The search is on to find the fastest-growing indigenous firms in the Welsh economy.
This year’s Wales Fast Growth 50 initiative will again champion high-growth businesses that make a disproportionate contribution to jobs and wealth creation.
Since the project was established in 1999, the 674 entrepreneurial firms that have appeared on the lists are estimated to have created 48,000 jobs and generated an estimated £27bn of additional turnover, much of which is spent in local communities.
Again the criterion for ranking the 50 fastest growing firms in Wales is revenue growth over the last two years.
In 2021, the fastest growing firm in Wales was Cardiff-based HSG Facilities Management, which achieved a growth rate of 800% between 2018 and 2020 and also won the accolade for the fastest growing business to business services firm.
Professor Dylan Jones-Evans, the founder of the Fast Growth 50 said that he expected that high growth firms would continue to make an impact on the Welsh economy.
“Since 1999, the Wales Fast Growth 50 has been championing the cause of the small number of firms that grow quickly and make a disproportionate impact on prosperity and job-creation in the economy.
“As the Welsh economy recovers from the Covid-19 pandemic, the contribution of these scale-up firms will be critical in boosting employment in communities across the nation especially as recent research has shown that nine out of ten high growth firms intend grow again this year despite the challenges of Covid, trading relationships with Europe and climate change."
For the seventh year in succession, Barclays Bank is the main sponsor for the Wales Fast Growth 50 awards.
Karen Thomas, head of South Wales corporate at Barclays Investment Bank, said: “We are delighted to once again be supporting Fast Growth 50 which recognises the success of high growth firms and the invaluable contribution they make to the local economy. Year after year, this list of incredible businesses are exemplars for others to follow in their footsteps in all sectors across Wales and we are proud to support their efforts.”
Other sponsors this year include former winners ALS Managed Services, Aerfin, FSEW and RMS as well as the ACCA in Wales.
Lloyd Powell said “ACCA is delighted to be supporting the Wales Fast Growth 50 2022. Accountants and finance professionals play a crucial role in supporting businesses in all sectors as they grow, and supporting the awards recognises this contribution and the huge impact that thriving businesses have on the Welsh economy.’
In addition, a new award is being introduced by Cowshed, the integrated PR and creative agency which has appeared on the Fast Growth list for the last three years.
Its founder, Vicki Spencer-Francis said, ‘The Fast Growth 50 celebrates inspiring businesses across Wales who are growing their revenue year on year. The Fast Growth 50 Good Business award is open to all entrants and celebrates organisations driving and defining their success through their commitment to tackling the climate emergency, supporting local communities or developing their staff offering.’
The 2022 Wales Fast Growth 50 awards will take place at the Mercure Hotel in Cardiff in October.
To be eligible to appear on the Fast Growth 50 list, firms must:
- Have had sales of at least £250,000 in 2019;
- be an independent and privately held business (not a branch plant or wholly own subsidiary of a non-Welsh based company); and
- be based in Wales.
Rankings will be based on percentage growth of revenues from 2019 to 2021 and the closing date for entries is July 31st 2022.
To enter click here.
