Suffolk firms Toppesfield, Sanctuary and Fork Rent make Investec Mid-Market 100 list
- Credit: Archant
Three Suffolk firms have broken into a bi-annual listing of the UK’s 100 fastest-growing mid-market private companies.
They are among a total of 10 companies from the East of England which feature in the third Investec Mid-Market 100 list, up from seven in the previous edition which was published in June.
The Mid-Market 100 ranks the fastest-growing mid-market private companies in the UK by average growth in turnover of the past four years.
Toppesfield, from Claydon, and Sanctuary Personnel and Fork Rent, both based in Ipswich, are all new entrants in the latest listing.
Surfacing contractor Toppesfield, which employs 71 people, is ranked 34th, with its turnover of £39.095million representing an annual rate of growth of 40.2%.
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Sanctuary Personnel, a health and social care recruitment specialist which employs 159 people, is ranked 53rd, with its turnover of o£86.147m equating to growth 33.3%
And equipment hire firm Fork Rent, which has a workforce of 82, is in 77th place, with its turnover of £23.456m representing year-on-year growth of 24.6%.
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Overall, the new listing indicates that the rate of growth has stabilised, with an average of 40.4% compared with 41.4% in year. Year-on-year, however, the rate of growth has risen from 37.8%.
Ed Cottrell, head of corporate lending at Investec, said the survey was intended to light on an often neglected part of the corporate landscape.
“Too few banks recognise the mid-market as a distinct sector of the economy with specific needs,” he said. “From our day-to-day contact with businesses and the important market intelligence the Mid-Market 100 provides, we know that it is a critically important sector deserving of thoughtful support.”
Nationally, Manufacturing and Industrials accounts for more businesses on the list than any other industry category, with a total of 23, and it is also the second-fastest growing, increasing by 64% compared with the June survey.
The fastest-growing category, at 113% from the June survey, is Financial Services, with 17 firms making it the second-largest sector group. Other fast-growing industries include Construction and Professional Services.
Mr Cottrell added: “If we had to isolate just one theme it would be that of diversity: the UK mid-market is incredibly varied, both in terms of the geographical spread of companies and the different industries they represent.”
Phil Shaw, chief economist at Investec, said: “The UK economy remains on track. A continuous expansion over nigh on three years has resulted in the level of GDP now reaching 6.5% above its pre-crisis peak.
“Mid-market firms should be able to prosper over the medium-term and make their mark over a wide range of sectors.”