An analysis of the UK’s fastest growing businesses has revealed five organisations which have gone from strength to strength and continue to thrive since launching themselves around the time of the Brexit referendum on 23 June 2016.
It has been more than a 1,000 days since the vote to leave the European Union. Global business intelligence experts, Creditsafe has uncovered which of the UK’s businesses created around the time of the referendum have been able to buck the trend and achieve success in the wake of uncertainty while Brexit talks have been ongoing.
The analysis took into account a number of factors including; asset growth, employee expansion, funding and investment figures, in addition to external third-party review aggregators.
Included in the list are parent connection app, Mush, AI tech innovators, Graphcore, plant e-commerce store, Patch, shared childcare service, Koru Kids, and vegan restaurant chain, The Vurger Co. Each of these businesses have all achieved significant levels of success and growth in the time Theresa May and her government has seemingly achieved little movement when it comes to Brexit conversations.
- Mush, an app that’s been described as ‘Tinder for mums’, allows parents to connect locally and has grown from an initial Crowdcube investment of over £920,000. As of the end of 2018, Creditsafe data indicates their assets to be around £1.5m and they have grown to over 20 employees.
- Bristol-based Graphcore was established one month before the referendum vote and created a new processor specifically designed for artificial intelligence. They have now grown to over 180 employees and the business was valued at the end of 2018 at just over £1.28bn.
- Founded in May 2016 by Freddie Blackett and Ed Barrow, Patch helps people find the best indoor and outdoor plants for their space, delivers them to their door and helps them look after them. The business, which helps to create urban gardens in residential and commercial spaces, now employs more than 25 members of staff and has raised over £3 million in venture funding.
- Koru Kids, a London-based childcare provider, provides a ‘match-making’ style service for families and potential nannies. The company, founded by Rachel Carrell, has already attracted the attention of Gumtree founder Michael Pennington, who has invested £600,000 into the business. In 2018, Koru Kids employed more than 150 people, with total current assets of £3.8 million.
- With restaurants in Shoreditch and Canary Wharf, The Vurger Co is a 100% vegan fast food business set up originally as a market stall by Rachel Hugh and Neil Potts shortly after the referendum. The company continues to develop its brand and fan base in the capital, recently securing £600,000 from investors.
Rachel Hugh, co-founder at The Vurger Co said, “On a human level, Brexit has definitely affected our team members who are from the EU; they have worries and concerns about what is going to happen, and what it means for them and generally look to us for answers that we are unable to give.
“On top of that, being a small start-up restaurant business, accessing finance is virtually impossible; no banks truly want to help a brand new business thrive, even one that immediately employs those who might not have had the opportunity to work elsewhere. We truly believe that the uncertainty of what is happening with regards to Brexit has definitely exacerbated these pressures.
“The whole reason we have managed to get to this point really has been the ability to build a business with authenticity. You can step into any industry you’d like with any level of qualifications, however, if your story doesn’t add up or you don’t have roots that can solidify your actions, the customer can see through this pretty quickly.”
Cato Syversen, Global CEO at Creditsafe said, “As individuals, we can achieve a lot of personal goals in 1,000 days. However, entrepreneurs and business-minded people, often have a further drive and desire to grow despite adversity. With an economy constantly in flux, it has been a difficult environment to incubate business growth, but it’s clear that with a clear vision and a determination to achieve, businesses can continue to grow exponentially, with some even expanding into Europe during this unstable period.
”We wanted to highlight what can be achieved by British businesses in roughly the same amount of time the Government has had to organize a British exit from the EU, especially when many people are feeling disconnected with politics and those involved in organising Brexit. It also highlights the importance of having a clear vision and an agreed strategy in place, something that I think the government could learn from.”