Earlier this year, Oxfordshire’s Local Enterprise Partnership revealed how new insights from the ScaleUp Institute showed that the number of businesses achieving ‘scale-up’ status in the UK had significantly increased to over 36,000, with over 480 of these from Oxfordshire.
The report also revealed that the top-five of these Oxfordshire scale-ups by employment growth were: Virtua, Silbury, AgilityWorks, Oxford Economics and YASA Motors, while the top-five for turnover growth were; Oxford Nanopore, Rebellion, Gigaclear, Circassia and Virtua.
Based on 2017 Office for National Statistics data, the report also highlighted the strength of small and growth businesses in Oxfordshire, a county that has the second fastest-growing economy of all UK cities (Irwin Mitchell report- autumn 2017).
Oxfordshire scale-ups are now employing more than 49,000 staff and their turnover is worth an estimated £5.2 billion, with eight out of 10 expecting to scale again over the rest of 2019, generating £1.5 billion more in turnover and creating an extra 7,000 jobs, according to the results of the last ScaleUp business survey.
However, many firms in Oxfordshire continue to struggle to grow to scale and do not translate ideas into business growth as well as some other competitor locations.
Now in its fifth year, the ScaleUp Survey 2019 is currently gathering responses and Oxfordshire LEP is urging scale-up and fast-growing businesses from across the county and beyond on on the main barriers holding back growth, as they seek to improve the business environment.