Sheffield has been named one of the top five hotbeds of high business growth in the UK.
The accolade comes from GrowthAccelerator, a government-backed initiative which advises high-growth businesses.
According to GrowthAccelerator, business services accounts for the largest number of high growth companies in the city, but the organisation also highlights the existence of a large number of fast-growing businesses in the healthcare, manufacturing and digital sectors.
GrowthAccelerator’s Andrew Brocklehurst said: “While businesses in Sheffield are showing distinct levels of ambition and positivity, it’s also encouraging to note an appetite for growth taking hold among businesses across the wider region.
“We are seeing a common need among high-growth firms for national and international market connections, with 88 per cent nationally expecting to grow their businesses through new market entry.”
Sheffield Chamber of Commerce executive director Richard Wright said: “I’m not surprised that Sheffield is home to so many ambitious and high-growth businesses.
“Sheffield has put in place long-term building blocks for future growth, playing a leading role in sports science and advanced manufacturing, and is home to two Catapult technology and innovation centres established by the Technology Strategy Board.
“As a city we’ve become much more forward-thinking, and that’s translated into the attitudes of businesses in the area, that are all pulling in the same direction and starting to get some great results.”
GrowthAccelerator provides tailored advice and support for companies seeking to become high growth businesses and says its research has shown that potential for high growth isn’t restricted to start ups.
Most of the businesses it helps have been established for between five and 10 years and in growth hotbeds like Sheffield, Leeds and Birmingham, the majority have been going for 10 years or more.