Annual report highlights how success of SMEs will be ‘crucial’ in rebuilding post-Covid economy

Laveta Brigham

(London Stock Exchange Group) Experts behind the latest annual ‘1000 companies to Inspire Britain’ report have highlighted how the success of small and medium-sized enterprises (SMEs) will be crucial in rebuilding the post-Covid UK economy. The London Stock Exchange Group published the seventh edition of its widely-read report on Tuesday. […]

 (London Stock Exchange Group)
(London Stock Exchange Group)

Experts behind the latest annual ‘1000 companies to Inspire Britain’ report have highlighted how the success of small and medium-sized enterprises (SMEs) will be crucial in rebuilding the post-Covid UK economy.

The London Stock Exchange Group published the seventh edition of its widely-read report on Tuesday.

The research piece is an “annual celebration of some of the fastest-growing and most dynamic SMEs in the UK”, which also aims to examine the economic environment facing smaller businesses, and the current trends set to “shape the future of the UK economy”.  

<p>The report is published by the London Stock Exchange Group every year</p>REUTERS

The report is published by the London Stock Exchange Group every year

REUTERS

On releasing the report, chief executive of the London Stock Exchange Group, David Schwimmer, said: “This report highlights the vital role of SMEs in driving economic growth, leading innovation and providing jobs across the UK.

“In this challenging year for businesses, it is more important than ever to shine a light on these stories of resilience and entrepreneurship. 

“The success of UK SMEs is crucial as we rebuild a post COVID-19 economy, and London Stock Exchange Group is committed to helping growth companies achieve their potential.”

Shadow Chancellor, Anneliese Dodds, echoed his comments. 

The MP wrote in a forward to the report that it “tells a fascinating story about the ability of British businesses to thrive in the face of an uncertain economic environment”, and stated that “the economic recovery will require us to be ambitious about our country’s future – and ambitious for our SMEs”.

<p>The shadow chancellor wrote in the report that the post-Covid recovery will require being “ambitious for our SMEs”</p>PA

The shadow chancellor wrote in the report that the post-Covid recovery will require being “ambitious for our SMEs”

PA

Dr Adam Marshall, director general at the British Chambers of Commerce, pointed out in the report that due to a combination of Brexit and the Covid-19 pandemic “the pressure will be acute for some small and medium-sized firms” in the year to come.

He wrote that “it has arguably never been more important to recognise and support the innovation that drives successful British firms”.  

But Dr Marshall also argued that post-Covid the UK has “a historic opportunity to recast the UK business environment, allowing firms to seize opportunities in new markets and create wealth and prosperity across the UK”.

He wrote: “Disruption for some will mean opportunity for others – particularly the amazing British innovators and entrepreneurs highlighted in this report.”

<p>GAIL’s Bakery was among London-based businesses highlighted</p>Gail's Bakery

GAIL’s Bakery was among London-based businesses highlighted

Gail’s Bakery

Economic secretary to the Treasury, John Glen MP, said SMEs “are creating jobs, spurring on our economic recovery, and building the industries of the future”.

This year London contributed more inspiring companies to the list than any other UK region, with 229 London-based companies featured.

The south east saw 152 of its SMEs make the list, with 98 from the east of England, 96 from the north east, and 86 from Yorkshire and the Humber.

The nationwide research project found that the 1000 companies listed together generated more than 42,000 jobs in the two years to December 2019.

They also managed to record an annual average revenue growth rate of 41.2%.

Sectors best represented among the innovative selection were engineering & construction, manufacturing, and food and beverages.

London names to be hailed as inspiring this year include the widely-expanded GAIL’s Bakery – originally launched from a single location in north London – Aspinal of London, and hygiene product manufacturer, Allied Hygiene.

A full searchable database of all the companies along with a downloadable pdf of the publication can be found online at www.1000companies.com.

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