
Fastest Growing Midlands Businesses Looking to Employ in 2023
2022 marked a significant shift toward normality for businesses as Covid-related lockdowns eased. However, as we move through 2023 companies are now grappling with new challenges stemming from rising energy and fuel costs, coupled with reduced consumer spending due to the ongoing cost-of-living crisis.
Despite these hurdles, the West Midlands region remains a hub of innovation and business excellence, with promising prospects on the horizon for 2023 and beyond.
And it’s safe to say the same for the world of recruitment, the 2023 PWC Hopes & Fears Survey reports that ‘Employees are restless: Despite recessionary worries and rising unemployment in some regions, 26% of all respondents say they are likely to change jobs in the next 12 months (up from 19% in our 2022 survey). The number is higher for younger employees, with 35% of gen Z and 31% of millennial respondents planning to change jobs.’
With this, the demand for employees is high, as is the interest in employers seeking high calibre candidates to fill their upcoming vacancies as they continue to grow.
So who are the fastest growing midlands businesses for 2013?
The Growth Index, an independent league table by ORESA, spotlights UK companies with the highest sales growth rates. This index ranks businesses based on their compound annual growth rate (CAGR) in sales over the last two financial accounting years. In its second year, the Growth Index showcases the UK’s most successful sectors and companies.
For 2023, five companies from the Midlands have secured their spot on this prestigious list and will be continuing to celebrate further growth and employment into 2024.
Lounge Underwear – Solihull
This online lingerie retailer, founded by a husband and wife team, boasts an impressive CAGR of 112.56 per cent.
MAATS Tech – Cheltenham
As a global supplier of cable and flex lay solutions, MAATS Tech achieves a CAGR of 96.67 per cent.
Phosters – Kidderminster
Offering total facilities management services, Phosters demonstrates a CAGR of 75.13 per cent.
Trackwise – Tewkesbury
This manufacturer of specialised products using printed circuit technology maintains a CAGR of 66.03 per cent.
Gymshark – Solihull
A direct-to-consumer sportswear firm with a strong international community, Gymshark records a CAGR of 57.61 per cent.
Taking a closer look at our home city, Birmingham, the region is positioned to be among the fastest growing economies in the UK as the nation emerges from its 2022 recession. The Irwin Mitchell City Tracker, developed by the Centre for Economics and Business Research (Cebr), forecasts Birmingham’s economic growth in terms of gross value added (GVA) and employment. According to the report:
- Birmingham’s GVA is anticipated to grow by 1.1 per cent year-on-year in the final quarter of 2023, reaching an impressive £29.6 billion.
- Employment is also projected to rise, with a year-on-year increase of 1.4 per cent, resulting in a headcount of 613,800 by the end of the year.
- In contrast, other areas in the West Midlands, such as Coventry and Wolverhampton, are expected to experience more modest economic growth rates.
Although Birmingham’s retail and hospitality sector may face challenges due to the cost-of-living crisis, the city’s creative and digital technology sectors are expected to spearhead growth. These sectors are well-positioned to harness innovation and drive economic advancement in the years ahead.
As we navigate these dynamic economic landscapes, Midlands businesses continue to shine as beacons of growth and resilience.
The Growth Index exemplifies the unwavering spirit of entrepreneurship and innovation that propels these companies forward, while Birmingham’s strong economic outlook underscores its role as a pivotal player in the UK’s recovery and expansion. With these exciting developments on the horizon, the Midlands region holds a promising future for businesses and job seekers alike in 2023.
And at Nelson Permanent Placements, we are also now seeing many other local businesses in need of new staff members to help support their growth as firms look to progress and we’re here to help both clients and candidates find their perfect fit.
If you’re currently looking for a new job in Birmingham or the surrounding areas in a sector such as construction, sales, or trades and labour, and would like support from our expert in-house recruiters, please get in touch with us on 0121 796 2474 or send us an email at info@nelsonpermanentplacements.co.uk.
Please copy and paste the code in your post
