Posts Tagged ‘Welsh economy’
Would you be surprised to know that the latest edition of a list, charting Wales’ top 300 firms, contains a number of companies that are, in some way, social businesses?
Well, that’s the case in this year’s Top 300 list, published by The Western Mail in association with the University of South Wales.
At least eight businesses on the list work to social objectives, in different ways, with one in the top five. On turnover alone (£736.5m), Dŵr Cymru Cyfyngedig is the leading operating social enterprise in Wales.
There are two mutuals on the list – Principality (18th) and Monmouthshire Building Society (106th). Other social enterprises in the top 300 include the Wales Millennium Centre (267) and Cartrefi Cymru, which supports adults with learning disabilities and autism (290).
You’d be forgiven for overlooking Swansea City AFC, which occupies 92nd place in this particular table. The Premier League football club is part-owned by Swansea City Supporters’ Trust, which is a form of co-operative.
It’s also encouraging to see the Wales Council for Voluntary Action (WCVA) in the top 300, at 281, as the umbrella organisation for the voluntary sector in Wales.
To make the list is no mean feat. To quote David Pickernell, professor of economic development policy and director of the Centre for Enterprise, University of Wales School of Business, “To be included in the Top 300, companies have to have a significant and identifiable management and trading presence in Wales. The order of the list is determined by the last recorded turnover”. While highlighting that five of the top ten in the list are ‘home-grown’ companies – including Glas Cymru Cyfyngedig (the parent company of Dŵr Cymru Cyfyngedig) – Professor Pickernell goes on to make another important point that is relevant to the social business sector: “Many of the companies in this year’s Top 300 would have started out as small businesses. We therefore also need to focus on developing entrepreneurial mindsets, behaviours and skills in our young people so that they can meet and overcome the challenges that lie before us all, and more importantly help Wales retain the talent which will put us at the forefront of the coveted knowledge-based, creative, growing economy that we all wish to see”.
This point was perfectly complemented by a special feature in the Top 300 supplement, published by the Western Mail last week, which highlights the winners of this year’s Social Enterprise Awards Wales. That particular list of winners includes Monwel Signs Ltd, which took the ‘One to Watch’ prize at the recent UK Social Enterprise Awards.
It is essential that social businesses are seen as part of a mixed economy in Wales, offering opportunities for growth and sustainability just like any other form of business. Let’s hope those that have made this year’s Top 300 help to inspire more social businesses to make the list in 2015.
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