The number of high growth businesses in Cornwall and the Isles of Scilly is growing at a faster rate than any other part of the UK, according to a major new report.
The Annual ScaleUp Review, published by the ScaleUp Institute, shows that growth in the average number of scaleup businesses in Cornwall and Scilly per 100,000 of population is outpacing all 40 other areas of the UK, with the region described as doing ‘terrifically well’.
The report says Cornwall & the Isles of Scilly now has 310 scale-up businesses employing almost 15,000 people with a combined turnover of £1.2 billion.
Businesses mentioned in the report for employee and turnover growth include clothing company Seasalt; audio mixing console business Allen & Heath; groundwork contractors Fred Champion and MJL Contractors; fresh produce supplier WestCountry; Goonvean, whose interests span clays to wristbands, and agricultural machinery company Teagle, this year’s Business of the Year in the Cornwall Business Awards.
The report adds that the Cornwall & Isles of Scilly Local Enterprise Partnership (LEP) has worked closely with the Cornwall & Isles of Scilly Growth and Skills Hub to develop a stronger focus on support for scaleup and high growth businesses, including skills development.
Glenn Caplin, chief executive of the Cornwall & Isles of Scilly LEP said: “It’s fantastic to see our region at the top of the UK growth table for the number of scaleups, and shows how investment by the LEP, EU Growth Programme, Cornwall Council and others has created an environment in which businesses can thrive and create jobs.
“Our challenge is to maintain that momentum and continue to address barriers to growth identified by our scaleup community, which include access to talent, markets and infrastructure.”
Stu Anderson, operations director of the Cornwall & Isles of Scilly Growth and Skills Hub, which is delivered by Cornwall Development Company, attended the launch of the ScaleUp report in London yesterday (Nov 13).
He said: “Speakers at the event highlighted the importance of scaleup to growing local economies and the challenges they face, and our corner of the UK was referenced four times as being a fantastic place to grow a business. Sherry Coutu CBE, chair of the Scale up Institute, singled out Cornwall as being top of the league in numbers of scaleups, which was a proud moment and it is great to see our region being recognised at the highest level.”
Kelly Tolhurst MP, small business minister and ScaleUp Champion for Government, said: “High growth businesses are a critical part of our economy and make a significant contribution to economic growth and national productivity. Our network of 38 Growth Hubs provides a local point of access to the range of support available to help businesses overcome barriers to growth.”
Also mentioned at the report’s launch was the £40 million Cornwall & Isles of Scilly Investment Fund, which is a partnership between the British Business Bank and the LEP to fill an identified gap in debt and equity funding in the region. It offers commercial funding from £25k to £2 million to help business grow and create jobs.
To find out more about the fund and the wide range of business and skills support available in Cornwall and the Isles of Scilly, visit Cornwall & Isles of Scilly Growth and Skills Hub www.ciosgrowthhub.com