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THE NOTTINGHAMSHIRE

GROWTH BAROMETER

2018 EDITION: TRACKING THE GROWTH OF THE LEADING PERFORMERS IN THE REGION

THE NOTTINGHAMSHIRE GROWTH BAROMETER | BDO LLP

WELCOME 01

SECTOR ANALYSIS: INDUSTRIES LEADING GROWTH 02

SUPPORTING NOTTINGHAMSHIRE 04

BUSINESS VOICES 06

TOP 50 LISTING AND ANALYSIS 10

BDO NOTTINGHAMSHIRE TEAM 11

SELECTING THE SAMPLE 12

The latter situation is a fairly accurate description of Nottinghamshire. While manufacturing remains a dominant force in the business landscape, several other sectors from technology to transport, are also in good health as this analysis of the county’s top 50 fastest growing businesses shows.

This is undoubtedly good news. As the UK faces Brexit with uncertainty, a strong and diverse foundation of growth industries could be an important asset for Nottinghamshire.

This Growth Barometer aims to highlight what is contributing to Nottinghamshire’s success and what is needed to maintain it.

BOASTING A BALANCED PORTFOLIO

You can have too much of a good thing. Regions with an over-reliance on the growth of a particular industry can become unstuck when the sector faces hardship. In contrast, regions where growth is spread across a balanced portfolio of sectors might be expected to withstand challenges better.

CONTENTS

Acknowledgements:

BDO would like to thank the Nottinghamshire private and public sector leaders who generously gave their time to provide views and comments used in the production of this report.

TOTAL TURNOVER GROWTH OVER THE PAST THREE YEARS

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Latest Year

£0.5bn

£1bn

£1.5bn

£2bn

0

£1.8bn

£1.4bn

£1.15bn

Cover image: Nottingham Midland Station clock tower

BDO LLP | THE NOTTINGHAMSHIRE GROWTH BAROMETER

01

The week before the UK Government unveiled its latest industrial strategy championing futuristic concepts, such as artificial intelligence and clean growth, Nottinghamshire showed it was already ahead of the game. The Nottingham Post profiled VRCO, a local company designing flying cars.

WELCOME

RICK WILSON Partner, BDO

“It may sound like a far-fetched scene from Blade Runner, but flying cars could soon become a reality as a Nottingham company bids to make one of the first models,” said the paper.1

For those of us who know Nottinghamshire well, this sort of thing comes as no surprise. While the county is home to corporate giants such as Boots, its largest companies also feature leading names in innovation, such as business messaging specialists Esendex or fleet telematics providers Microlise.

A thirst for innovation is not only helping the technology sector give more traditional industries a run for their money, but also contributing to the transformation of those same industries. VRCO is a case in point; it’s just as much a technology company as it is a transportation industry manufacturer.

Nottinghamshire’s innovative style is delivering real business growth, emerging as a common theme among many of the names in the county’s top 50 fastest growing companies.

Baxter Freight, for example, prides itself on having “turned the industry model of its own assets on its head, focusing on the customer’s needs rather than utilising our own equipment.”2

A further instance from Nottingham-based SDL Group who, in 2017, became the first company in the UK to launch a property management franchise. It will “enable property managers to start their own business with the resources, expertise and support of a leading brand,”3 the company said.

There are many more examples of ingenuity and innovation to be found. The challenge for Nottinghamshire is to keep this spirit alive and ensure it is recognised, not just across the UK but also internationally, particularly with the challenges of Brexit we’re soon to face. As long as creative thinking is at the forefront of problem solving, our county should be able to rise to the challenge.

Nottingham Council House

1. Source: www.nottinghampost.com/news/business/flying-cars-could-horizon-nottingham-8158872. Source: www.baxterfreight.com3. Source: sdlgroup.co.uk/sdl-launches-property-management-franchise


Growth doesn’t happen by accident. The companies that are good at it tend to have perfected the art over the years. And that is clear from the 50 fastest-growing businesses in Nottinghamshire.

Altogether, these companies have increased turnover by 24% year on year for each of the last two years. Employee growth has also seen steady, double-digit growth over the period, rising by 27% in the last year and 17% the year before that.

It is unlikely this growth is just driven by the fortunes of a particular industry.

CHARTING NOTTINGHAMSHIRE’S GROWTH: SECTOR ANALYSIS to

p 50

o

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Last available year

0

2,000

4,000

8,000

6,000

10,000

12,000

14,000

Num

ber o

f em

ploy

ees

8,4949,953

12,683

TOTAL EMPLOYEE GROWTH OVER THE PAST THREE YEARS

02

Nottingham City Hall

Retail

Professional services

Leisure & hospitality


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v e r v i ew

In fact, Nottinghamshire’s top 50 growth companies are a diverse bunch, with a slight preponderance in manufacturing but also significant representation from businesses in the support services and transport, real estate and construction, retail and technology segments.

Of lower weight, in terms of numbers of companies, are the professional services and leisure and hospitality sectors, each with just two names in the top 50, and businesses associated with utilities, with just one representative.

SECTOR SPLIT ACROSS THE TOP 50

03

20%18%

12%

12%

4%4% 2%

28%

Manufacturing and industrial markets

Utilities

Support services & transport

Real estate & construction

Tech & media

top 50

o

v e r v i ew50

04


CHARTING NOTTINGHAMSHIRE’S GROWTH: SECTOR ANALYSISLeaving aside these lesser-represented sectors, the fastest-growing industry within the top 50 is support services and transport, with an average turnover growth of 81%.

The sector boasts the top-growing business in the county, Baxter Freight, which has posted an outstanding 306% average turnover growth, along with companies such as Neil Shacklock, growing at 93%, or UK Waste Solutions, at 90%.

Technology and media, with an average 66% turnover growth, also displays some impressive names. Business communications leader Esendex, for example, has grown by 104%. Risk management software firm Ideagen meanwhile, is up 88%.

AVERAGE GROWTH BY SECTOR

54%

81%

58%66%

59%

85%

50%45%

Manufacturing & industrial

markets



Tech & media

Retail UtilitiesLeisure & hospitality


0

20%

40%

60%

80%

100%

Wollaton Hall, Nottinghamshire

05


AVERAGE EMPLOYMENT GROWTHTechnology and media also emerges as one of the region’s top two sectors for employment growth, although in absolute terms the strength of the manufacturing industry means it is still a dominant force for job creation in Nottinghamshire.

Overall, the companies in the top 50 summed £1.8bn in turnover and 12,683 in staff for the year under review, with an average three-year growth of 63% and an average growth in employees of 40%.

42%

26% 26%

62%

48%

86%

30%24%

Manufacturing & industrial

markets



Tech & media

Retail UtilitiesLeisure & hospitality


0

20%

40%

60%

80%

100%

06


STEVEN CHAPMAN HEAD OF THE INGENUITY LAB

The Ingenuity Lab sits within the University of Nottingham’s Haydn

Green Institute for Innovation and Entrepreneurship. It was set up in December 2014 and currently supports 189 active start-up businesses run by students and alumni of the university. Over the past 18 months we have invested over £250k in grants and over £500k in equity investment in our entrepreneurs and going forward our aim is to not only continue to grow the amount of businesses we support, and invest in, but also enhance the quality of these businesses.

We are continually creating a dynamic and diverse network of entrepreneurs and innovators. We have a high proportion of international students and alumni setting up businesses in Nottingham and as a result of having the largest Tier one visa scheme in the UK we support around 40 international students a year by offering them a 2-year entrepreneurship visa. We build this community each year with the Ingenuity innovation event, the UK’s largest entrepreneurship competition. Now in its third year it has attracted over 900 students and alumni. Based in our new and radical space it allows us to build a dynamic community of entrepreneurs and innovators that will help drive the Nottingham and midlands economy to new heights.

We are thrilled to see such a high level of strong new start-ups in Nottingham however, our challenge is to help these businesses grow, create greater impact

and to build an eco-system to encourage students to remain in Nottingham rather than moving elsewhere. We have so much potential in the region exiting our academic institutions. If we can give them strong reasons to stay, the future is very bright.

Innovation is key to what we do and it isn’t just about the products and services our businesses create and offer, but it’s about a mindset that also looks to the use of entreprenuership as a tool for social change. We’re trying to disrupt people’s ways of thinking to encourage a more forward-thinking, entrepreneurial and ethical workforce and society. For many of our entrepreneurs social change is of major importance and they want to use their skills to make a real difference.

We have been lucky enough to be the hosts of Prince Andrew’s Pitch@Palace initiative, we saw over 400 guests attending the ‘Nottingham Boot Camp’ where they had to pitch their ideas in just 3 minutes. Opportunities like this are fantastic for those wanting to start a business and it’s not always about investment of money but also about key introductions and knowledge sharing.

Our mentor program and surgery sessions are really beneficial to our businesses, and companies like BDO and other professional service firms help enhance the skills of our entrepreneurs and guide them in the right direction – this is often invaluable advice and our relationships with these corporate partners is really important. We often find that those doing the mentoring take a lot from these sessions too and it can provide them with fresh ideas and ways of thinking.

The sectors we work in the most and have seen high growth tend to be technology, bio science and product design. We’re seeing a lot of app and software development and also a number of foods and drink innovators.

Access to finance is a challenge especially with micro start-ups. Working with the University, and other institutional investors, we are tackling this with the Nottingham Ingenuity Fund, but there is still work to be done and access to smaller grants will help get things started before seeking major investment. Our second major challenge is how to continuously improve the visibility of our businesses. We plan to work more with local authorities and the LEP to help us manage these challenges. I think one of our key messages is to encourage larger, more established businesses to champion local firms more, particularly retailers.

Going forward we are doubling the size of our current space as there is such high demand for office and desk space from our businesses, we are also opening a facility in Sutton Bonington. Looking further into the future, we hope the Haydn Green Institute will move into its own building.

The University has campuses in China and Malaysia and we work with our international colleagues to share and develop best practice globally.

We also plan to do more work in the community and the more hard-to-reach areas. By opening up access to our facilities and investments we hope that we can make our local community a happier and healthier place, we can then look to replicate our model in other cities.

SUPPORTING NOTTINGHAMSHIRE

University of Nottingham


07

CHRIS POOK D2N2 GROWTH HUB MANAGER

The D2N2 Growth Hub has been operational since April 2016 with our

focus on supporting local SMEs. Funded by the European Regional Development Fund (ERDF), we offer a brokerage service advising SMEs on the best business support products based on their needs. This could include anything from access to finance, support for innovation, exporting or skills development or other such services that support growth ambitions.

Over the last 18 months we have worked hard to raise the profile of the Growth Hub and this has led to us engaging with over 5,000 local businesses – however this is still under 10% of the total SMEs in our region so our short-term objectives are to promote the Growth Hub service to a wider audience. We host a wide variety of events and workshops and find this is a great way to engage with business owners, as well as allowing these businesses to meet one another. Social Media has also played a key role in our brand building and we see this activity as one of our key achievements.

Our Platinum service for SMEs is the D2N2 Scale-Up service, which has been running as a pilot since August 2017 and includes workshops and coaching sessions for a range of high-growth and ambitious businesses – there are plans to extend this further from April 2018 as it’s had a great success rate so far.

We really encourage peer-to-peer working and collaboration as businesses can learn a lot from one another; this is something that could be more widely encouraged by government. Other government policies that could enhance what we do would be a streamlined approach to investment funds, the landscape is so complex it can often be hard for businesses to fully understand. We are also looking to try and bridge the gap between the very small grants below £3k and finance packages over £20k, as there aren’t many that fall between these parameters.

We are continuing to see productivity being discussed as a key challenge and this will most likely continue. One of the biggest challenges our fast growth businesses have is a lack of time available. We often find that business leaders are so busy dealing with

the here and now they don’t get opportunity to strategically plan for the future. Here the challenge is to engage the wider workforce into the strategy of the business and allow individuals to develop and grow.

Another challenge we see, more specifically in Nottingham city centre, is a supply of suitable office premises. There is a lot of regeneration happening which includes mixed-use developments. Many of these offices will be very beneficial to our businesses.

Sector wise we see a large quantity of businesses in the creative, technology and digital industries. The Creative Quarter is home to many of these businesses and is a key asset to the area. BioCity is also a successful incubator and we see a number of life science companies come through the hub.

The Growth Hub as it stands is funded until March 2019; looking forward, we hope to access more European funding for Growth Hub 2 which we can extend until 2022. The plan is to continue to provide general advice to business as well as a real focus on specialist advice so that businesses can benefit from support specific to their needs or sector more so than before.

The access to investment is key for us to carry on the great work we are doing. Any opportunity to add value to a business is really important to us and we aim to continually improve the visibility of the Growth Hub so that businesses understand the real benefits we can bring to them.

PATRICK MAGEE CHIEF COMMERCIAL OFFICER AT THE BRITISH BUSINESS BANK

Delivering the £250million Midlands

Engine Investment Fund to businesses across Nottinghamshire and the Midlands.

“We are extremely proud of the £1.2bn that the bank has invested in the Midlands economy so far and, thanks to the Midlands Engine Investment Fund, there is more to come. This £250million fund is designed to support businesses across the region, including Nottinghamshire, especially those fast-growing companies looking to scale up.

The main aim of the British Business Bank is to plug the gaps in the UK funding landscape and to address regional inequalities. These discrepancies are no more apparent than in the current allocation of equity finance across the UK. While the Midlands commands 15 per cent of the UK’s high-growth businesses, in 2016 it attracted five per cent of SME equity investment by a number of deals, and just two per cent by value. We’re working to remedy this.

The Nottinghamshire economy is a hotbed of innovation and boasts a number of sector specialisms spanning across technology, gaming and life sciences, all supported by its world-class universities. Supporting research and development and, crucially, job growth, will help deliver positive impacts for local communities and open up international export opportunities.

I’m a big believer in the various regional initiatives that are taking place throughout the UK and the Midlands Engine can drive huge economic benefits by uniting skills, talents and specialisms across the region. By encouraging collaboration and delivering a shared voice for its businesses, it can act as one economic unit to drive change, deliver growth and attract investment.”

08


GEOFF LOVE CEO OF ESENDEX

Esendex has moved from an entrepreneurial start up to a mature growing business with its roots very

much in Nottingham.

One of the biggest contributing factors to the fast growth of Esendex has been our private equity backing which has allowed us to expand as the opportunities have arisen. It hasn’t just been the finance that has enabled us to do this but also the strategic vision and mind-set of our investors. As a business we acknowledged the fact that we needed this type of guidance and advice, and as a result of this, it has allowed us to make a number of acquisitions and open a number of doors which wouldn’t have been possible without this support. In 2017 we have taken our second round of investment from HG Capital to continue our strategy to become Europe’s No.1 provider of business messaging.

We focus a lot on bringing people in at a graduate/junior level and upskilling them to suit the growing needs of the business. Finding developers can often be a challenge but this is a trend seen across the board as there are only a finite number of people with the skills we need. Saying this, I think it is important to have a certain level of churn within a business – bringing in new blood keeps things fresh and dynamic.

Being based in the centre of Nottingham, the home of two major universities, means we have had access to quality graduate talent which has been beneficial, and we continue to work closely with the

universities. However, Nottinghamshire may have become a victim of its own success when it comes to the technology sector as the employment market is fairly saturated; retaining talent has become increasingly difficult. We are known to have high quality employees and training standards, which attract recruits, but our employees are often seen as a valuable asset for others to acquire. It is also likely that with all these firms chasing the same talent there will be an inflation of wages to come.

Brexit is another challenge but there is too much uncertainty around it to know how it will affect us. We do a huge amount of business in Europe and we require the ability to move data, capital and people around which at the moment relies on standardisation of regulation – however this could all change. This may also affect the number of European people available to us here in Nottingham, essential for us to succeed in Europe.

With regard to government policy, I believe that as a fast-growth mid-market business we are at times overlooked and we have received little support from local authority organisations. The government and media are too focused on the start-up businesses when in reality there should be a lot more focus on those businesses scaling up as we are creating the most revenue and the most jobs. There are investment funds available but they are generally too small to make a real difference to a business of our size.

Our vision for the business is to be Europe’s number one – Brexit won’t stop this but it will make it harder. Europe is a great market for us and we don’t currently have plans to

expand further than that. We are not far off this goal and have a number of M&A projects in the pipeline to help us get there.

We are one of a few businesses in our market who have a multinational presence. Our strategy when acquiring businesses is to keep the brands as they are because they resonate with local markets but we apply Esendex principles in areas such as sales and marketing, development etc. to ensure these businesses thrive as part of our group. These acquisitions will also create jobs locally in Nottingham as we run a lot of our operations centrally. In 2017 we created €75m in revenues and over the next few years we want to see a clear pathway to how we will increase this to €200m.

If I had to give advice to other businesses wanting to scale-up, it would be to place less emphasis on ownership and control of the business because, by losing some of this you can often gain so much more. Business leaders should consider who can help them the most and open the right doors rather than trying to do everything themselves – my experience has been if you are doing things right then your investors won’t interfere.

Keep your business scalable and do the right thing for your customers and the business enjoys success. We want to continue to help our customers by making them better at communicating with their customers.

CONTINUED PROGRESS

Trent Bridge

09


Nottingham High Street

BILL WYNN CFO OF MICROLISE

Microlise initially started as a firm who provided warehouse management software and we have now

transitioned into providers of telematics solutions to the transport sector. Our product is not just a piece of technology; it is a solution to our customers’ challenges and we work hard to provide our customers with a great service, both of which give us a clear competitive advantage in the sector.

We have continued to innovate and enhance our product. We develop both our own software and hardware that are rich in functionality, we are technical experts and this is something customers really value.

We have historically won a number of retail contracts and are now used by 13 of the 15 top supermarket retailers in the UK; we also have contracts with JCB and have recently set up approximately 140 staff in India to support our work with TATA. Our solution is currently used in 193 countries and translated into 24 different languages – we are lucky that we have an international presence without necessarily having to set up in all those locations.

Our location in Nottingham is useful with regards to being central and having great transport links to our customers throughout the UK. We work closely with the local universities on a number of projects as well as for recruitment. We have also received support from the Chamber of Commerce regarding exporting and setting up business internationally. I believe that being based in Nottinghamshire rather than in London, or

in the middle of a city has led to us having relatively low staff turnover which often enhances a business.

We are faced with challenges in Nottingham though, which are probably seen across the board – the number one being recruitment of technical skills. We often struggle to find the right candidates and there are a number of larger companies in the region looking for similar talent.

Brexit is another potential threat but it could also be an opportunity. We are more likely to be affected indirectly by our customers and what changes mean for them rather than directly. However it is likely to change the transport sector considerably, it could also have pricing implications. We were planning to expand overseas into France regardless but Brexit has been the catalyst that has made this happen sooner rather than later, it will be helpful to have a European presence.

With regards to Government we have had support centrally and utilised a number of government grant schemes – however it still seems there needs to be more focus on the fast growth businesses like us who are creating more revenue and jobs rather than always the larger or start-up businesses. We also want to keep seeing government focus on the transport sector as it has changed a lot in recent years and we still want to see support there.

With regards to the future, up until now we have grown organically but we are planning some M&A activity which will help us grow further - this activity may take place internationally. We have some great opportunities to work with public sector organisations and blue light services. We have historically been a firm who take risks and have been quite brave with our decisions which has paid off. We also want to continue to be innovators in our sector.

If I was to advise a growing firm on how to continue to do so, I’d tell them to ensure they develop their products and solutions always with their customers in mind and never lose sight of what they want and need.

top 50

o

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Who’s making waves in the Nottinghamshire business world? Here are the region’s 50 fastest-growing mid-sized businesses based on turnover growth in the last three years for which data is available.

TOP 50 listings and analysis

company districtturnover

(£‘000)average growth sector

1 Baxter Freight Limited Nottingham 10,132 306% Support services & transport2 SDL Property Services Group Limited Nottingham 38,051 118% Real estate & construction3 Esendex Topco Limited Nottingham 26,590 104% Technology & media4 Skills Leisure Limited Bulwell 21,082 96% Leisure & hospitality5 Neil Shacklock Plumbing And Heating Contractors Limited Sutton-In-Ashfield 21,819 93% Support services & transport6 UK Waste Solutions Limited Newark 24,759 90% Support services & transport7 Ideagen PLC Ruddington 27,112 88% Technology & media8 Funeral Partners Limited Nottingham 32,336 87% Retail9 Robert Woodhead Holdings Limited Mansfield 52,792 86% Real estate & construction10 Rock Civil Engineering Limited Nottingham 16,370 85% Support services & transport11 Paragon Interiors Group PLC Nottingham 54,038 84% Manufacturing & industrial markets12 Teampartner Limited Worksop 16,510 83% Manufacturing & industrial markets13 Collins Earthworks Limited Kirkby-In-Ashfield 34,598 78% Retail14 Microlise Group Holdings Limited Eastwood 41,224 74% Technology & media15 The Mellors Group Limited Arnold 15,147 72% Leisure & hospitality

16 Northfield Holdings Limited Newstead Village 30,113 69% Real estate & construction17 Whitemeadow Group Holdings Limited Sutton-In-Ashfield 43,692 67% Manufacturing & industrial markets18 Freeths LLP Nottingham 65,283 62% Professional services19 Barrowcliffe Limited Nottingham 14,748 62% Retail20 RH Development (Property) Limited Nottingham 21,387 62% Real estate & construction21 Leisure Furnishings Limited Long Eaton 14,809 60% Manufacturing & industrial markets22 Harmor Limited Grantham 21,206 59% Manufacturing & industrial markets23 Chauvet Europe Limited Nottingham 15,961 58% Manufacturing & industrial markets24 Purico Limited Nottingham 74,422 58% Manufacturing & industrial markets25 Addo Food Group Limited Nottingham 236,441 55% Manufacturing & industrial markets26 D S L Group (Nottingham) Limited Nottingham 15,292 54% Retail27 Flint Holdings Limited Newthorpe 16,322 50% Support services & transport28 Sygnature Discovery Limited Nottingham 12,531 46% Technology & media29 Frank KEY Group Limited Nottingham 28,692 45% Manufacturing & industrial markets30 Antony Grice (Plumbing & Heating) Limited Stapleford 20,401 45% Utilities 31 Premier Moves Limited Nottingham 23,640 45% Support services & transport32 Sygil Group Limited Nottingham 12,330 44% Technology & media33 B.G.B Engineering Limited Grantham 20,540 42% Manufacturing & industrial markets

34 J Tomlinson (Holdings) Limited Beeston 72,246 42% Real estate & construction35 Jephsons Shopfitters Holdings Limited Mansfield 11,008 42% Real estate & construction36 A.L.D. Holdings Limited Calverton 11,819 41% Support services & transport37 White Capstan Limited Nottingham 168,083 39% Manufacturing & industrial markets38 Clearmark Solutions LLP Annesley 14,089 38% Technology & media39 Camper UK Limited Mansfield 16,738 38% Support services & transport40 Ambitions Personnel Limited Sleaford 62,331 37% Professional services41 Wattbike Limited West Bridgeford 10,066 37% Manufacturing & industrial markets42 Green Planet Products Limited Sleaford 36,176 37% Support services & transport43 Mondottica Limited Nottingham 19,923 37% Retail44 Sigma Precision Components UK Limited Sandiacre 21,958 36% Manufacturing & industrial markets45 Hosting Developments Limited Newark 62,005 35% Retail46 Briton Fabricators Limited Nottingham 16,477 35% Real estate & construction47 Bridgebank Limited Mansfield 42,989 33% Real estate & construction48 Global Fire Systems Limited Nottingham 21,367 33% Support services & transport49 MSW Limited Long Eaton 12,776 33% Real estate & construction

50 Caunton Engineering Limited Newthorpe 58,736 31% Manufacturing & industrial markets

THE NOTTINGHAMSHIRE

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YOUR BDO NOTTINGHAMSHIRE TEAM

Our commitment to Nottinghamshire is reflected in the breadth and experience of our team and the fact that we work and live here.

We pride ourselves in being able to offer all the ingredients for excellent client service with our resources in the county, while providing the regional, national and international support you would expect of a major global firm.

RICK WILSONPARTNER

[email protected] +44 (0)7887 787 620

TOM PREECESENIOR MANAGER

[email protected] +44 (0)7813 353 605

BEN PETERSONSENIOR MANAGER

[email protected] +44 (0)7713 155 790

TRACY JENNINGSASSOCIATE DIRECTOR

[email protected] +44 (0)7812 983 326



12

SELECTING THE SAMPLE

The companies included in the Nottinghamshire Growth Barometer Report were selected by conducting an initial search of FAME for companies with both a registered of office and trading address in the Nottinghamshire postal areas (‘the region’).

We eliminated any companies that have a parent company, where there are consolidated financial statements produced, also based in the region, so that there is no duplication of data in our sample. We also eliminated companies that were judged not to be trading or controlled within the region.

The ‘current period’ financial information is based on latest filed accounts available on FAME as at 3 September 2017 .

To produce the financial information, we simply took the last three years’ worth of turnover data and calculated a year-on-year average growth, before calculating an overall average growth rate.

We eliminated companies where there was less than three years’ worth of turnover data available or where there had been negative growth in any year. Depending on the accounts filed, some of our figures will be based on consolidated accounts and some on entity-only accounts.

In addition, some of the financial information will be based on UK Generally Accepted Accounting Principles accounts and others will be based on International Financial Reporting Standards accounts.

The financial information in this report has been compiled exclusively from publicly available information under the key assumptions and limitations outlined above. It has been designed solely to illustrate trends in the financial performance of a representative sample of companies in the region.

BDO has not carried out any verification work on the financial information in this report and gives no opinion on the financial information. BDO makes no claims, promises or guarantees about the accuracy, completeness or adequacy of the contents of this report.

No reliance should be placed on the information contained in this report and, to the fullest extent permitted by law; BDO does not accept or assume any responsibility to anyone for the information contained in this report.

BDO has made a number of judgements in aggregating the information into a consistent format. BDO does not, and cannot, warrant the completeness or accuracy of the adjustments made during the aggregation.

Robin Hood statue outside of Nottingham Castle Photograph by Mike Peel (www.mikepeel.net)

This publication has been carefully prepared, but it has been written in general terms and should be seen as containing broad statements only. This publication should not be used or relied upon to cover specific situa-tions and you should not act, or refrain from acting, upon the information contained in this publication without obtaining specific professional advice. Please contact BDO LLP to discuss these matters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any responsi-bility or duty of care in respect of any use of or reliance on this publication, and will deny any liability for any loss arising from any action taken or not taken or decision made by anyone in reliance on this publication or any part of it. Any use of this publication or reliance on it for any purpose or in any context is therefore at your own risk, without any right of recourse against BDO LLP or any of its partners, employees or agents.

BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members’ names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business.

BDO is the brand name of the BDO network and for each of the BDO member firms.

BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms.

Copyright © January 2018 BDO LLP. All rights reserved. Published in the UK.

www.bdo.co.uk

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RICK WILSON+44 (0)115 962 [email protected]

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