Will scale-ups be the saviour of the UK economy?

The eaglet stands precariously on the edge of the cliff – its first flight. It will fall initially but then soar, it just needs to take the first step.

Some think the UK economy is also on a precipice, but Stuart Weekes, Corporate Tax Partner in the Thames Valley at national audit, tax, advisory and risk firm, Crowe UK, says that many businesses across the country have the potential for growth, they just need to take the first step.

He said: “Necessity delivers innovation; innovation leads to growth. High growth companies such as scale-ups have already taken that first step.

“They have taken risks, they have invested in innovation and people, and are leading the charge. With this mindset, scale-ups could be the catalyst for the growth of the UK economy.” www.crowe.co.uk great British entrepreneurialism, becoming a truly credible player in the luxury watch market over the last decade.

“With a simple mission and a focus on producing quality products at fair prices, it has developed a strong track record and reputation among its loyal and growing customer base.”

Mike France, CEO and co-founder of Christopher Ward, added: “We’ve made great progress in 14 years, establishing really solid foundations.”

Across the world, the nutrition market is expanding out of its athlete-focused heartland and bursting into the mainstream – and the UK is one of its largest and most established markets.

With the global nutrition market expected to reach more than $24 billion by 2025, there are major opportunities for the ambitious.

Huel is a fast-growing nutrition brand making nutritionally complete, convenient food which aims to have minimum impact on animals and the environment.

The company was established in 2015 by registered nutritionist James Collier and Julian Hearn, now the company’s Chief Marketing Officer. Since 2017 the CEO has been industry veteran James McMaster. Last year the Hertfordshire company’s turnover was £40 million. It employs 100 staff in the UK and the USA.

James explains Huel’s phenomenal growth. “Our business model is predominantly direct to consumer. We have built a hugely successful business where we talk directly to our customers and have a strong community of “Hueligans”. We’re active on social media, direct contact through email, phone and live chat.

“We’ve spent a lot of time on the website to ensure all the information about our ingredients, manufacturing processes and nutritional value is there,” James added. And you can tell, the website is packed full of information.

Huel uses its global website to track where customers are coming from.

REGIONAL SCALE-UP THAMES VALLEY

Its development team is also creating new products and flavours which will appeal to certain markets.

But such fast growth from a young company will always pose risks.

James agrees: “For younger businesses such as Huel, launching a new product, launching into a new country or taking investment have elements of risk because it’s the first time we’ve done it. Especially leading a fast-paced company where we need to hustle and make decisions fast, it’s important to be able to handle that pressure and make decisions with confidence.”

Huel has recently expanded into physical retail. In partnership with retail giant Sainsbury’s, Huel ready-to-drink products are now in more than 500 of its stores.

James explained: “Part of Huel’s mission is to provide nutritionally convenient food, so it’s only natural that we explore retail opportunities for impulse buying that we can’t achieve from our website.”

The company is also championing its sustainability credentials. “Huel is plantbased food, which is one of the most important choices we can all make to significantly reduce our environmental impact on the world.”

In July, Huel achieved 50 million meals consumed in more than 80 countries.