Scaleups: A growing sense of ambition

Select Medical has embarked on a high-speed journey which has growth as its destination.

It is one of an increasing number of Lancashire businesses working to scaleup and in 12 months a “clearly defined strategy” delivered it 30 per cent growth in staff numbers and revenues.

Although the concept isn’t new, scaleup businesses have become something of a hot topic in recent years. As Lancashire and the UK look to work their way out of the Covid-19 pandemic there is even more focus on them and their role in the economy.

By definition, scaleups are enterprises with an average annualised growth in employees or turnover that is greater than 20 per cent a year, over a three-year period.

Amin Vepari, business finance and scaleup lead at Lancashire County Council, works with businesses across the county to support them as they look to reach the next stage in their development.

He says: “Put simply, scaleup is a distinct phase of company growth. It’s a company that has achieved a lot, had some impressive success and is ready to take it to the next level.

“Having grown to a certain size, a scaleup is ready to use its proven success to scale and grow the company significantly.

“The scaleup phase is typically the quickest and most significant stage of growth, and one that can bring the most challenges.”

Select Medical is a Blackburn-based manufacturer specialising in support surfaces for pressure care and ulcer prevention for the healthcare sector.