A new index of the UK’s hotspots for business growth has identified Belfast as being among the preeminent areas for mid-market activity in the UK.
The in-depth report from Ulster Bank, points to the rising powerhouses of opportunity and innovation across the UK. It found that while London remains the largest centre for profit, headcount, and turnover in the mid-market, other parts of the UK begin to feature more prominently when it comes to innovation.
The report ranked the Northern Ireland capital at a strong 13th in its list of top 25 regions for mid-market business growth.
Top 25 regions for mid-market business growth in the UK:
The Ulster Bank research, conducted with data company Beauhurst, took into account innovation, profit change, headcount change and turnover as part of the report, which sought to identify the regional hubs that are reshaping the UK’s economic geography.
It puts the spotlight on mid-market companies (MMCs) which turn over between £25m and £500m annually and account for more than a quarter (26%) of employment and 30% of UK economic Gross Value Added* – a key consideration ahead of the Autumn Budget.
The study notes that these research-intensive companies have scaled into the mid-market, particularly in life sciences, giving the area one of the strongest concentrations of innovative companies in the UK.
Mark Crimmins, Regional Managing Director, Corporate, Commercial and Business Banking at Ulster Bank, said “Our report rightly recognises Belfast’s place as one of the UK’s most prominent hubs for business growth. Mid-sized businesses are scaling up here, which means more investment in people and high-quality jobs in Northern Ireland.”
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Louise Hellem, Chief Economist at the CBI, said: “This report underlines the vital role the mid-market sector plays in driving regional growth and strengthening our economy. These businesses are not just surviving, they’re expanding, innovating, and investing in their communities. To fully unlock the UK’s potential and develop high growth clusters, we should harness their strengths as part of regional growth plans, ensure they are engaged in shaping local skills plans and have greater access to finance to scale.”
With the right support, mid-market companies could contribute an additional £115 billion to turnover and £35 billion of Gross Value Added by 2030 – despite making up just 0.5% of companies in the UK*.
Committed to helping businesses take the action they need to grow, Ulster Bank offers a range of support for MMCs, from funding options to expert knowledge and advice. For more information on the services and support available, visit the Ulster Bank website at www.ulsterbank.co.uk.
Sync NI's Summer 2025 magazine celebrates women in tech across Ireland as we continue to encourage more women to enter the thriving sector and address the current gender imbalance. Read the Summer 2025 Sync NI Magazine online for free here.
