Four business have been named as among the nation’s fast-growing.
The national ScaleUp Institute’s 2017 Review lists businesses with average annual growth in employees or turnover greater than 20 per cent annually over a three-year period.
While we are a smaller region geographically, the North East has an important role to play in the nurturing and development of scale-up businesses, which are vital to the future prosperity of the UK.Nigel Mills
Among those highlighted are Hartlepool’s Cameron’s Brewery and aluminium manufacturer Deepdale Solutions, Stockton-based construction specilaist the Mandale Group, and Wynyard Hall Hotel.
The North East, which the report splits between the region’s two LEP areas, has 940 scale-up businesses, employing a total of 89,845 people with total combined turnover of £10.8bn.
Entrepreneurs’ Forum chairman Nigel Mills said: “The ScaleUp Institute’s excellent report highlights the increasing cluster of fast growth business in the North East, which we can add to by helping more companies thrive in an encouraging commercial environment.
“While we are a smaller region geographically, the North East has an important role to play in the nurturing and development of scale-up businesses, which are vital to the future prosperity of the UK.
“Scale-ups not only deserve the recognition for their current growth, but the support required to take them to the next level, which will deliver further job creation, improved productivity and increased contribution to the economy.
“There are a number of key challenges scale-up businesses are facing, which have been highlighted by the Institute and require a collaborative approach between government, business and organisations like the Entrepreneurs’ Forum.”