Revealed: The South West and West Midlands firms named fastest growing in Growth Index 2023

Business News

By Sam Pither

27 April 2023

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The Growth Index, which returns for its second year, is an independent league table from ORESA which lists UK companies with the fastest growing sales.

It ranks businesses by compound annual growth rate in sales over their last two financial accounting years, showcasing the most successful sectors and companies in the UK.

This year, eight companies from our regions have been included in the listing.

This includes second-place Bristol-based artificial surfing facility, The Wave, and MAATS Tech, a Cheltenham-based supplier of cable and flex lay.

#2 – The Wave – Bristol. An artificial inland surfing destination with a two-year compound annual growth rate of 322.5 per cent.
#15 – Lounge Underwear – Solihull. Online lingerie retailer founded by husband and wife team. CAGR: 112.56 per cent
#23 – MAATS Tech – Cheltenham. A global supplier of cable and flex lay. CAGR: 96.67 per cent.
#43 – OVO – Bristol. A green energy utilities group. CAGR: 76.48 per cent
#44 – Oxford Biotherapeutics – Oxford. A clinical stage oncology company focused on immune therapies. CAGR: 75.25 per cent.
#45 – Phosters – Kidderminster. Total facilities management service provider. CAGR: 75.13 per cent.
#60 – Trackwise – Tewkesbury. Manufacturer of specialist products using printed circuit technology. CAGR: 66.03 per cent
#78 – Gymshark – Solihull. Direct-to-consumer sportwear firm with a strong international community. CAGR: 57.61 per cent.

Andy Higginson, advisory chair, Growth Index, chair of JD Sports and former chair of Morrisons, said: “The inaugural Growth Index 2022 showcased 100 exceptional companies. The 2023 cohort is equally impressive with a small number returning to the list, leisure and hospitality debuting and retail thriving.

“GX companies are doing remarkable, innovative things and many of them are consciously becoming a force for good. I’m glad to be involved in this effort to celebrate and champion their much-needed contribution to our economy and society.”

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.