The search is on to find the fastest growing firms in Wales.
The Wales Fast Growth 50 recognises high-growth businesses that make a disproportionate contribution to jobs and wealth creation in the Welsh economy. Since the project was established 23-years ago, the 652 firms that have appeared are estimated to have created 44,000 jobs and to generate £25bn of additional turnover, much of which is spent in their local area.
In 2020, the fastest growing firm in Wales was Creating Enterprise CIC, which also won the accolade for the fastest growing construction and building services firm in Wales.
Professor Dylan Jones-Evans, who created the Fast Growth 50 project back in 1999, believes that despite the challenges of the last fifteen months, growing Welsh firms will bounce back stronger than ever.
He said: “Despite the economic difficulties that many Welsh firms have faced, it is heartening that we have already had a high number of applications to this year’s Wales Fast Growth 50 even prior to today’s launch. Many have also been in contact to say that they are looking forward to getting back together later in the year at the awards when hopefully the economy will again be open for business”
“Research has shown that fast growth firms continue to make a real difference even in times of economic decline. When the Fast Growth 50 list was published after the last recession of 2009, it showed that the fifty firms featured had created 1,400 new jobs and increased their sales by over £300 million during a period when 90,000 jobs were lost across the private sector in Wales”
“Those companies acted as an inspiration to all those in business to get the Welsh economy going again and I am sure the same will happen in 2020.
"Despite the challenges facing all of us, it’s critically important to continue to recognise those firms that make a real difference and at a time when Wales needs creativity, innovation and growth more than ever.”
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New sponsors for this year’s awards including insurance specialists Thomas Carroll as well former winners of the Fast Growth 50 such as ALS Managed Services, Aerfin, FSEW and RMS.
Steve Lanigan, founder of ALS Managed Services which won the fastest growing firm award in 2019, said:“The Fast Growth 50 Awards has put so many of Wales’ most exciting businesses firmly into the spotlight.
" The awards provide an opportunity for business owners and their teams to reflect on their own achievements, whilst also giving us all an opportunity to celebrate how vibrant the Welsh economy is, even in these most uncertain of times.”
Geoff Tomlinson of international freight forwarders FSEW said that the competition had been a real boost to his business when he won back in 2005. He added: “We are delighted to be sponsoring the award for the fastest growing international business in 2021. The Wales Fast Growth 50 acted as an important launchpad to promote FSEW and we are still proud to have been top of the list sixteen years ago.”
Rhys Thomas, chief executive of Thomas Carroll said: “Thomas Carroll is extremely proud to sponsor the Fast Growth 50 Awards this year.
" The passion for business, innovation and creativity throughout Wales is inspiring and deserves recognition. We look to forward to supporting and celebrating local businesses growing through adversity, as we all continue on our mission to survive and thrive.”
The 2021 Wales Fast Growth 50 awards will take place at the Mercure Hotel in Cardiff in October with a full list of all the winners appearing on businesslive and the Western Mail.
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Criteria
To be eligible for a place on the Fast Growth 50 list, firms must:
- Have had sales of at least £250,000 in 2018.
- Be an independent and privately held business (not a branch plant or wholly own subsidiary of a non-Welsh based company.
- Be based in Wales.
Rankings will be based on percentage growth of revenues from 2018 to 2020 and the closing date for entries is July 31st 2021
To enter