GIVE BUSINESSES MORE OPPORTUNITY TO GROW

Worcestershire has a healthy business economy but major challenges remain for the county’s leaders, according to Gary Rouse, Director of BDO Birmingham and author of the latest Worcestershire Growth Barometer.

“Some of our most successful businesses are flourishing in Worcestershire, but when they’re ready to grow, the county lacks relevant commercial space and will score an own goal if it loses them to other regions which have made better provision for ambitious small and medium-sized enterprises.”

Gary also urges growing businesses to invest in developing strong management skills and procedures to help them in their next stage of growth. Technology has driven growth within the top 50 businesses, but this needs to become a recurring investment for ambitious companies.

“As you grow you need greater support around you, including experienced non-executive directors and a skilled management team. But many directors are so focused on delivering against their businesses’ objectives, they don’t always ask for help.

“There is a lot of support for businesses which do engage with agencies such as One Worcestershire, or the local enterprise partnership.

“My advice is to get your local business support organisation to understand your challenges. They have a great support system and an extensive network of experts in every field of business. The advice is there for the taking.”

Wychavon leads the way as Worcestershire’s growth capital

Wychavon takes the crown for business growth, accounting for almost £885 million in turnover (25 per cent) of the top 50 growth companies located there.

This district is home to two of the top three fastest-growing companies in the county, Excool and Transcal Engineering, and half the businesses in the top 10.

This is the first time in three years that Worcestershire’s top centre for business growth is not one of the county’s three northern districts, and Worcester City doesn’t even make second place. Top 50 growth companies in Redditch collectively made almost £775 million, narrowly beating the £748 million made by the county town’s businesses on the list.

Leading the charge for business growth in Redditch is Valeo Engine Cooling UK, the fourth fastest grower on the list, followed

by Mobility Group Topco at number eight.

Malvern Hills, home to the Malvern Science Park, is home to just three companies in this year’s top 50.

Most of Wychavon’s high-growth revenue was in retail, thanks to the presence of CP Foods (UK), a major global added value food producer.

Redditch’s disparity between retail revenue and earnings in other sectors is more marked. The district saw top 50 growth retailers bringing in almost £499 million in the last year, more than nine times the turnover of the district’s manufacturing and precision engineering sector.

Redditch-based Johnsons Cars, one of the largest independent car dealerships in the country, turned over more than £432 million in the last year.

In Worcester City, fast-growing manufacturing and engineering companies turned over more than £600 million in the year under review, with two heavy hitters in particular: Yamazaki Mazak saw turnover of more than £479 million and home and lifestyle products maker Gtech UK made almost £121 million.

Listed floor covering manufacturer Victoria added nearly £425 million to the Wyre Forest economy, while wholesale grocery retailer Primafruit contributed more than £133 million to Bromsgrove.

Seven companies in this year’s list had turnovers in excess of £100 million. Last year, the £100 million-plus group made a total of £1.9 billion, or 55 per cent of all the revenue in the top 50.

This year those figures are up at £2.17 billion and 57 per cent.