Four North East firms have made it into the list of the UK’s fastest growing private companies.
The first Sunday Times 100 league table is published this weekend, ranking Britain’s 100 leading entrepreneurial businesses while also showcasing the people behind some of the private companies.
Middlesbrough based Double Eleven – the reigning North East Company of the Year - tops the list for the region and comes in at number 35 for the UK, with latest sales standing at £45.2m.
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The video games developer and publisher was founded in 2009 by Lee Hutchinson, 41, a Teesside University graduate, who has grown it to more than 300 people in the UK and Kuala Lumpur without external funding. Clients include Microsoft, Sony, and Rockstar and sales quadrupled in the last financial year. Double Eleven now plans to expand to more than 500 staff in the next few years.
Boutique bowling firm Lane7 also makes the list, ranking 46th in the UK with latest sales of £26m. The company was started by Tim Wilks in 2013 when he converted an old garage on Newcastle’s St James’ Boulevard and today the firm has 11 locations around the UK, with the latest set to open in Durham soon.
The Darlington firm is also about to launch a sister brand aimed at the family market, Level X, which will bring together the best in games and tech including e-karting, bowling, mini golf, interactive darts, batting cages and arcade games.
Lane7 founder and CEO Mr Wilks, said: “We didn’t originally set out to become one of the UK’s fastest growing companies – we just wanted to make really cool bowling alleys and bring something different to the market. The success of the current sites has shown us there is a huge appetite for what we do and some amazing untapped markets across the UK. We’ve got big growth plans for the group and some amazing locations coming very soon.”
SoPost, meanwhile, makes it into the list at number 53 with most recent sales standing at £14.66m. The company, based in Newcastle city centre, was launched by Jonathan Grubin 10 years ago and has since won a number of awards, including a recent Queen’s Award for International Trade.
The platform for online product sampling has developed technology that allows brands to run effective sampling campaigns online with a focus on relevance, data and analytics.
Mr Grubin said: “I’m absolutely over the moon. Our Australia office opens next week - our first outside of Europe and North America - and it’s incredibly humbling to be able to look back at the team’s achievements over the past few years, while at the same time be excited about all the new growth opportunities we’re pushing forward with. Our inclusion in the list is really credit to all the amazing people here - their commitment and passion for what we’re building really fills me with pride.”
Powertool World, based in Newton Aycliffe, rounded off the North East companies by coming in at number 100 with sales of £35.4m.
The research for the Sunday Times 100 found on average the top 100 fastest-growing companies have increased their sales by 91% a year over the last three years to a combined £4.7bn in sales. More than 13,000 new jobs have been created by those on the list in the last three years, with each business creating an average of 130 new roles. In total these companies employ 20,746 people.
Out of the 100 companies featured a third (36) are based in London, with the rest spread throughout the country.
Jim Armitage, business editor of The Sunday Times said: “The Sunday Times 100 is our new-look annual celebration of the UK’s entrepreneurial achievements. The founders of these exciting businesses are vital job creators and innovators. The top 100 have performed exceptionally during the pandemic and show how some companies used the change to consumer and work habits to their advantage.”
The full list appears in the Sunday Times this weekend.
