Award-winning logistics company Pallet-Track has once again been named as the fastest growing company in the Black Country, just days before it celebrates its 15th anniversary in business.
The Wolverhampton-based organisation, which has a national footprint representing almost 90 haulage businesses, heads the pack of 50 of the fastest growing companies that have contributed a staggering £2.3 bn in revenues to the region in the last financial year, according to the Black Country Growth Barometer.
Pallet-Track has also reported a 75 per cent increase on the previous year, according to the report published by international accountancy and business advisory firm BDO.
This is the second time Pallet-Track, whose 267,000 sq ft hub is based in Millfields Road, Wolverhampton, has led the field in the annual report which measures turnover growth of the region’s mid-sized firms and includes analysis of increased employment, fast growth sectors and districts within the region.
Pallet-Track, which also secured the Business of the Year Award at the 2018 Express & Star Awards and the growth award at the national Logistics Awards last autumn, also secured the BDO recognition in 2018.
Combined, the 50 businesses recognised in the BDO Barometer employ more than 8,500 people – an increase of 23 per cent on last year’s figures. A total of 13 of the 50 businesses, including Pallet-Track, hail from Wolverhampton and have collectively raised revenues by 80 per cent in the last three years.
Mention in the prestigious barometer is good news for regional businesses because of the global reputation of BDO, which operates in more than 160 countries with 16 offices in the UK employing more than 4,000 people.
Nicola Cooper, senior manager for BDO and leader of the Black Country team, said: “The Black Country is home to many impressive high-growth businesses that should be celebrated.”
Despite a positive overall story, regional businesses had expressed concerns over recruitment and retention of staff so many companies are now focussing on training and skills development.
Many of Pallet-Track’s member companies are also investing in skills development to help retain staff in a sector beset with a shortage of more than 50,000 drivers. The member companies are investing in tail lift technology to improve health and safety and drive productivity, as well as encouraging more women to take HGV qualifications.
Pallet-Track founder and managing director, Nigel Parkes, said: “The recognition of Pallet-Track’s contribution to the region where it is located is extremely gratifying. We were recognised nationally throughout last year in a series of growth and innovation awards, but being identified as making a contribution to the region is important to us because it recognises the talented people who make it happen for Pallet-Track across the UK – this highlights their all-important contribution.”