Growing businesses accelerate with support of Government service
Conceived by the Department for Business Innovation and Skills, GrowthAccelerator is a service specifically developed for ambitious businesses with the potential for growth and offers business leaders support in the form of tailored, expert coaching. A consortium, led by Grant Thornton UK LLP, has been delivering the service since launch in April 2012.
In the first two financial years of the service (April 2012 – April 2014) over 15,000 ambitious growing businesses have been supported, receiving tailored expert coaching to overcome challenges and achieve their maximum potential.
Whether accessing finance, developing strategy or bringing new ideas to market, GrowthAccelerator is designed to give business leaders expert support in whatever they need to achieve their full potential.
The businesses supported by the service between April 2012 and April 2014 generated over £1.5 billion of growth (gross value added) and creating 36,572 jobs.
By way of comparison:
· The value of the average SME's growth to the UK economy has increased by 7% in the last financial year (FY13/14). The value of GrowthAccelerator's clients growth has increased by 32% in the same timeframe.
· The average SME has increased employment by 5% in the last financial year (FY13/14). GrowthAccelerator clients have grown their teams by 36% in this time.
The figures show that the service is well on the way to achieving its overall goal to generate £2.2 billion gross value added and create 55,000 jobs by April 2015.
Karl Eddy, Partner, Business Growth Services at Grant Thornton UK LLP, said: "This phenomenal success tells is testament to the ambition and entrepreneurial spirit of our clients and to the quality of expert coaching they've received along the way. The businesses that we work with, showcased by The Brave & The Bold awards, are inspirational examples of British enterprise. We're excited to be part of these extraordinary growth stories and will continue to work hard to deliver an excellent quality service going forwards."
Skills and Enterprise Minister, Matthew Hancock, said: "It is part of our long term economic plan to ensure Britain is the best place for small businesses to start up and scale up. Government backed services like GrowthAccelerator help to create the right environment for enterprise. These awards celebrate the best of British businesses which are vital for our economy and I congratulate everyone for their exceptional successes over the past year."