It’s still the place to be seen
Sep 10 2008 by Peter McCusker, The Journal
The Fastest 50 has a distinguished history of highlighting the region's business success stories. Iain Laing looks back at some past winners of the awards and examines the importance of the event.
WHEN it was launched in 1998 by North law firm Ward Hadaway, the Fastest 50 was intended to “generate a positive message at a time when there have been economic setbacks”.
Those words from Martin Hulls, partner at the Newcastle firm which joined forces with The Journal to establish the event, ring as true now as they did 10 years ago.
In 1998, the main economic issues in the region were high interest rates and a strong pound.
Fast-forward 10 years and the credit crunch, creeping inflation and the global slowdown are the challenges faced by businesses.
However, the Fastest 50’s role in championing all that is best in North East business remains the same as we continue the countdown to the 2008 Fastest 50 Awards next month.
In 1998, it was the region’s traditional economic strengths which came to the fore in the inaugural Fastest 50.
Armstrong Technology Associates – a Wallsend company formed by members of the design team at Swan Hunter shipyard – won the overall award after clinching contracts in the offshore and gas industry, a sector currently enjoying a boom.
Traditional manufacturing strength was demonstrated by two other inaugural winners – engineering group Bywell Holdings and manufacturer Isocom Components, which won fastest growing large and medium companies respectively, while engineering consultancy Utility Technical Services was fastest growing small company.
In the ensuing years, the Fastest 50 has been a valuable barometer of the rapid changes in the region’s economy, with more awards going to leisure and service sector businesses.
It has also charted how different geographical areas of the economy have grown. For example, from 1999 to 2001 all but two of the winners came from the south of the region as the Tees Valley in particular enjoyed swift expansion.
The range of winners over the years – from nurseries to truck part makers – shows the rich variety of business in the North East and that a wide spectrum of companies succeeds here.
In addition, the presence of major players such as Bannatyne Fitness, Eaga Partnership and The Officers Club down the years demonstrates the Fastest 50’s ability to pinpoint rising stars.
The winners of this year’s awards – again backed by The Journal and sponsored by Ward Hadaway – will be revealed on October 10. Thanks to the work of St Chad’s College and Durham Business School, who have compiled this year’s Fastest 50, it will be even more authoritative.
Ward Hadaway head of commercial law Colin Hewitt said: “Companies have been vying to get into the Fastest 50 ever since the awards started and this year will be no exception.”
The Fastest 50 is in The Journal this month.
