Region is home of hot success stories

Oct 15 2008 By The Journal

THE North East remains a fertile environment for rapid business growth, as this year’s Fastest 50 reveals once more.

At a time of economic uncertainty, the success of these firms sends out a clear message that our region is playing host to some of the UK’s hottest business success stories.

My congratulations go to Fast Temp Engineering in particular, as well as the other 49 shining lights on the list who act as standard bearers for the North East economy as it deals with the impact of the credit crunch.

The Fastest 50 recognises the rising business stars of our region and has become an increasingly important showcase for the North East’s leading firms.

The names on this year’s list cut across all business sectors, from engineering and marine offshore to food and drink and financial services.

I applaud each one for the outstanding efforts they have made over the past year to secure their place on this prestigious list.

These companies are helping underpin regional economic growth and play a key role in assisting the North East to hit the targets detailed in the Regional Economic Strategy (RES).

The goal of moving from 80% to 90% of regional GVA per head by 2016 is an ambitious one, and one that is only achievable from a growing, successful business base. Business is the prime driver of economic growth. One NorthEast has reaffirmed its commitment to supporting business at a time of increasing need.

While there is still much to celebrate in the region with the success of larger firms such as Nissan, Sage and Wellstream – and those on the Fastest 50 list – there is no doubt that the effects of the global slowdown are being felt in our region.

One NorthEast has taken swift action to support regional firms by putting in place a £10m support package.

The package consists of financial help to support firms struggling with tax and credit bills, help companies access grant support, cut energy bills and access finance to help with growth plans.

This package complements the comprehensive suite of support we already have in place for the North East business community, to assist firms at every stage of their evolution.

While we are responding to short term needs, One NorthEast remains clearly focused on mid and longer-term goals.

There is more support than ever before from our partners across the business community, public and third sectors to attain the goals set out in the RES.

Bringing more than 70,000 extra people into work and creating 22,000 new businesses is no small task, but is one that I believe is achievable with the support of our partners.

The companies on the Fastest 50 list show what can be achieved in our region and provide inspiration to those looking to create and grow a successful business in the North East.

I will watch with great interest the progress of all 50 firms and wish them all the very best of success for the future.

Margaret Fay, chairman, One NorthEast