London’s fastest growing businesses of 2023 announced

The capital city’s privately-held companies in the UK Fast Growth 50 Index generated £2.23 bn combined turnover in 2022, with Allica Bank topping the pile

The 2023 Fast Growth 50 list showcases the most rapidly expanding companies in London, and the fifty growth firms identified in the capital city have demonstrated remarkable achievements.

Collectively, they generated a turnover of £2.23 bn and employed nearly 11,000 people in 2022. However, it’s their ability to produce an additional £1.45 bn in turnover during the period from 2020 to 2022, at an average growth rate of 188 percent, that highlights their exceptional performance.

As London’s economy began to recover from the adverse effects of the COVID-19 pandemic, these fifty businesses have led by example, creating 6,600 new jobs in just two years and expanding their workforce by 152 percent. This job growth demonstrates the resilience of these firms during challenging times and underscores their significance as drivers of economic growth.

While some may assume that fast growth occurs mainly in the early stages of a firm’s existence, the 2022 London Fast Growth 50 list dispels this notion. The average age of a fast-growing London firm in 2022 was nine years old, with only three of the firms in the cohort being relatively new (aged five years or less).

The diversity of sectors represented on the Fast Growth 50 list reflects London’s multifaceted economy. In 2022, financial services dominated with ten firms, followed by consumer services with eight firms and consumer products with seven firms.

Notably, there were only five technology and digital firms on the list, suggesting that rapid growth is not confined to the tech sector alone despite the rapid growth of the sector in London in recent years. Surprisingly, there were no fast-growth businesses located in the construction industry, despite evidence of considerable activity in this sector.

Given the importance of the financial services sector in London, it is not surprising the fastest-growing firm in 2023 is Allica Bank, which increased its turnover by an incredible 9,765 per cent between 2020 and 2022. Allica is a pioneering fintech challenger bank in the UK, focused on providing tailored financial solutions to established SMEs.

One impressive trend is the presence of nine B-Corp firms on this year’s London list, which underscores the shifting paradigm in the business world. It’s a recognition that businesses have a vital role to play in addressing pressing global issues, from climate change to income inequality and the commitment of these firms to “business as a force for good.”

Therefore, the very first Fast Growth 50 list for London in 2023 is a testament to the city’s vibrant entrepreneurial spirit. These companies not only contribute significantly to the local economy but also serve as sources of inspiration for budding entrepreneurs. The firms featured on this list have demonstrated that rapid growth is achievable across a variety of sectors and at different stages of a company’s life.

Professor Dylan Jones-Evans OBE, Founder Fast Growth 50 said: “The UK Fast Growth 50 Index demonstrates that a small number of fast growth firms make a substantial contribution to the UK’s economic landscape, providing real examples of how innovation, enterprise and sheer hard work can make a real difference in all sectors from construction to financial services to technology.

Their incredible growth during difficult times shows that through generating wealth and jobs in their local communities, entrepreneurship is the cornerstone of regional and national prosperity. Most important of all, their success stories demonstrate the impact of ambition and adaptability, providing a blueprint for sustainable growth that will hopefully inspire others to follow a similar journey.“

By Mark Adair – Correspondent, Bdaily

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