Manchester and Bristol are home to the greatest numbers of high-growth businesses in England outside London, new Barclays research has shown.
Barclays Eagle Labs’ Tech in the 海角视频 2024 aims to analyse where high-growth businesses in the 海角视频 outside London are based, using Gross Value Added (GVA) figures that measure the economic contribution of businesses to their regions.
The study shows that local areas with 100+ high-growth companies boast an average Gross Value Added (GVA) per business of £294k, compared to just £27.5k for those with less than 100.
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The Barclays study shows Manchester’s high-growth businesses contributed £30bn to the area when measured in 2022. Manchester had more than 450 high-tech growth firms. The report hailed the city’s business support ecosystem, as well as the work of organisations such as the North West Business Leadership Team
Bristol and the South West were praised for their universities’ work to connect with businesses, such as the Brunel Centre joint data hub from the University of Bath and UWE. The report showed that in 2024 tech investment was up 10% at £167m, with Bristol’s wider deeptech cluster “Silicon Gorge” now spanning Bristol, Gloucester and Swindon.
Edinburgh is also home to 450+ high-growth tech companies, and the report hails Scottish Enterprise’s role in commercialising research at growing firms. Some 198 deals were signed here between 2020-24.
In terms of total GVA contribution from high-growth firms, Birmingham, Leeds and Glasgow also performed strongly.
The report says: “Outside of London, the local authorities of Edinburgh, Manchester and Bristol have the highest populations of high-growth tech companies. These cities are supported by strong business support systems, which help encourage the formation of high-growth tech companies.”
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Cambridge and Leeds are each home to 280 high-growth companies. But the Barclays study shows investment in Cambridge last year passed half a billion, whilst the wider Yorkshire & Humber region (with Leeds) received just £179m. Barclays said: “Continuing to invest in diverse economic hubs across the North of England can be seen as a priority on this basis.”
Technology minister Baroness Jones said: “A thriving technology sector is key to delivering our mission of secure and sustainable growth. Regional tech hubs are at the heart of this progress – fuelling innovation, creating jobs, and delivering lasting economic benefits to communities across the 海角视频. As this research shows our world-class universities and pioneering entrepreneurs are driving this progress and we are committed to working with them to create new industries, transform existing ones, and boost productivity.”
Barclays Eagle Labs has supported more than 17,000 businesses through its ecosystem support.
Hannah Bernard, head of business banking at Barclays, said: “Our Tech in the 海角视频 report drives home the importance of high-growth tech companies to the regions and communities in which they’re based. Investing in and growing tech businesses has masses of economic potential for the 海角视频, however, in order to grow it’s clear that access to finance remains front of mind for these businesses.
“Barclays has committed £22 billion of funding through our Business Prosperity Fund to ensure businesses have tailored financial solutions that support growth at every stage. But access to finance is about more than just capital—it’s about providing the tools, resources, and expertise to navigate the funding landscape.”