ranging from restaurants to energy-efficiency specialists and knitwear design to a family-owned milk delivery business showcases the breadth of Scotland’s business landscape.
Professor Dylan Jones-Evans OBE, Founder of the UK Fast Growth 50 Index, emphasizes the vital contribution of fast-growth firms to the UK’s economic landscape. He notes that recognizing these achievements not only highlights individual business success but also serves as inspiration for the broader business community, fostering further growth and innovation.
UBS, the world’s leading wealth manager, partnered with the Scotland Fast Growth 50 list. Mark Goddard, Head of UK Regions at UBS Global Wealth Management, emphasises the importance of supporting small businesses, acknowledging them as the engine of the economy. UBS looks forward to following and supporting these businesses on their journey to continued success.
The Scotland Fast Growth 50 list for 2023 celebrates the achievements of companies that have made a substantial impact on the nation’s economy, setting examples for entrepreneurial success and growth across various sectors.
