The past year has come with its challenges; in 2023 businesses have faced rising costs of living and inflation.
However, despite this tumultuous landscape the South West has continued to be a hotbed for innovation and entrepreneurship, and the region is looking forward to this year.
Here, we have rounded up 24 businesses to look out for in 2024.
Business West
Managing director of Business West, Phil Smith said that businesses want “certainty and stability with infrastructure that actually works” in 2024.
Business West, an organisation with roots stretching back nearly 200 years, that gives voice to, supports and lobbies on behalf of the wealth creators who are, after all, the building blocks of the region’s economy. Said that businesses need to feel that the government has a “clear plan” that will help them grow.
Mr Smith continued: “They also want council planning departments that work for them far more quickly and an electricity power grid that can also cope with their growth.”
He added: “Here in the South West, we are often critical that this region is not being centre stage in terms of shouting about our great businesses.”
“In order to get real recognition from government we do need to start acting like we are a powerhouse rather than just wanting it conferred on us. We certainly don’t deserve to be regarded as a powerhouse unless we really have something to add value to our regional economy. What we need to have is big, bold ideas in 2024.”
Wavelength Media
“Inspiring people to get outdoors, be healthy and live sustainably”, in recent years the surf publication turned events company has launched a successful festival and environmental summit.
Woolacombe’s Spring Classic Festival returned for a second year in 2023, supporting and protecting the North Devon coastline, which was named a World Surfing Reserve. While the third Blue Earth Summit in Bristol saw speakers such as Dragon’s Den Deborah Meaden take to the stage.
Looking forward, Wavelength Media continues to promote, champion and support businesses that want to better for local communities and the environment.
Avanti Communications
Provider of satellite technology, Avanti Communications, launched in 2002. The company operates a fleet of four Ka-band satellites offering 50Ghz capacity and a fully licensed, secure ground network of seven Gateway Earth stations.
Operating across eight countries, it is its site in Cornwall that is at the epicentre of what Avanti does. In 2023 the company embraced the government’s introduction of a new degree apprenticeship in space engineering.
BusinessLive visited the team at Goonhilly Earth Station Helston to find out more in October 2023. Debbie Mavis, group HR director at Avanti, told us that the company is committed to increasing diversity and embracing the youth going forward.
TLT
Law firm TLT was recognised in the top 75 employers in the Social Mobility Employer Index 2023.
The Bristol-headquartered firm is now ranked 47th in the index, moving up 17 places from 64th in 2022. The index, founded in 2017, showcases businesses that have demonstrated continued commitment to improving social mobility and accessibility into the legal profession.
The news follows the introduction of several impactful initiatives aimed at improving social mobility, inclusivity and diversity at the firm including setting a target of achieving 35% ethnic minority representation across its early career roles (trainees and apprentices) to be achieved by October 2030.
Gardiner Bros & Co (Leathers)
Gloucester-based global footwear and clothing distributor Gardiner Bros & Co (Leathers) won the Environmental and Sustainability Award and Business of the Year at the GloucestershireLive Business Awards 2023.
Judges were impressed by the firm’s commitment to improving its sustainability efforts and reducing its impact on the environment.
The brand said: “We are ecstatic to announce that we took home 2 awards on the evening for Environmental & Sustainability and the highly-acclaimed Business of the Year Award for 2023. We were also finalists for the Growth Award. We extend our gratitude to our customers for your continued loyalty and our employees whose efforts are truly appreciated.”
Rugrats and half pints
Gloucestershire’s indoor soft play centres, Rugrats and Halfpints won Small Business of the Year at GloucestershireLive Business Awards 2023. The business was shortlisted for a handful of the awards.
Owner and managing director Caroline Bevan was also one of 30 business women out of nearly 1000 entries in the final of the 2023 everywoman awards. She was runner up for the Mumpreneur Award.
Bristol Airport
2023 was a huge year for Bristol Airport and 2024 looks to be the same for the South West transport hub. Work is officially underway for the £60m investment, which will see the introduction of a public transport interchange hub and multi-storey carpark that will enhance services and accessibility for customers.
The project will include improved customer facilities such as waiting rooms and rest facilities. It forms part of the airport's plan to enable 12 million passengers a year to use the airport.
Dave Lees, chief executive at Bristol Airport, said: “This project is transformational for our customers. It is the largest single capital investment project since the terminal opened in 2000 and will take 18 months to complete.”
Babcock International Group
As global conflict continues Babcock has been securing more contracts and is predicting growth in the new year. The defence engineering giant signed a four-year £750m contract with the UK Ministry of Defence’s (MOD) Submarine Delivery Agency (SDA).
David Lockwood, chief executive at Babcock International Group said: "We have made a strong start to the year, as we continue to build on the exciting momentum we see across the Group. We are delivering for our customers, reducing risk and positioning for growth through a number of significant new global teaming agreements.
"We have a clear capital allocation policy, which is providing the Group with the flexibility it needs to capture the growing number of value creation opportunities we see ahead. We are reinstating our dividend following a four-year hiatus, reflecting our confidence in the future, and our expectations for the full year remain unchanged."
Finisterre
The surf and outdoor clothing brand launched its Yulex wetsuits on a rental platform Hirestreet in 2023 and told BusinessLive that it is working with Exeter University to create a fully recycled wetsuit.
In 2024 the brand, which is headquartered in St Agnes, Cornwall, plans to open its first offering in the US.
Looking towards the future, founder Tom Kay told us: “It has the same energy now as it had when it was three or four people 20 years ago. So I’m so proud of keeping that down to earth driven mindset in the business.”
Healeys Cornish Cyder Farm
In 2023 the Cornish cider farm invested more than £5m into its operations. The family-run business will invest into its production infrastructure and onsite visitor experience; doubling its processing capacity with the introduction of new apple bays, a water transportation system and an additional press.
In addition, Healeys which is best known for its 'Rattler' cyder expanded its portfolio with the purchase of Gylly Beach Café in Falmouth. The team will start looking into new plans for the premises in 2024.
Lush
Cosmetic retailer Lush confirmed it is projected to spend £10.6m in its UK shops before the end of the financial year. The Dorset-headquartered brand hopes this investment will expand its number of retail shops, relocations and improvements to existing stores, plus elevate its customer experience.
Lush head of retail stores UK & Ireland, Kasey Swithenbank, said: “We know that physical retail spaces contribute to lasting memories. There are certain times throughout our lives that require physical retail, the purchasing of a wedding dress, buying your child’s first pair of shoes, going out shopping with friends for the first time as a teenager.
“At Lush, we’re committed to creating spaces that contribute to our customers being able to create lasting memories with their friends and family and our blend between traditional retailing and experiential retailing highlights this.”
Wildanet
The Liskeard-based tech firm had a year full of growth and innovation in 2023. The broadband provider received a £50m investment to "turbocharge" its full fibre gigabit rollout across Devon and Cornwall.
As the firm moved into new premises in Devon it announced the creation of 60 new jobs. This was coupled with chief executive Helen Wylde being appointed to a national business body launched by the British Chambers of Commerce to work in partnership with the government and politicians of all parties to drive the future of the economy.
She said: “The insight and experience of values-led businesses such as ours and from regions like Cornwall, Devon and the wider south west should be part of any national conversation around inclusive, sustainable growth.
“I’m delighted to have been asked to join the Business Council and to contribute to the important role it will play in helping shape a successful future for the UK economy.”
Matter
Bristol-based Matter creates solutions for capturing, harvesting and recycling microplastics. The firm secured huge amounts of funding throughout 2023.
Looking forward, Adam Root, founder and chief executive of Matter, said: “Matter’s vision is to live in a world without micropollutants. We knew from the start that as a small company intent on tackling this global problem, we’d need to work with partners who have the scale, vision, and resources to help us deliver our technology as quickly and effectively as possible.
Eden Project
The iconic tourist attraction in Cornwall is constantly striving and researching. But 2023 saw the nature project rebrand and launch a new wildflower company to tackle the biodiversity crisis. It also took part in the first deep geothermal heat project since 1986.
As we head into 2024 Eden Project is looking to further its new sites in Dundee and in the North West. This in addition to increasing its presence in China.
Founder Sit Tim Smit KBE told BusinessLive : “We’ve got projects in China that we are working on and that are opening next year (2024). It’s huge and it’s focusing on water. It’s really exciting and it’s been really exciting working with the Chinese. We are 80% finished.”
Hydrogen South West -
The South West is a hotbed for hydrogen research. The launch of the Hydrogen South West cluster includes Aerospace giants Airbus, GKN Aerospace, Bristol Airport, airline Easyjet, Bristol Port consultants and engineers Costain and Wood, Hynamics, energy giant EDF’s hydrogen subsidiary Hynamics and Wales and West Utilities.
Wales and West Utilities found hydrogen could create up to 40,000 new jobs and bring up to £62bn of investment to Wales and the South West.
Head of net zero and sustainability Matthew Hindle told BusinessLive : “What we are excited about is the potential to make a real difference and the opportunity that we have through the work we are doing is to ensure that we have low carbon solutions for every sector that rely on gas and rely on the role that gas plays in the energy system.”
Rockit Rocker
Bristol-based baby device firm Rockit Rocker was awarded the Department for Business & Trade Exporter of the Year Award at the Lloyds Bank British Business Excellence Awards 2023. The company which creates sleep aids for infants was praised by Chancellor Jeremy Hunt at the awards.
Sarah Austin, director of British Business Excellence Awards 2023 said: “If anyone has a little baby around the house, then these products have probably been recommended to you! The Rockit Rocker team have clearly and emphatically demonstrated sustainable export growth and a clear increase in revenues from overseas operations, making them worthy winners of the Department for Business & Trade Exporter of the Year Award.”
Cribbs Causeway
Cribbs Mall, outside of Bristol, said it is excited for the New Year, “following a successful 2023” in which 36 leasing transactions took the West Country shopping centre to almost 100% occupancy.
James Osbaldeston, Asset Manager at Pradera Lateral, said: “The past 12 months have been hugely successful for Cribbs Mall and the surrounding area. It has been great to welcome strong retail brands such as Victoria’s Secret, Charles Tyrwhitt, and Greggs, as well as growing operators including Clogau and Mooch.
“It has been particularly pleasing to see so many of our popular retailers commit their futures to Cribbs Mall, in particular Phase Eight and Wagamama, both of which have increased their presence at the centre by taking more space. We look forward to working with our existing and future operators to ensure Cribbs Mall continues to provide an environment which supports their needs and ensures they continue to trade successfully.”
Cornish Lithium
Penryn-based mining company Cornish Lithium is building a lithium extraction plant. In 2023 it received £53.6m initial investment from a group of institutional investors led by the UK Infrastructure Bank, alongside The Energy & Minerals Group and TechMet. The group also experienced significant growth in final quarter of the year.
Jeremy Wrathall, founder and chief executive commented: “We are delighted with progress during this quarter and the momentum this will generate into 2024. Development work at Trelavour continues apace and we look forward to progressing the Feasibility Study with Ausenco in the New Year. We are pleased to have commenced test drilling for geothermal waters at our Trelavour site and await the final results from our drilling programme at Blackwater."
He added: "Now that Cornish Lithium has secured its landmark funding package, I believe that 2024 will be a pivotal year with the Trelavour Demonstration Plant being commissioned and the Feasibility Study underway. We will continue to explore the potential for lithium and geothermal energy across Cornwall and are excited that our fifth test borehole is currently being drilled. We continue to evaluate the optimal extraction process for lithium from geothermal waters and look forward to building a Demonstration Plant in the near future.”
Albert Goodman
South West accountancy firm Albert Goodman ended 2023 on a high by finalising two company sales worth more than £6.5m. The last year saw the Taunton-headquartered firm open a new office in central Bristol and accelerate its growth ambitions within the city and beyond. The firm also secured B Corp status due to its enhanced commitment to environmental and social goals.
Iain McVicar, managing partner at Albert Goodman said: “In 2024 we are looking to widen our impact by making the B Corp principles a conscious and purposeful part of what we do. We intend to do this by joining forces with other B Corps and increasing our client’s and people’s understanding of what it means to be a B Corp.
“This will form part of the new year learning and development plan for our people in 2024 which is another of our key focus areas. We are already members of the 5% club and heavily invest in apprenticeships for our people, but we are also keen to ensure that those not on a trainee programme are also invested in and are developing along with our business. In order to deliver an excellent client experience, we need to ensure that our people have a future ready skill set and with the recruitment of a new learning and development resource from January, we are going to start to deliver on this.
Mr McVicar added: “Looking ahead to 2024, we are planning to continue growing organically as part of our key strategic aim of being an independent firm with a strong regional identity. Another big trainee intake will mean we will continue to provide great career paths for people.”
Huboo
Bristol tech firm Huboo announced 130% growth over the past 12 months. The company - whose technology enables online retailers to access and complete end-to-end fulfilment operations - said it had brought it more than £20m in new business, adding 1,100 new clients to its portfolio.
Martin Bysh, co-founder and chief executive of Huboo, said: “At a time when the warehousing and fulfilment industry has come under fire for harsh working conditions leading to employee strike action, we are incredibly proud to be bucking the trend and proving that the sector can be a dynamic and thriving space, offering meaningful career paths.
“We’ve worked hard to create an environment that is not only good for business and our clients, but also for our people. Our employee turnover rate is almost 0%, far lower than the industry average of 37% - and I’m a firm believer that the satisfaction of our warehouse teams directly leads to the outstanding level of service we deliver for our customers.”
IMP Software
IMP Software, specialists in budgeting, forecasting and reporting software for multi-academy trusts, has said 2023 was a year of growth. The company, which is headquartered in Exeter, but operates a team nationwide, ended the year with 370 MATs, including 57% of large trusts. The team has also grown from 42 to 70 staff in 12 months.
IMP Co-Founder Will Jordan: “It has been another fantastic year for IMP Software as we build software specifically for MATs that transforms how they manage their budgets. We exceeded our target on sales of IMP Planner, our budgeting, forecasting and reporting tool, and the pipeline is exceptionally strong as we begin the New Year. 71 MATs, across over 800 schools, have already snapped up IMP ICFP since June which underlines the trust schools are placing in IMP.
“We are now working with most MATs across the country and we take this responsibility seriously. I could not be more proud of the team and I am very grateful for all of the support from customers and partners along the way.”
Ambitious
B2B and corporate PR and communications specialists, AMBITIOUS closed 2023 celebrating two new strategic hires and seven new business wins. The Bristol-based agency expanded last year to 27 staff, and said it is on track to meet its £1.65m revenue target.
Sarah Woodhouse, director, AMBITIOUS, said: “We’ve seen the same challenges as other agencies with a lag between briefs being awarded and work then starting but we’ve had a strong new business pipeline. The ink has dried on seven new contracts in the last quarter of this year alone and together with strong client retention, puts us in a strong position for 2024.”
Ms Woodhouse continued: “CEOs are striving to build trust signals with customers and prospects, driving up the need for third-party endorsement. We’re seeing growth from organisations that want to build understanding and earn these trust signals from a range of audiences – and we have a key role in driving these strategic communications. We’ve also seen uptake for our work supporting companies to integrate their marketing and PR efforts.”
Lloyds Commercial Banking
New research from Lloyds Bank has found that two fifths (41%) of South West firms are making New Year’s resolutions to improve their productivity, as businesses signal confidence in more positive macroeconomic conditions ahead. This optimism about the future comes after 2023 being a tough year for businesses, as they faced high inflation and a “sluggish economy”.
Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: “While this year has had its challenges, the recent fall in inflation and stabilisation of interest rates are helping to create an environment where South West firms are feeling more confident to take steps to boost their productivity and target growth.
“It’s encouraging to see firms in our region setting ambitious plans for 2024. Hopefully the New Year will see demand for our world class tourism and hospitality services improve further, and help fuel growth across the region next year.”
Portland Port
Also in Dorset, Portland Port hailed 2023 as a “record year”, welcoming more than 130,000 passengers - the largest number in its 27-year history - on 56 ships over eight months from April to November 2023.
Visits to the port in South Dorset made a contribution in excess of £10m to the local economy. In addition, the port’s £26m investment on its deep water berth allowed it to welcome larger vessels.
Ian McQuade, Portland Port’s commercial general manager and chair of Cruise Britain, said: “Planning for the 2024 season is already well underway. We have cruise calls planned for 10 out of 12 months next year with an early start to the season in February.”
He added: “Next year looks set to be another busy and successful season in the development of the cruise industry in Dorset and we look forward to sharing more details about our exciting plans in due course.”
