A comprehensive analysis from the National Endowment for Science, Technology and the Arts (Nesta) reveals that one in twelve companies in the city which employ ten or more people are classified as high growth.  In order to meet this criteria firms must have increased their number of employees by at least twenty per cent for each of the last three years.  Geoff Mulgan, the chief executive of Nesta, said that the analysis showed the importance of high growth businesses to future economic growth.  He said that although they make up only 7% of all UK firms, they generate around half of all new jobs and are particularly resilient during a recession.

Mark Froud, the chief executive of Sussex Enterprise, the county’s chamber of commerce, said that the report highlights the fact that Brighton Hove has some of the most resilient, fastest growing, innovative businesses in the country.  ‘These businesses are the future drivers of the UK economy and in Sussex we have lots of them.’  Tony Mernagh, the executive director at the Brighton & Hove Economic Partnership, said Brighton & Hove has a very good rate of business start up. 

A spokesman for Brighton & Hove City Council said this news was most encouraging.  ‘Various respectable studies have now said Brighton & Hove is well positioned to emerge from the recession.  The council is trying to assist with that, supporting sectors such as digital, cultural and environmental industries.  We’re looking to see how we can help retain existing companies and attract new ones.’

The FDM Group in Trafalgar Place is one of the fastest growing companies in Brighton & Hove.  Andy Brown, the firm’s global sales director, said the firm had launched the IT careers of more than 3,000 graduates.  He said, ‘The company has managed its growth and the doubling of its recruitment drive by setting recruitment targets for each quarter.'