Large businesses in the South West are growing significantly faster than the UK average, with 121 companies achieving annual turnover growth above the national median rate of 10.5% between 2021 and 2024.
The firms, concentrated in clusters across Bath, North East Somerset, Swindon, Wiltshire and Bristol, outpaced overall UK economic growth of 7.73% over the same period, according to HSBC UK’s latest Corporate Tracker.
The research found that 45% of the region’s fastest-growing large businesses are located in these clusters, with many operating in sectors identified by the Government as key to long-term productivity, including digital and technologies, advanced manufacturing, and professional and business services.
Mark Timms, head of corporate banking, Midlands & South East at HSBC UK, said: “The performance of a relatively small number of large businesses will be critical to the success of the UK’s Industrial Strategy. Our research shows that the clusters we’ve identified in Bath, North East Somerset, Swindon, Wiltshire and Bristol will play a central role in the UK’s future competitiveness.”
Growing businesses in the region include Immersive Labs and Plessey Semiconductors.
The research also found care home services, management and development are increasingly appearing among growing corporates, aligning with structural demographic pressures as the UK’s ageing population continues to support demand for expanded care infrastructure and services.
Corporates represent just 0.39% of all active UK businesses yet employ 45% of the workforce. These large companies account for around 70% of total employment amongst companies operating in the Government’s eight future-focused sectors.
Timms added: “The UK economy is at a turning point and decisions taken here on investment, skills, R&D and supply chains will materially influence whether the UK meets its long term economic ambitions. That’s why HSBC UK is working closely with many of these South West corporates and their supply chains to support their continued growth.”
The biannual tracker uses Beauhurst data drawing on the most recent financial disclosures.
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