Video gaming company Coatsink has been named the overall winner of the Ward Hadaway 2022 North East Fastest 50 Awards.
Also the recipient of the 'fastest growing medium business' award, Coatsink has achieved rapid growth since it was established over a decade ago.
Here, we speak to CEO Tom Beardsmore about childhood chats, creativity, and that competitive edge.
鈥淐an you remember when you were a youngster with your friends, talking about what you want to do when you grow up?鈥 asks Tom Beardsmore, CEO of Gateshead-based video gaming company Coatsink.
鈥淧aul and I met at 12 years old, and we fast became best friends and avid gamers too. We often talked about our plans to start a video gaming company that brought games to life in the way we wanted them to. We used to talk for hours but at the time, we never thought that fantasy would come true.鈥
Those childhood aspirations are now a reality for Tom and CDO Paul Crabb, co-founders of Coatsink.
With a six-people strong senior leadership team, who all hail from the North East, Coatsink boasts a turnover growth rate of 121% and works on multimillion-pound projects creating high-profile games such as Transformers: Battlegrounds, PHOGS! and Jurassic World: Aftermath.
In 2009, Tom and Paul were both working in the video gaming industry and felt disillusioned with the larger gaming studios.
鈥淲e craved creative independence,鈥 explained Tom. 鈥淚 said to Paul, remember all those hours we spent together talking about how we鈥檒l become gaming masters and do things our way? Let鈥檚 do it, let鈥檚 make our own games.鈥
Coatsink was officially established in 2011, making mobile games initially.
鈥淎t the beginning, making a profit was a long-term goal and not the priority. Growth was slow. We were a small team, under 12 people, working steadily and making enough to pay the bills and the wages.
鈥淭hree key things then happened. We signed a small game with PlayStation and, shortly after that, we started working with Oculus on its virtual reality (VR) hardware. Two years later, Oculus was acquired by Facebook and, in turn, our budgets for game development became much bigger.
鈥淟astly, we partnered with Sheffield-based Boneloaf to develop a game called Gang Beasts which has been hugely popular with millions of copies sold worldwide.鈥
And, ever since, Coatsink has continued to grow 鈥 and rapidly. By 2015, the firm employed around 25 people which doubled every year until 2019.
In 2020, it was acquired by video game holding company Thunderful Group, based in Gothenburg, to enable continued expansion. It currently boasts 130 employees and expects to have a team of over 150 people by the end of 2023.
One thing is clear: Coatsink has firmly put the North East of England at the forefront of the video gaming industry, leading the way with innovative and emerging technologies.
鈥淎nd that鈥檚 what makes us different,鈥 says Tom. 鈥淥ur focus on new technology in creating innovative video games, as well as our passion for creative independence, enables us to deliver quality games, and quickly.
鈥淎dd to this the culture we have built at Coatsink, which is one based on transparency, inclusivity and compassion, differentiates us from other gaming developers not just regionally but internationally.
鈥淎t Coatsink, we鈥檙e a team and we each play a unique and valued role within the company. I often say, together we make it work, but without each other, it wouldn鈥檛 work. Togetherness and shared values are so important.鈥
With a state-of-the-art studio in Abbott鈥檚 Hill, Gateshead, employees have the choice to work from the studio or remotely and enjoy a wide range of extended health and wellbeing benefits.
Coatsink is certainly doing something right as revenue for 2022 is set to be 拢17 million, rising to 拢20 million within 12 months.
Matt Cormack, a partner in the commercial team at Ward Hadaway, said: 鈥淐oatsink is a great example of the innovation, creativity and skill that drives the North East鈥檚 technology sector.
鈥淭he story of the company鈥檚 journey and success will hopefully inspire many more smaller businesses on the path to growth and development, which is a real positive for the sector and the region as a whole. Of course, growth brings with it many challenges, including managing IP portfolios, growing a team, and dealing with more clients.
鈥淎t Ward Hadaway, we are proud to support many of the Fastest 50 growing businesses like Coatsink as it continues to grow. Congratulations to the whole team at Coatsink, this year's North East Fastest 50 winner, your achievements are thoroughly deserved.
鈥淔inancial success in my opinion is a side effect of passion,鈥 adds Tom. 鈥淭hose who start a business or chase growth simply to make money never succeed. It鈥檚 the passion-driven businesses and the purpose-led growth that truly prospers.鈥
To find out more about Ward Hadaway's Fastest 50, visit the .
