London Stock Exchange’s ‘1000 Companies to Inspire Britain’ Report Shows Continued Strength of UK SMEs
The London Stock Exchange report identifies fastest-growing and most dynamic small and medium sized businesses across the UK. The report showed 78% of businesses headquartered outside London, companies growing at an average of 50% a year, and that beyond Greater London with 217 companies, Greater Manchester is a stand out city with 36 companies, followed by Leeds and Aberdeen, home to 16 companies each. Wales and Northern Ireland’s SMEs are thriving with 25 more companies, compared to 2015’s report, and Scottish companies are fastest growing with 83% annual average revenue growth
More than 40 company CEOs featured in the report opened the London market together with Xavier Rolet, CEO, London Stock Exchange Group and the Rt. Hon. Sajid Javid MP, Secretary of State for Business, Innovation and Skills.
Writing in the publication, The Rt. Hon. George Osborne MP said:
“UK high-growth businesses are leading the charge in rebuilding our economy. These companies are the backbone of the British economy. They create high-quality, well paid jobs, innovate and drive economic growth. This government fully understands the need to support ambitious entrepreneurs and ensure they can access the finance they need to grow.
“We have held the steadfast belief that – alongside deficit reduction – nurturing entrepreneurs, creating jobs, supporting hard-working families and keeping taxes low would get the UK economy back on track. Our measures to increase access to finance for business and encourage more investment have had a transformative effect on our economy.”
The Rt. Hon. Sajid Javid MP, Secretary of State for Business, Innovation and Skills said:
“From the Midlands Engine to the Granite City of Aberdeen, these 1,000 companies are bringing opportunity and prosperity to every corner of the UK and it is right that we celebrate their success. The Government will continue to back hard working entrepreneurs. That’s why we are cutting more red tape, boosting access to finance and reducing corporation tax.”
Xavier Rolet, Chief Executive, London Stock Exchange Group said:
“High growth SMEs are the driving force behind the UK economy, developing the skills, jobs and growth we need. But ambition alone is not enough; their success must be highlighted and their growth properly supported with appropriate finance. That’s why today’s event is so important: demonstrating the strong alliance between UK Government, financial market participants, investors, entrepreneurs and companies to support these inspiring businesses.
“Today’s celebration is fundamental to London Stock Exchange’s core, the need to support UK high growth companies in their journeys from Start-up to Stardom and create an entrepreneurship revolution.”
LSEG’s “1000 Companies to Inspire Britain” report series continues to receive cross-party support from leading politicians including The Rt. Hon. George Osborne MP, The Rt. Hon. Sajid Javid MP, Secretary of State for Business, Innovation and Skills, Angela Eagle MP, Shadow First Secretary of State, Shadow Secretary of State for Business, Innovation and Skills and John Swinney MSP, Deputy First Minister and Cabinet Secretary for Finance, Constitution and the Economy.
A full searchable database of all of the companies along with a downloadable pdf of the publication can be found online at www.1000companies.com
The report is supported by HSBC, Business Growth Fund and Cenkos Securities plc. DueDil was LSEG’s research partner for the report.
Amanda Murphy, UK Head of Corporate Banking, HSBC:
“Backing fast-growing, dynamic British businesses like those highlighted in this report, is vital to HSBC. We want to lend more to British businesses and in May last year, we announced a national £8 billion SME lending fund made available to support businesses across the country. UK brands are loved and respected around the world for their quality and innovation and plenty of these high-growth UK businesses already sell their products and services beyond Britain’s borders.
“With our unrivalled international network giving us a presence in 60 markets around the world, we can help guide businesses as they seek to explore opportunities overseas. We support more than 1 million businesses in the UK alone, with many of Britain’s best and most innovative sectors and businesses based outside London, each of which are essential to the UK economy.”