Follow the conversation: #hgsbreport
The Octopus High Growth Small Business Urban Hub League Table builds on the Octopus High Growth Small Business Report 2015, which quantified the huge economic value of this tiny group of companies - high growth small businesses (HGSBs) represent less than 1% of UK business - and called on the government to increase the number of HGSBs by 25% in every region of the UK to drive local growth and rebalance the economy.
The league table, which has been produced by the Centre for Economics and Business Research, identifies which towns and cities in the UK are most HGSB friendly in 2016 as we call on the Chancellor in the Budget 2016 to put in place measures to support HGSBs.
HGSBs have proven themselves to be vital to UK economic growth - our 2015 report, which was endorsed by the Secretary of State for Business, Innovation and Skills, revealed HGSBs created 1 in 3 new jobs and were responsible for 20% of economic growth in the UK in 2014.
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Follow the conversation: #hgsbreport
The 2015 Octopus High Growth Small Business Report builds on the success of the 2014 edition proving again the significant contribution Britain's fastest growing smaller companies are making to the UK economy.
This year's report also shows the role these companies could play in driving regional growth, addressing the North-South divide and rebalancing the economy. High growth small businesses (HGSBs) are thriving already, but with the right framework they can become a force for regional revival, rebalancing our national economy, and bringing new prosperity and optimism to every part of the UK.
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The views and opinions of the people in this film are subject to change. The value of investments, and the income from them, may fall or rise. The information in this film has been sourced from the Octopus High Growth Small Business Report 2015 and should not be construed as advice or recommendation.
In 2014, Octopus commissioned a ground-breaking report to capture the positive benefits of high growth small businesses across the UK. The 2015 report delves even deeper into the data, highlighting the role high growth small businesses can play in driving regional growth. Octopus launched the report at the House of Commons on Tuesday 20 October 2015 in front of a select group of policy makers, HGSBs, members of the entrepreneurial community and industry representatives with speeches from Iain Wright MP, Labour Chair of the Business, Innovation and Skills Select Committee, and John Glen MP, Parliamentary Private Secretary to Rt Hon Sajid Javid MP.
We define high growth small businesses as those with more than 20% average annual growth in turnover over a three-year period and with an annual turnover between £1 million and £20 million. Out of the 5.3 million companies that exist in the UK, only 22,470 of them are HGSBs - less than 1% of UK businesses. Despite being small in size and few in number, HGSBs make a disproportionately large contribution to our economic wellbeing, creating jobs and driving growth at an exceptional rate. They can be found in every region of the UK and across every sector.
We call on Government to take the practical steps set out in this report, and target a 25% increase in HGSBs in every region of the UK within the next five years.
The UK’s high growth small businesses (HGSBs) have the power to drive a regional economic revival. Almost three in every five HGSBs are outside London and the South East, and every region of the UK has a high growth success story to shout about. They create growth, and given the right skills, funding and connectivity, they can turn our regions into economic powerhouses, bringing new hope, purpose and prosperity across the UK.
The report reveals that HGSBs have a disproportionate impact on weaker performing economies. HGSBs are a lifeline for growth and job creation in Northern Ireland, Wales and the North East. Cities such as Belfast, Newcastle upon Tyne, Sunderland, Durham, Cardiff and Swansea have the greatest reliance on HGSBs for local economic growth.
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Founded in 2000, Octopus manages more than £5 billion of funds on behalf of 50,000 investors – both retail and institutional. Over the years we have invested in more than 500 SMEs including household names such as LOVEFiLM, graze.com and Zoopla Property Group. Our investments have helped these businesses to create thousands of new jobs.
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Unless otherwise stated, all information on this web page has been sourced from the Octopus High Growth Small Business Report 2015 and should not be construed as advice or recommendation. © Octopus Investments Ltd. All rights reserved 2016
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