10 Fastest Growing Companies in the North West of the UK
Sarah Cheesman, 12 October 2023
The UK economy, like the rest of the world, has been through a significant amount of change over the past five years. With the pandemic lockdown contributing to a number of businesses failing, as well as high interest rates to contend with, never has there been a more challenging time in recent history for businesses that are looking to grow.
At Beauhurst, we track over 47,000 high-growth companies across the UK, monitoring those that are driving significant economic growth with their innovative and modern approaches to technology and business. In this article, we’re taking a look at which companies are leading the way in the north west of the UK.
While there are many different ways to measure company growth, we’re focusing on the UK startups that saw the greatest turnover growth between 2021 and 2022. Each company on this ranking has met the following criteria:
- A private company headquartered in the United Kingdom
- Head office based in north west of the UK
- Operating at the Seed, Venture or Growth stage of evolution
- Has raised equity funding
- Has comparable accounting periods between 2021 and 2022
- Reported a turnover of at least £100k in 2021
10 fastest growing companies in the north west of the UK
01.
Evergreen Life
Sector: eHealth
Location: Manchester
Growth in turnover (2021-2022): 10,842%
Topping the list with a staggering turnover growth of 10,842% is Evergreen Life. The company develops an app that allows users to record their health information, book doctor appointments and view test results.
Founded in 2014, this startup has raised £28.8m in equity funding to date and a further £440k in grant funding. The company had a post-money valuation of £147.0m at the end of its latest round in November 2022. Evergreen Life has also made two acquisitions, Cievert in August 2021 and askmyGP in November 2021.
02.
Oddfellows Hotels
Sector: Hospitality
Location: Chester
Growth in turnover (2021-2022): 581%
Oddfellows Hotels based in Chester is next on the list, with 581% growth between 2021-2022. They own and operate multiple boutique hotels in Cheadle and Chester, each with a focus on unique and quirky decor. They saw a 581% growth in turnover between 2021-2022.
Since they started in 2008, they have secured £30k in equity fundraising, for a 20% stake in the business. Their post-money valuation at the end of this round in 2015 was £150k. They also took a loan investment through Allied Irish Bank in May 2017 for an undisclosed amount. The last noted investment into new apartments to join their portfolio was in 2019.
03.
Tandem
Sector: Financial Services
Location: Blackpool
Growth in turnover (2021-2022): 349%
Tandem is an online retail bank with a focus on green finance, including green fixed and instant access savings accounts. They also trade as RNM Financial. The company was incorporated in 2013, and has since raised £362.0m in fundraisings. The most recent of these fundraisings was in January 2023, with £1.95m raised for a 0.6% stake through Quilam Capital. They also received £25k through Seedrs. Their post-money valuation at the end of this round of funding was £301.0m.
Tandem have also made five acquisitions, including Harrods Bank, Pariti, Allium Money, Oplo and Loop Money. In addition to being on our high-growth list, Tandem is also listed as a 20% scaleup, having grown more than 20% on average over a three-year period.
04.
Mowgli
Sector: Hospitality
Location: Liverpool
Growth in turnover (2021-2022): 213%
Coming in at fourth on the list is Mowgli, a chain of restaurants serving traditional Indian street food. Founded by Nisha Katona in 2014, the company was ranked as a ‘Top 10 Big Organisation’ in the Sunday Times Best Places to Work 2023 list. This company saw a 213% growth in turnover between 2021 and 2022.
To date, they have secured £3.52m over two rounds of equity fundraising, the most recent of which was £1.38m in July 2017 for a 16% stake. This was through Foresight Regional Investment Fund. Their post-money valuation at this time was £8.66m.
05.
Tactus
Sector: Telecommunications
Location: Warrington
Growth in turnover (2021-2022): 188%
Tactus provides a range of B2B services, including design, sourcing, and branding, for consumer technology products and accessories. Since their incorporation date in 2015, they have secured £78.0m over 10 rounds of equity fundraising.
The most recent round of fundraising was in February 2022, raising £10.0m for a 4% stake in the business through undisclosed investors. Their post-money valuation was listed as £276.0m. This company has also made four acquisitions, namely Box Limited, Chillblast, BIST Group and CCL Computers.
06.
The Climbing Hangar
Sector: Health and Fitness
Location: Liverpool
Growth in turnover (2021-2022): 146%
Starting life in a Liverpool warehouse, the Climbing Hangar now has seven indoor climbing sites across the UK. To date, they have raised £11.6m over five equity fundraising rounds, with the most recent being in June 2023 for £1.13m.
Their recent post-money valuation was set at £16.0m in 2021. The Climbing Hangar is also cited as a 20% scaleup company, with at least 20% average growth over the past 3 years. They have seen 146% growth in turnover between 2021-2022.
07.
B2W Group
Sector: Educational / Employment Services
Location: Manchester
Growth in turnover (2021-2022): 84%
Coming in seventh on our ranking is B2W Group with 84% turnover growth between 2021-2022. Their educational and employment services have been designed to empower people with knowledge to develop their careers.
Since their establishment in 2011, they have secured £1.0m in two rounds of fundraising, the most recent of which was in August 2022 through the Department of Education. They also acquired Just IT in June 2022.
08.
Distology
Sector: Cybersecurity
Location: Stockport
Growth in turnover (2021-2022): 73%
Distology, who supply a range of cybersecurity software, are eighth on our list, with 73% turnover growth between 2021-2022. They have raised an undisclosed amount through NorthEdge Capital, which was received in March 2021, with the purpose of expanding their presence in the UK and Europe and increasing their service offering.
They also acquired Squareball Digital in September 2022, a German company that provides a range of digital consultancy services.
09.
Operam Education Group
Sector: Recruitment
Location: Liverpool
Growth in turnover (2021-2022): 49%
Operam Education Group operates a holding group for companies, such as Provide Education, that provide recruitment services in the education sector. They saw a 49% increase in turnover between 2021 and 2022, and are also currently listed as a 20% scaleup company on our platform.
To date, they have secured £11.2m through three equity fundraising rounds, the most recent of which was through BGF Growth Capital for £2.5m. They have also made four acquisitions, namely Bridge Education, First for Education, Key Stage Teacher Supply and Provide Education.
10.
Quint
Sector: Financial Services
Location: Nether Alderley
Growth in turnover (2021-2022): 47%
The final company in our list is Quint, who develop fintech and platforms for businesses to assist with tasks such as managing financial data, price comparisons and financial analysis. Since they were established in 2009, they have secured an undisclosed amount through one round of funding. This was completed through TransUnion in October 2021.
Quint also underwent an MBO/MBI in March 2017, where Tosca Debt Capital Fund contributed £10.0m. Between 2021 and 2022, they saw a 47% growth in turnover, and are listed as a 20% growth company on our platform.
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