The top 50 fastest growing companies in Coventry and Warwickshire created more than 3,600 jobs last year while generating an extra £1.2 billion of combined turnover, according to a new report.
The latest Coventry and Warwickshire Growth Barometer Report, published by accountancy and business advisory firm BDO LLP, highlights the variety and scope of growing businesses in the region, with Coleshill based RS Connect coming out on top after achieving an average growth of 76.3 per cent over the last three years.
The total turnover boost for the top 50 companies based on these three year growth rates came to £4.5 billion, with £1.2 billion attributable to the last year, where 3,613 jobs were created.
Manufacturing companies appear most frequently in the top 50, with Coventry-based Impetus Automotive the sector’s highest-placed representative in fourth place.
Paul Fenner, a partner at BDO, said: “Our region is a major pull for investment and talent, thanks to a strong manufacturing and automotive base and an increasing array of other fast-growing sectors, from business services to technology and media.
“Coventry and Warwickshire’s growth story is set to continue thanks to high-profile developments such as the UK Battery Industrialisation Centre, and let’s not forget that in 2021, Coventry will take on the mantle of UK City of Culture.
“Clearly though, it is unwise to believe that the current boom can last forever. It makes sense to invest while we can and build a resilient business environment that can take knocks and adapt to future conditions.
“The good news is that local businesses, along with organisations such as the Coventry and Warwickshire Local Enterprise Partnership and the Coventry and Warwickshire Chamber of Commerce, have realised this.
“While enjoying growth, the region’s business leaders are by and large avoiding complacency and are looking at the bigger picture of how to make the most of future opportunities for our economy - it is great to see that a sensible business ethic prevails.”
RS Connect, who finished top of the list, are the UK’s largest installer of telematics – which allow insurers and fleet managers to record and monitor the movement and activity of vehicles – employing around 500 staff.
The business enjoyed a 76.6 per cent average growth over the analysed period.
RS Connect Managing Director Lea Hodson said: “Our growth over the years has come from a strong work ethic and a focus on not only completing the job, but doing so to the highest quality.
“To be recognised as the fastest growing company in Coventry and Warwickshire is a reward for our hard work but we are continuing to push and aim to keep growing.”
Nuneaton retail and wholesale business Luxury for Less came second with an average growth of 73.7 per cent.
Leamington Spa tech giants Codemasters also made the top 10, alongside Studley based manufacturers Ricor Group and healthcare and life sciences business Alliance Medical Group.
Despite the jobs boost created by the top 50 companies, the report also contains a warning on the dangers of allowing the skills gap to grow.
Supporting business growth by tackling the UK skills gap is one of five top policy areas. BDO is calling on the government to review as part of its New Economy campaign to help support the
UK’s economic engine.
Fenner continued: “Employers need to make sure they can attract and hold onto key talent in order to start addressing the skills gap.
“Influential factors range from culture to remuneration, ensuring that key staff have every incentive to stay on and their ambitions plus reward are aligned with the ambitions and growth of the business.
“Another consideration employers need to take is the opportunities and benefits of recruitment from overseas to help tackle the issue.
“The key to this is working with experts to make sure skilled staff can get here easily in an increasingly challenging and regulated environment.”
To read the full report, visit https://www.bdo.co.uk/en-gb/insights/locations/birmingham/coventry-and-w...