Coventry and Warwickshire’s fastest growing companies have boosted the local economy, increasing revenues by 17% to £11bn, according to the Coventry and Warwickshire Growth Barometer published today by accountancy and business advisory firm BDO LLP.
Rugby giant Wasps has been named the fastest growing business having experienced 118% average growth (in revenues) over the last three years following its move to Coventry’s Ricoh Arena. The exhibition division of Wasps Holding Limited has grown by 18% in the last year alone.
Vice Chairman of Wasps, Nick Eastwood, who was interviewed in the BDO report, said the move to Coventry was “a fantastic step for the club”.
“Our new region has exceeded our expectations in terms of the welcome we have received and the support given to our organisation and it is fantastic for us to be recognised as the fastest growing company considering we are still relatively new here,” he said.
“I see Coventry and Warwickshire as a hidden gem with so much more to offer than initially meets the eye.”
The Coventry and Warwickshire Growth Barometer, published today (24 March) at the Coventry Economic Forum event at Coventry University, identifies the 50 fastest growing companies within the region based on turnover.
Businesses from nine different sectors appeared on the list, with manufacturing and engineering companies making up 14 of the top 50.
However it was real estate and construction that experienced the fastest growth, with a 50% average increase in turnover in the last year. The hospitality and leisure sector was close behind (44%), while technology and media companies reported a 23% increase in revenues.
Fast-growth companies featured in the list include well-known retailers such as Holland & Barrett and Aldi Stores, as well as energy supplier First Utility, which has experienced huge growth during a three year period, making utilities the fastest-growing sector within the top 50.
As well as the top 50 list, the BDO Growth Barometer also includes articles and interviews from local business leaders and influencers touching upon key themes within the region, such as the impact of the so-called fourth industrial revolution and how Coventry is proving tough competition for tourism hotspots Warwick and Stratford.
Roger Buckley, partner at BDO, says: “It is well-known that this is a region built upon manufacturing and, considering the first British car was built here 120 years ago, this should not be an industry that is overlooked for the contribution it makes, particularly in local employment levels.
“Nonetheless it is great to see the impressive growth of real estate and construction in our analysis. Not only does this highlight the demand for both commercial and residential space in the current environment, it gives us confidence in the long-term economic success of the region.
“It is also extremely promising to see the continued development of the technology and gaming sector, leading to Leamington Spa being dubbed ‘Silicon Spa’ with gaming businesses alone employing over 1,200 people in the area.”
He added: “Fast-growth businesses are the economic engine of our region and it is important we continue to celebrate the best of Coventry and Warwickshire.”
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