10 Fastest Growing Companies in the South West of the UK
Sarah Cheesman, 19 October 2023
Despite a cacophony of challenges for businesses in the UK, and throughout the world, over the past decade, there are still a number that continue to grow at staggeringly high rates. And while many industries, such as retail, events and catering, may have suffered huge impacts during the COVID-19 pandemic, many businesses within these sectors defied the odds and continued to see impressive growth in their turnover rates in the years following.
At Beauhurst, we track over 47k high-growth companies throughout the UK. We keep a close eye on those that are driving significant economic growth through innovative products and services, and modern approaches to business.
In this article, we’re taking a look at companies that are leading the way in the South West of the UK, with from food and beverage companies, to SaaS and telecommunications businesses.
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 South 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 South West of the UK
We’ve ordered our companies from 10 to one.
10.
Provenance Brands
Sector: Food and beverage
Location: Helston
Growth in turnover (2021-2022): 19%
Provenance Brands operates a number of food and beverage brands, including The Cornish Seaweed Company, Cornish Sea Salt and Warrens Bakery. They have received £2.27m to date through six rounds of fundraising. T They have received £1.63m in grant funding, including a £1.3m grant in July 2016. This was through Banco Santander and Cornwall Marine Network. They also acquired Warren’s Bakery in June 2016.
Between 2021 and 2022, their turnover grew by 19%, and they are currently at the growth stage of their evolution.
09.
Kortext
Sector: Education
Location: Bournemouth
Growth in turnover (2021-2022): 21%
Kortext operates an internet-based platform that allows students access to digital textbooks and was founded by James Gray in September 2012. They have gone through seven rounds of fundraising to date, the most recent of which was a loan fundraising in June 2023. This was through HSBC Growth Lending Fund to invest in artificial intelligence technologies.
Their most recent round of equity fundraising was in July 2021, with DMG Ventures, QVentures and other undisclosed contributors investing £15m for an 11.9% stake in the business. Their post-money valuation was £126m. Between 2021 and 2022, they saw a 21% increase in turnover, and are currently at the growth stage of their development.
08.
Portlebay Popcorn
Sector: Food and beverage
Location: Plympton
Growth in turnover (2021-2022): 32%
This small popcorn manufacturing business was incorporated in 2017 and is parented by Manderley Food Group Limited. To date, Portlebay Popcorn have received £507k in equity fundraisings. The first of these was in June 2013 for £406k through undisclosed investors, with the aim of acquiring specialist manufacturing equipment. Their second fundraising, for £100k, went through in July 2014. Their most recent post-money valuation was for £1.72m.
They have seen a 32% growth in turnover between 2021 and 2022, and are currently at the seed stage of their evolution.
07.
Backhouse Housing
Sector: Property Development
Location: Chippenham
Growth in turnover (2021-2022): 45%
Backhouse Housing develops and builds a range of residential housing, focusing on creating and delivering aspirational and desirable homes and growing communities. They have gone through five rounds of fundraising in recent years, the most recent of which was completed in March 2020. Undisclosed investors investing £296k for a 2.6% stake in the business, giving them a post-money valuation of £11.2m.
They have seen a 45% increase in turnover between 2021 and 2022 and are currently at the venture stage of their evolution.
06.
Protection Group International
Sector: Security
Location: Bristol
Growth in turnover (2021-2022): 65%
Protection Group International provides security services to clients, covering cyber security, intelligence and geopolitical risk analysis, and training. They made the Fast Track International Track 200 in 2013 and have gone through three rounds of fundraising. The most recent of these was in July 2015, where they secured £2.98m through undisclosed investors for a 37.8% stake in the business. They also acquired Olton Ltd, a corporate intelligence business, in 2013.
Protection Group International has seen a 65% growth in turnover between 2021 and 2022 and are currently at growth stage.
05.
Cripps Barn Group
Sector: Events
Location: Cirencenster
Growth in turnover (2021-2022): 225%
Cripps Barn Group operates several barns that can be hired for weddings and other events. Founded in 1990, they have secured two rounds of fundraising to date. The first of these was in March 2013, raising £125k through undisclosed investors. Their post-money valuation at the time was £1.24m.
Their second round of fundraising was for £1.2m in August 2014, again raised through undisclosed investors. This was for a 33.3% stake, giving them a post-money valuation of £3.6m. Their turnover grew 225% between 2021 and 2022, and they are listed as a 10% and 20% scaleup on the Beauhurst platform. They are currently at the growth stage.
04.
Rockfish
Sector: Food and beverage
Location: Dartmouth
Growth in turnover (2021-2022): 274%
After opening the doors of the first Rockfish in 2010, founder Mitchell Tonks has now seen a growth of 274% between 2021 and 2022 for this chain of seafood restaurants. They have completed two rounds of fundraising to date, with the first being an equity fundraising of £1.49m for an 11.4% stake in December 2018. This was secured through Baronsmead Venture Trust, and gave a post-money valuation of £13.2m.
The second round of fundraising was through the Coronavirus Business Interruption Loan Scheme (CBILS) for £1m in July 2020. This was to help with job creation and working capital, as well as to alter restaurants in line with government guidelines.
03.
DeskLodge
Sector: Property
Location: Bristol
Growth in turnover (2021-2022): 482%
DeskLodge provides a range of office workspaces, aimed at startups, SMEs and individuals without a dedicated workspace in their home or place of work. They were incorporated in 2007 and founded by Tom Ball, who now holds the Chief Executive Director position within the company. They have raised £119k through equity fundraising to date, the most recent of which was in October 2016. This was completed through Seedrs.
Between 2021 and 2022, their turnover grew by a huge 482%, and they are currently at the venture stage.
02.
Netomnia
Sector: Telecommunications
Location: Tewkesbury
Growth in turnover (2021-2022): 574%
Netomnia is a provider of fibre broadband to businesses and homes, specialising in ultra-fast broadband connections. They saw a 574% increase in turnover between 2021 to 2022, after only being incorporated in 2020. They have raised £734m in fundraisings to date, with the most recent being a loan fundraising of £230m in March 2023. This was contributed to by HSBC Commercial Bank, ING Corporate Investments, NIBC Bank, the Royal Bank of Canada, Standard Chartered and UK Infrastructure Bank and was aimed at helping them to expand across the UK.
Their most recent equity fundraising round was completed in February 2023 for £86m, through undisclosed investors.
01.
Polecat
Sector: SaaS
Location: Bristol
Growth in turnover (2021-2022): 965%
Number one on our list is Polecat, with a massive 965% increase in turnover between 2021 and 2022. The company develops software that monitors large amounts of data online, searching for risks to their clients’ brands and the intrinsic risk of suppliers and the sectors they are in. They were founded in 2007 by James Lawn and Bronwyn Kunhardt.
They have raised £3.72m in secured fundraisings to date, the most recent of which was for £3m in March 2016. This was secured through Grassy Creek Ventures and moved them from venture stage to growth stage. They also received a grant from Innovate UK in August 2011.
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