Edinburgh tops list of cities with high-growth businesses outside London

Edinburgh has topped a list of cities outside London which have the highest number of fast-growing businesses.

A report from Barclays said Scotland’s capital was ahead of Manchester, Leeds and Bristol for high-growth businesses, with a particularly high number of tech companies.

The report said 621 high-growth companies were based in Edinburgh, 280 of which are in the technology sector.

Investors have backed Edinburgh tech companies with £940m since 2011, the report says, while universities have produced 83 spinout businesses.

The report was produced by Barclays Eagle Labs, a national network of business incubator spaces, and the business database Beauhurst.

Jon Hope, director of Eagle Labs, said: “Our mission at Barclays Eagle Labs is to help support entrepreneurs and high-growth start-ups by providing them the tools they need to grow their business and by bringing together a range of actors to help nurture and grow local tech ecosystems.

“Every region in the UK has the presence of at least one high-growth technology cluster.

“However, data from Beauhurst found that seven out of the top 10 local authorities by number of high-growth tech companies were in London.

“We hope that with support from networks like Eagle Labs, towns and cities throughout the country can reap the benefits that strong local tech ecosystems can provide.”

Responding to the report, UK digital minister Chris Philp said: “Business is booming in Edinburgh and as these brilliant new figures show, the city is rapidly becoming one of the UK’s leading technology hubs.

“Capitalising on the huge potential of tech to create jobs and wealth is a crucial part of our mission to level up, so we are backing businesses across Scotland with pro-innovation policies and supporting people to get the skills they need to succeed in this dynamic industry.”