MORE than 300 innovative firms in the region grew enough to gain Scaleup recognition.

Scaleups - defined as a business growing in size or revenue by more than 20 per cent over the last three years - now number 375 companies in the Swindon and Wiltshire region.

Swindon and Wiltshire scaleups are employing a total of 31,000 staff and their turnover is now worth £11.9 billion, according to research by the ScaleUp Institute, based on the latest 2017 Office for National Statistics data.

The top five scaleups by employment growth are Animal Friends Pet Insurance, Wiltshire Concrete, Tithegrove, TMTI and Red House Foods, while the top five for turnover growth are Atlas Genetics, MyOptique Group, Tithegrove, Big Van World and REPL.

Big Van World, a used van company based near the A419, was able to get £2,000,000 of investment last year to expand its site in Cricklade.

Irene Graham, ScaleUp Institute chief executive, said: “Scaleups are the engine drivers of local economies; they are twice as innovative as large firms, employ twice as many apprentices, are twice as likely to be operating in international markets, and, significantly, they create high quality jobs.

"Their aspirations remain high. According to our recent ScaleUp survey eight out of ten expect to scale again in 2019, generating £1.5 billion more in turnover and creating an extra 7,000 jobs."

Although the report highlighted key barriers to growth, such as access to UK markets, infrastructure, and easier access to support from peer-to-peer networks with helping them get public sector funding for innovation.

Wiltshire-based Inspire provides mentoring and support through a business network.

Rob Perks, chief executive of Inspire, said “This latest report provides very encouraging news on the growth in scale ups across the country with all the benefits that brings to the UK economy – especially helpful at this uncertain time.

"As the provider of Scale Up support in Swindon and Wiltshire, we are especially pleased to see our LEP area in the top five areas for growth in employment scaleups.”