Mid-Size Businesses Contribute £4bn to Economy

BDO, one of the country’s leading accountants and business advisers, has launched its Derbyshire Growth Barometer at the Derby Property Summit. The report evaluates the growth of mid-sized businesses in the county, with turnovers ranging from £10m - £300m. Contributing over £3.9bn to the local economy, up 69% in the last 3 years, the list demonstrates the strength of the local economy.

Gareth Singleton, partner at BDO, said, “Mid-sized, high-growth businesses are an essential and dynamic part of the county – yet these businesses are frequently overlooked and undervalued. We wanted to give a voice to these businesses and recognise these fast growing businesses.”

Derby-based Mortgage Advice Bureau topped the list with a phenomenal 534% growth over the past three years, leading the professional services sector to come out in first place for the fastest growing sector with an average growth of 107% overall. In addition, there has been a huge 88% increase in employment across the sector.

Chief Executive of Mortgage Advice Bureau, Peter Brodnicki said, “Although we have grown significantly since forming the company in Derby, our head office remains here as it is a great location to do business. Innovation and investment has been key to our business growth and we hope to continue to stay ahead of our competition.”

Professional services is closely followed by the county’s manufacturing sector, which reported 100% growth in turnover and a 35% increase in job creation in the same time period.  This growth reflects Derby and Derbyshire’s longstanding pedigree in advanced manufacturing.  Leading the way in terms of job creation for the mid-sized market is the technology and media sector.  Whilst only three of the top 50 companies are in this sector, technology and media firms increased jobs by 92%.

Chief Executive of Marketing Derby, John Forkin, said: “Being at the centre of the Midlands Engine provides a platform for trans-regional collaboration, leading to the attraction of new business investment to Derbyshire. We need to continue to be a centre of innovation and ask ourselves the big questions that help us adapt to a changing economy.”