The fastest growing firms in Wales can been revealed. Between them the 50 firms making up the Wales Fast Growth 50, 2022 - a projected devised by Professor Dylan Jones-Evans and now in its 24th year - generated a collective turnover of £654m in 2021 and employed nearly 4,000 people.
Prof Jones-Evans said: "More importantly, and despite pandemic, they produced an additional £405m in turnover during the period 2019-2021 at an average growth rate of 162%. They also created over 1,800 new jobs in just two years, growing workforce by 80% during the worse recession ever and demonstrating their continuing importance across the Welsh economy at a time when the Covid pandemic was affecting every business in Wales. The 2022 Fast Growth 50 year’s list shows, as it has done for the last 24 years, the diversity and variety of fast growing businesses across Wales."
The average age of a fast-growing Welsh firm in 2022 is 10 years with only 20% of this year’s cohort firms being new (aged five years or less) showing that scaling up does not just happen after a few years of existence for most companies. The oldest fast growth firm on this year’s list was Paramount Office Interiors from Cardiff which is 33 years old in 2022.
Nine firms have a turnover of more than £20m with the largest being Ascona Group Holdings with sales of £96m in 2021. Ascona was also the major employment creator between 2019 and 2021 establishing 506 new jobs, followed by Creo Medical (202 jobs) and Chetwood Financial (100 jobs). The sectors with the most growth firms in 2022 are business to business services (12 firms), financial and professional services (10 firms) construction firms (10 firms), and consumer and retail services (9 firms).
Prof Jones-Evans said: "It is disappointing that there are only five technology and digital firms on this year’s list and only three manufacturing and engineering firms, the lowest number for several years."
Fast-growing firms were to be found in 17 Welsh local authority areas with Cardiff being the main growth hotspot in Wales with 15 firms being based in the capital city. The new city of Wrexham is also a major growth hotspot with five firms on the list this year, the same number as Swansea.
Four fast growth firms are in Pembroke Dock although for the sixth year in succession, Merthyr Tydfil had no Fast Growth 50 firms located in the county.
Read next: Professor Dylan Jones-Evans' analysis in full
There are 27 new entrants on the 2022 Fast Growth 50 although seven firms have appeared on the list for three years or more. This includes Swansea-based Character.com which make it eight consecutive years on the Fast Growth 50 lists having grown to a turnover of over £50m since their first listing in 2015.
Again this year ranking is based of percentage revenue growth of revenues from 2019 to 2021 for firms headquartered in Wales.
1. Creo Medical (Chepstow)
Established 2013
Growth (2019-2021): 9,260% (see financial figures for all 50 firms in the table below).
Creo Medical is a medtech firm transforming lives through the development and delivery of minimally invasive devices in the emerging field of therapeutic endoscopy.
Its pioneering products are used worldwide providing patients with improved treatment options focused on enhancing quality of life. It also gives healthcare professionals access to advanced technology and techniques and provides hospitals with optimised patient pathways and efficiency.
Listed on the Alternative Investment Market Creo has a global reach, achieved through acquisitions and organic growth. Last year it opened new US headquarters in Connecticut and a regional hub in Singapore in April.
It tops this year's Fast Growth 50 after seeing revenues rise from £268,806 in its 2018-19 financial year to £25.1m in 2020-21 - a huge rise of 9,260%.
Prof Jones-Evans said: "Congratulations to Creo Medical for achieving a record growth rate of 9,260% between 2019 and 2021.
"In developing unique technologies that make a real difference to people’s lives across the world, this pioneering company is already a world class entrepreneurial business that is putting Wales on the map. They, and the rest of this year’s cohort, are a group of 50 phenomenal firms that out of a population of over 260,000 Welsh firms, are showing how to grow their businesses during difficult economic times."
Craig Gulliford, chief executive of Creo Medical, said: "Being recognised as the fastest growing company in Wales is a real honour and shows how far we have come over a short period.
"Our unique technology is now being used worldwide and brings advanced energy to endoscopy – facilitating the ability to remove lesions in the bowel and elsewhere without the need for surgery and the associated risks. Our roadmap for further growth now also includes partnerships with two of the world’s largest robotic surgery companies, Intuitive and CMR – so it’s a really exciting time for the company.
"Our Chepstow HQ is also expanding to accommodate our growing team and needs and the Fast Growth 50 award will look great in the lobby."
2. Sennybridge (Newport)
Established 2011
Growth (2019-2021): 3,264%
Specialising in land procurement, building construction and property development, Sennybridge is focused on building new homes. Working with award winning architects it is deliveirng developments throughout Wales and the south West of England.
Alongside growing its head office in Newport Sennybridge plans to invest even further in key infrastructure and deliver projects already under way alongside further land procurement.
3. Hoop Recruitment (Cardiff).
Established 2016
Growth (2019-2021): 755%
Hoop works with an impressive and growing client base across the public, private and third sectors.
The business aims to focus on securing more local authority contracts across the education, professional services and healthcare sectors. It will also open new branches in North Wales (Wrexham) and the south west of England (Exeter) and double its headcount to 60 within the next five years.
4. Sero (Cardiff)
Established 2017
Growth (2019-2021): 596%
Serco works in the residential housing sector, providing technology and services to enable housebuilders to reduce their carbon footprint and energy costs for their residents or home buyers.
There are 27 million homes in the UK and Sero plans to support as many as it can as the UK economy moves to net zero. It is currently working in the social housing sector and building new relationships within financial services - identified as a key area growth and following its series A investment from Legal & General Capital and Hodge Bank in last year.
5. Chetwood Financial (Wrexham)
Established 2016
Growth (2019-2021): 559%
Digital bank Chetwood has brought four consumer facing products to market and are close to launching a fifth which will be its first mortgage proposition.
Another area of focus will be expanding its range of distribution partners to serve products to consumers across the UK. It will also continue to pursue banking-as-a-service and software-as-a-service opportunities where Chetwood can add value to businesses looking to offer financial services to their own customer base.
6. Ascona Group (Pembroke Dock)
Established in 2011
Growth (2019-2021): 421%
Founded by its chief executive Darren Briggs, Ascona is the UK’s fastest-growing forecourt business.
Currently with just over 60 forecourts across the UK it is targeting 300 by 2026. The goal is to turn its forecourt into roadside retail destination that drive an average Ebitda of of £225,000 per year - giving it a valuation of of £1bn in the next three years.
7. Ramsay and White (Cardiff)
Established: 2018
Growth (2019-2021): 372%
Ramsay and White is a specialist property finance advisory covering the whole of the UK.
With access to market-leading lenders and a broad network of experts, it helps property investors and developers find the property finance solution that best fits their requirements. It plans to open satellite offices across the UK and offer a development programme for new starters all the way up to partnership status.
8. TW Group (Seven Sisters)
Established 2017
Growth (2019-2021): 337%
The TW Group is a building contractor working predominantly in the public sector and for housing associations and main contractors across South Wales and the south west of England
The business, founded by Mathew Treharne and Daniel Williams, is focused on organic growth whilst looking to merge with or acquire companies. To achieve this it is looking at external funding and new recruits.
9. Bearmont Group (Llandudno)
Established: 2017
Growth (2019-2021): 257%
The Bearmont Group adds value by managing schemes through the planning process, remediating brownfield land and active asset management and development.
The business acquires distressed assets from vendors who want quick exits or from receivers looking for certainty. It handles challenging sites that have the clear potential to benefit from its extensive industry knowledge to turn them into new residential and business schemes.
10. Ickle Bubba (Swansea)
Established 2013
Growth (2019-2021): 256%
Ickle Bubba designs, manufactures and sell children’s nursery products, which includes car seats, pushchairs, nursery furniture and most recently, nursery interiors.
Expansion of its product range into new and existing categories is an ongoing part of Ickle Bubba’s continued growth plan as it looks to increase market share both domestically and internationally.
11. Warmplan Heating Engineers (Newport)
Established: 2016
Growth (2019-2021): 238%
Warmplan specialises in the installing of gas fired central heating systems for the social housing sector.
It recently expanding its services to include solar photovoltaics installation and already has delivered over 1,000 to domestic properties, while also looking to provide them to the social housing sector.
12. Candour Talent (Ebbw Vale)
Established: 2016
Growth (2019-2021): 232%
Candour Talent is a recruitment agency, working with local and national businesses. It was founded in 2016 by Matthew Burkitt from his kitchen.
Over the next five years, it aims to have six offices placing 700 contractors weekly and securing over 50 permanent placements every month for candidates at a senior level.
13. Town Square Space (Caerphilly)
Established 2017
Growth (2019-2021): 226%
Town Square operates a growing network of community co-working spaces across the UK, supporting entrepreneurs to start and grow their businesses. Its members have access to spaces in London, Oxfordshire, Devon, West Sussex, North and South Wales to work closer to home and boot the commute.
It is on target to reach its goal of reaching 1,000 members across its hubs. While its pipeline for new spaces is already quite full, the business is always open to opportunities to work with property partners who share its goals.
14 . Illustrate Digital
Established: 2017
Growth (2019-2021): 219%
Illustrate Digital is a user research, UX design and WordPress consultancy with offices in Cardiff and Bristol.
It helps brands to understand user behaviour and make design decisions that lead to more engagement and sales online, as well as developing secure websites and applications.
15. Connectec (Wrexham)
Established: 2017
Growth (2019-2021): 212%
Connectec is a multi-channel electrical wholesaler and distributor specialising in supplying security, networking and AV products to trade installers.
Its strategy is to become one of the leading specialist electrical suppliers in the UK as well as the “go to” supplier for installers who want a high standard of service and support.
16. R-Gifts (Cardiff)
Established: 2014
Growth (2019-2021): 207%
R-Gifts is a tech-focused e-commerce company focused on personalised gifts - using software to create a unique personalised print and experience for users.
Over the next few years, the business will focus on Asia as a market to dive grow. It will also hiring more developers and simplify its processes using a combination of outsourcing and technology.
17. Hilltop Honey (Newtown)
Established: 2011
Growth (2019-2021): 175%
Hilltop is a honey manufacturer based in Powys. It sells to most major supermarkets such as Tesco, Morrisons and Sainsbury's. It also supplies maple syrup, agave syrup, natural energy products and beauty products.
The firm is committed to continuous investment in product development in order to meet changing customer demands, reach new markets and offer innovative products.
18. Lexington Corporate Advisors (Cardiff)
Established: 2016
Growth (2019-2021): 164%
Lexington Corporate Finance is an entrepreneurial corporate finance advisory boutique providing hands-on, trusted advice to companies and their owners seeking to facilitate growth and crystallise value.
Founded by Gary Partridge in the last year it has orchestrated deals with a combined value of more than £150m.
19. HSG Facilities Management (Cardiff)
Established: 2015
Growth (2019-2021): 158%
HSG Facilities Management (HSGFM) is a facilities management company based in Cardiff which is split into three business areas namely housekeeping, security and enforcement.
The firm, which was the ranked first in last year's Wales Fast Growth 50 , is focused on continued growth in the years ahead.
20. Celtic Timber (Camrose)
Established: 2007
Growth (2019-2021): 146%
Celtic Timber has developed from a 'one-man-band' business selling railway sleepers in Pembrokeshire to employing 24 full-time, skilled staff specialising in several niche, timber-based products.
The business is focused on continued investment in state-of-the-art machinery and skilled staff, to allow it to increase efficiency and the volume of production.
21. Curzon Wealth Management (Ogmore Vale)
Established: 2012
Growth (2019-2021): 143%
Curzon Wealth Management is a senior partner practice of St. James's Place that specialises in many different areas of financial planning.
It is aiming to increase adviser numbers to 20 and client numbers to 3,000, managing funds of £500m and increasing annual net profit to a minimum of £2m.
22. Cycle Solutions (Swansea)
Established: 2006
Growth (2019-2021): 143%
Cycle Solutions is a multi-channel bicycle retailer, operating in the cycle to work employee benefit sector as well as direct retail and e-commerce. It operates schemes for companies such as Co-Op Group, EDF Energy, Transport for London, Vodafone, Heinz, and GE.
Plans are in progress to completely redevelop its e-commerce presence and to dramatically shift the online cycling shopping experience.
23. Net World Sports (Wrexham)
Established: 2009
Growth (2019-2021): 142%
Net World Sports is a global e-commerce business focused on becoming the largest online sports equipment retailer in the world.
It will soon complete the construction of its new £25m ad 411,000 sq ft new office and warehouse HQ in Wrexham that will accommodate rapid growth.
No 24 Advatek (Wrexham)
Established: 2014
Growth (2019-2021): 141%
Advatek is next generation IT services company delivering innovative security, networking, business continuity and cloud infrastructure solutions for businesses and public sector organisations across the UK.
The company is developing new services and seeking to build out a network management centre and a security operations centre at its HQ in Wrexham.
25. Morgans Plumbing and Heating (Welshpool)
Established: 2012
Growth (2019-2021): 138%
Morgans is a plumbing and heating business carrying out installation, servicing and repairs of all LPG, oil and gas appliances.
Over the next five years the plan is to continue to grow the heating business as well as adding a drainage offer.
26. Flyform (Cardiff)
Established: 2015
Growth (2019-2021): 136%
Founded by Arron Davies and Philip Davies, FlyForm is an Elite ServiceNow partner providing strategy consulting, implementation services, managed services, and license resale for the ServiceNow product.
It plans to grow by at least 50% during 2023 which will put gross revenue in excess of £20m and require significantly increased headcount.
27. Aermach (Cardiff)
Established: 2017
Growth (2019-2021): 136%
Aermach specialises in the sale, lease and exchange of airframe and engine whole assets and components.
In the next five years it will continue to add to products and services and is currently working on a business plan which will more than double revenue by 2024.
28. Countrywide Hearing (Swansea)
Established: 2012
Growth (2019-2021): 128%
Countrywide Hearing works with UK insurance companies to help them validate hearing aid claims and provide replacements for their policyholders.
Over the five years the business intends to continue growing through working more closely with clients and looking into other areas for growth.
29. Comlink Fire and Security (Carmarthen)
Established: 2017
Growth (2019-2021): 126%
Comlink is a fire and security systems installation and service business that offers an installation and 24/7 call out service working on electronic security and life safety systems.
It plans to train new to industry staff while ramping up apprentices as it deepens relationships with existing clients.
30. Gavin Griffiths Recycling (Llangyfelach)
Established: 2005
Growth (2019-2021): 120%
Family-owned Gavin Griffiths Recycling is a multi-disciplined contractor, provides a range of services to a wide range of clients in the UK and abroad.
Its growth will be supported by a new multi-million-pound soil washing plant in Cross Hands. It is currently in the planning stage of mining an inert landfill which will be the first of its kind in the UK.
31. Unify Brand Partnerships (Cwmbran)
Established: 2004
Growth (2019-2021): 118%
Unify BP is an active, outdoor and lifestyle fashion agency and distributor with a diverse portfolio of leading global brands.
It will continue to engage, educate and convert its existing portfolio through multi-channels with the aim to take the £11m revenue business to £20m by 2025 with continued growth planned to reach £30m by 2027.
32. Delio (Cardiff)
Established: 2015
Growth (2019-2021): 116%
Delio has developed the technology, expertise and network to power the private market strategies of the world’s most respected financial institutions and new entrants.
In the next 12-18 months, it will also launch DelioConnect, a tech offering that will enable clients to connect their private markets platform to those of other key players in the private markets space.
33. Complete Co-Packing Services (Mountain Ash)
Established: 2015
Growth (2019-2021): 111%
With more than 20 years of experience in the contract packing industry, the team at Complete Co-Packing Services offers a ‘one stop shop’ service to clients.
Over the next five years it will acquire additional space to grow its storage and fulfilment offer as well as further investment in stock systems and warehouse management systems.
34. Amber (Cardiff)
Established: 2009
Growth (2019-2021): 108%
Amber is an energy management and net zero consultancy, supporting businesses to strategically cut costs and reduce carbon.
Amber is forecasting having 250 staff by 2027 with an increased diversity in income including from net zero consulting.
35. A&R Services (Aberkenfig)
Established: 2010
Growth (2019-2021): 107%
Specialising in commercial cleaning and security services, A&R Services' clients include Welsh Water, Snowdonia National Park and the One Central Square office building in Cardiff.
The business is in the process of rolling out sustainable products across its sites which are not only are vegan friendly, but use fewer chemicals.
36. Vita (Cardiff)
Established: 2010
Growth (2019-2021): 105%
Since launching in 2010 Vita has arranged over £1bn of cover for its customers with insurers including Legal & General, Aviva, Zurich and Aegon.
It is targeting new markets to extend its proposition and the next five years will become pivotal in extending its offering, not just in the protection space, but also within general insurance.
37. ALS Managed Services (Caerphilly)
Established: 2014
Growth (2019-2021): 104%
ALS provide flexible workforce solutions some of the largest brands in the logistics, recycling, and warehousing sectors.
Its pipeline of new business is extremely strong with existing customers presenting additional opportunities for growth. It also plans further geographical expansion in the UK.
38. RGM Security (Swansea)
Established: 2014
Growth (2019-2021): 102%
RGM Security is carving out a niche as a market leader in the static and specialist security sector.
Last year the business, with its diverse workforce, exceeded expectations by turning over just over £1.2m with revenues forecast to exceed £5m in five years.
39. John Kelly Construction Services (Gaerwen)
Established: 2008
Growth (2019-2021): 99%
John Kelly Construction Services is a groundworks and civil engineering contractor working across North Wales.
With the aim of increasing turnover by 400% over the next five years, the business has recently invested £1.2m in new company headquarters in Anglesey.
40. Genpower (Pembroke Dock)
Established: 2006
Growth (2019-2021): 98%
Genpower is a retail and wholesale distributor for Hyundai Power Products, JCB Tools, P1 and Evopower.
It recently opened a new centre in Newport. With its HQ in Pembrokeshire it has 20,000 pallet spaces to grow stock levels and subsequent sales. It has also opened a new refurbishment and resale centre in Warrington.
41. Lux Family Law (Cardiff)
Established: 2018
Growth (2019-2021): 94%
Family law firm Lux, founded by Charlotte Leyshon in 2018, has expanded rapidly with around 35% of its work now derived from the London marketplace.
Over the next three years it is aiming to having a team of 12 and within the next five years opening a London office, headed up by Charlotte.
42. Character.com (Swansea)
Established: 2009
Growth (2019-2021): 92%
Character.com produces an exclusive range of nightwear, clothing and accessories featuring characters from TV, film and books from Peppa Pig to Star Wars.
Following a major equity investment from the Business Growth the business, founded by husband an wife team Karen and Stephen Hewitt, will be launching more products in different categories and investing in the brand to make it the destination for character clothing.
43. Proseal Roofing (Tenby)
Established: 2013
Growth (2019-2021): 90%
Proseal Roofing is a commercial roofing company specialising in high specification roofing installations both on new and existing buildings.
With a growing client base, and investment in training and apprentices, it is aiming to grow revenues to £10m annually by 2025.
44. Educate Resourcing (Wrexham)
Established: 2017
Growth (2019-2021): 89%
Educate Resourcing, run by educators, is a, specialist recruiter of teachers for schools - providing a holistic support service to many schools and local authorities.
Its supply division aims to be one of the top three independent providers of teachers and school support staff in Wales.
45. PHG Consulting Engineers (Cardiff)
Established: 2013
Growth (2019-2021): 88%
PHG is a firm of consulting civil and structural engineers offering design services to client in a range of sectors.
Having invested in a new head office in Cardiff PHG has set up a second related company undertaking R&D research and new housing developments. It is also looking at new offices, including in London, and business development opportunities overseas.
46. Davies Contractors (Newport)
Established: 2015
Growth (2019-2021): 88%
Davies Contractors is a family-run firm that undertakes all aspects of building work from private residential to commercial works.
Over the next five years it plans to expand into the west England marketplace, working closely with local authorities and private sector clients.
47. Fitzgerald Plant Services (Cwmbran)
Established: 2007
Growth (2019-2021): 88%
Fitzgerald Plant Services (FPS) is an established provider of specialist services and sales within both the rail and construction industries.
Under a five year growth plan it aims to see turnover grow from £7.5m per annum to £27m per annum., supported by export growth with Ireland, Australia, Canada and Europe identified as key territories.
48. The Magic Bean Co (Swansea)
Established: 2014
Growth (2019-2021): 87%
The Magic Bean Co is one of the fastest growing Starbucks franchises in the UK.
Its growth rate is accelerating exponentially, and under ambitious expansion plans it aims to have up to 200 Starbucks sites across the UK within the next five years, creating up to 4,000 new jobs in the process.
49. EKF Diagnostics Holdings (Penarth)
Established: 2010
Growth (2019-2021): 82%
EKF is a leading global diagnostics business with custom manufacturing facilities across sites in the US, UK and Germany for a variety of life science products.
Listed on the Alternative Investment Market it is focused on organic growth from its stable and established point-of-care and central laboratory businesses, leveraging existing products and routes to markets, innovating, and expanding into new territories.
50. Paramount Office Interiors (Cardiff)
Established: 1989
Growth (2019-2021) 81%
Paramount is a management contractor that has been trading for over 30 years, specialising in build, refurbishment and fitting out of commercial and residential premises for a range of private and public sector clients.
It recently opened an office in the heart of Bristol as it looks significantly expand its presence in the south west England and UK-wide.
