The £7bn contribution of the UK’s female SuperScaled companies to the national economy could dwindle without a stronger support for the next wave of women entrepreneurs, according to a new EY report.
The EY SuperScalers report, in collaboration with Julius Baer, The Data City and Panintelligence, shines a light on a new network of the women behind the 45 female-SuperScaled companies with revenue of more than £50m currently based in the UK. Among those profiled are Trinny Woodall, founder and CEO of beauty brand Trinny London, Susie Ma, founder and CEO of Tropic Skincare, Rosaleen Blair, founder and Chair of recruitment specialist AMS, and Sam Smith, founder and ex-CEO of investment banking company Cavendish Financial, formerly finnCap Group.
The report highlights the £7bn contribution these SuperScalers made to the UK economy in 2022[1] and reveals that they employed a combined total of more than 55,000 people.
The report also identifies more than 240 female-founded and led UK companies with revenues between £20m and £50m which have the potential to become SuperScalers with the right support. However, this may not be possible unless current barriers to the growth of female-founded businesses are addressed, including enhancing access to funding and tackling geographic and sector disparities that skew the entrepreneurial landscape.
Female-founded companies in the UK only receive 2p for every £1 invested, compared to 14p per £1 invested for mixed-gender founding teams, and 84p for male-only founded businesses[2]. More than half (58%) of the SuperScaler companies profiled in the report are based in London and the South East[3], and 44% operate within the consumer goods and services industry[4], highlighting the current regional and sector imbalance of such companies in the UK business landscape.
Sam Smith, founder and former CEO, finnCap Group (now Cavendish Financial), said: “Starting a business is hard, scaling a business is hard, and SuperScaling is the next stage of the female founder’s growth journey. It requires having a growth mindset, vision and ambition, but also the necessary support to navigate a system that I have seen first-hand does not always work for them. My greatest passion has always been entrepreneurship and, most significantly, championing the underrepresented founder, and I’m excited to help the next generation of SuperScalers through each stage of the scaling journey by learning from those that have done it.”
Trinny Woodall, founder and CEO, Trinny London, added: “More than two decades of experience have shaped Trinny London into the global brand it is today, and we want to pass it on. We’re dedicated to helping female founders who are earlier in their journey, and to closing the gender gap in VC funding. We want to inspire women to feel fearless in trusting their gut and launching the endeavours they’ve always wanted to.”
EY is a passionate supporter of the next generation of business leaders, and champions female entrepreneurs through both its Entrepreneurial Winning Women and Entrepreneur of the Year programmes.
Lynn Rattigan, senior partner, EY Private, said: “The SuperScalers initiative celebrates extraordinary female founders and identifies the conditions required to produce the next generation of high-value women-led and founded UK businesses. Systemic barriers to growth are currently holding back too many potential SuperScalers. Addressing these obstacles would unlock a new wave of highly successful businesses and drive growth, employment opportunities and prosperity for the UK.”
