Edinburgh, Manchester and Bristol contain the strongest clusters of high-growth tech companies outside London, according to a new report from Barclays Eagle Labs.

The bank’s entrepreneurial network said that its study shows that businesses in these parts of the UK are contributing to the local economy, with Manchester benefitting the most from companies in the city, which collectively contributed £30 billion to the area in 2022.

The report found that local areas with over 100 high-growth companies boast an average Gross Value Added (GVA) per business of £294,000 compared to just £27,500 for those with less than 100.

Edinburgh is home to over 450 high-growth tech companies, with 198 deals signed there between 2020-24.

The report found that Bristol benefits from efforts between universities, such as Brunel Centre, a joint data hub between the University of Bath and University of the West of England.

Last year, investment increased by 10 per cent to £167 million, with Bristol’s wider deeptech cluster “Silicon Gorge” now spanning Bristol, Gloucester and Swindon.

The report said access to finance remains key for these high growth businesses across the UK, despite almost 70 per cent reporting they are aware of all the financing options relevant to them.

Hannah Bernard, head of business banking at Barclays, said that Barclays Eagle Labs has helped around 17,000 businesses to date, adding that it is important to invest in regions and communities where these companies are located.

“Barclays has committed £22 billion of funding through our Business Prosperity Fund to ensure businesses have tailored financial solutions that support growth at every stage,” she added. “But access to finance is about more than just capital—it’s about providing the tools, resources, and expertise to navigate the funding landscape.”

---