Growth Hub helping high-growth businesses to expand

High growth companies in Coventry and Warwickshire are being helped to expand further and create more jobs through local business support, according to a new report.

The monthly SmartRegion report contains findings from the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub’s business engagements as well as from CWLEP, Warwickshire County Council, Coventry City Council, and other business support organisations.

The spotlight this month features high growth businesses which are characterised through employment and turnover growing by an average of more than 20 per cent every year for three consecutive years.

There are currently 670 high growth companies in Coventry and Warwickshire with the greatest proportions in professional, scientific and technical activities (21.3 per cent), information and communications (16.5 per cent), and manufacturing (15.4 per cent).

But CWLEP Growth Hub account managers Jim Clark and Justine Chadwick believe many are not aware of the support available through the Business Ready Programme, Early and High Growth Oversight, Made Smarter West Midlands, Help to Grow and Start Ups Loans to help continue their expansion and create high value jobs.

Jim said high growth firms have an important role to play in boosting Coventry and Warwickshire’s economy.

He said: “Sometimes too much emphasis is given to driving the creation of start-ups. The reality is that high growth, or scale-up businesses, create longevity of job creation, and create more jobs over time, and can help attract additional investment.

“Often, the talent required for high growth is significantly and predominantly at a higher salary level, which has spin-off benefits in providing good jobs for local economies and workers.”

Justine added that in their experience, many business owners often do not know what is already available to them through the local business support eco-system.

She said: “By being able to get to work with these owners we should be well placed to help them gain that support and continue the path to high growth.

“There are many ways we can provide help including identifying funding inside and outside of the local eco-system to support growth, finding new business opportunities and acting as a mentor to business owners and senior managers.

“We hope with the support of the business support eco-system there will be even more companies in our area that become high growth firms.”

Craig Humphrey, Managing Director at CWLEP Growth Hub, added: “It is recognised that high growth businesses are not only key drivers to the local economy and can be critical in creating employment, productivity, innovation, and generating growth, but also in providing resilience to economic shocks and downturns.

“We need to ensure that we keep that pool of high growth businesses, entrepreneurs, and workforces in our sub-region, and to do this we need to support ambitious and innovative businesses.”

The Growth Hub is supported by funders including Coventry City Council, Warwickshire County Council and Warwickshire’s District and Borough Councils.

For further information, please contact the CWLEP Growth Hub on 0300 060 3747 or by emailing support@cwgrowthhub.co.uk

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Client testimonials

Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,