Must credit: The Sunday Times 100 – Britain’s fastest-growing businesses

Must hyper-link: https://www.thetimes.com/sunday-times-100-fast-growth

The Sunday Times 100 is sponsored by Barclays Private Bank and supported by Singer Capital Markets and Inflexion

Friday 28th June: Allica Bank, a fintech bank, is Britain’s fastest-growing private company, according to the third annual Sunday Times 100 rankings, published today online at thesundaytimes.com/100 and available as a supplement with the print edition of the newspaper this Sunday,  30th June.

The annual ranking identifies and celebrates Britain’s 100 leading entrepreneurial businesses, and showcases the people behind these most dynamic private companies. 

Allica Bank made £191 million in sales in 2023, a staggering 537% average annual growth in the last three years. According to CEO, Richard Davies, 45, the company is a technology business as much as a bank.

Its niche is serving small established businesses. Since writing its first loan in March 2020, the company, which has its main offices in London and Milton Keynes, has picked up about 13,000 customers to whom it also offers current and savings accounts, and cards. In February Allica said it had passed £2 billion of lending, some 80% of which went to businesses based outside London. 

Britain’s top 20 fastest-growing companies

The research for The Sunday Times 100 found on average the top 100 fastest-growing companies have increased their sales by 118% a year over the last three years to a combined £2.9 billion in sales.

In total these companies employ 13,670 people, having created 10,000 new jobs in the last three years, with 99 of them planning further hires in the next 12 months – equating to around 3,800 additional roles.

Out of the 100 companies featured in the ranking more than a third (43) are based in London, with the rest spread through-out the country. This includes 12 in the Midlands, 11 in the southeast, 10 in the northwest and 9 in the southwest of England.

25 of the businesses have female founders or co-founders: they include Kate Prince, 51, of health supplement brand Ancient + Brave (No 5), whose fans include sportswoman Dame Kelly Holmes and popstar Ellie Goulding and which generated sales of £10.2 million in the last year.

More than two thirds of the companies (69) were founded in the last decade – in 2014 or after. The oldest company on the list is Leeds-based power transformer manufacturer Wilson Power Solutions (No 99). It was set up in 1946 by Richard Wilson to provide flameproof equipment, pumps and motors. His children Colin and Dennis built the business into one of the largest suppliers of refurbished transformers and switchgear to industry and it is now led by Erika Wilson, 45, apprentice-turned-managing director.

40 of the fastest-growing companies have received external investment, raising a combined total of £1 billion through 125 rounds of fundraising. This includes Castore (No 34), with the founding brothers Tom, 34, and Phil Beahon, 31, have attracted investors including the tennis star Andy Murray and US investment bank Raine Group, which led a £145 million investment in Castore in December 2023 for a near-£1 billion valuation.

Nearly two thirds of the companies (63) trade internationally, including Heroes (No 8). Founded by three brothers in 2020 to buy up companies selling through Amazon marketplace, focusing on baby and youth consumer products. They have since raised more than £200 million from investors, and generated 70% of its £82.2 million sales overseas last year.

Jim Armitage, business editor of The Sunday Times said; 

“Our politicians talk about how they will deliver economic growth, but it is the graft of entrepreneurs — such as those featured on this year’s Sunday Times 100 — who achieve it. Their remarkable resilience in difficult economic conditions shows what is possible with vision and hard work.”

The research for the Sunday Times 100 was conducted by our business reporters, in partnership with Beauhurst, a source of private company data. As well as a dedicated online hub and print supplements, The Sunday Times 100 also hosts a series of networking events for participants. 

The Sunday Times 100 forms part of The Times Enterprise Network, a cross-platform network staffed by reporters from The Times and The Sunday Times, which was launched in 2021 to provide advice, inspire and inform established business leaders and aspiring entrepreneurs. 

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Richard Tyler, editor of the Times Enterprise Network, is available for interview about the list

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