Allica Bank leads the list of UK's fastest-growing businesses, research reveals

Allica Bank has topped a list of the 100 fastest-growing firms in Britain

A digital bank has claimed the title of Britain's fastest-growing firm, and a quarter of the top 100 companies being launched by women, according to a new report.

The latest research reveals the private businesses that are making significant strides in entrepreneurial Britain. Allica Bank has secured the top position this year, witnessing its annual sales increase more than sixfold on average over the past three years. This digital business-focused bank offers market-leading savings rates and commercial mortgages of up to £10million.

Birmingham-based healthcare recruitment and consultancy Clive Henry Group is recognised as the second fastest-growing company, with average annual sales more than tripling. Food and nutrition brands are also making their mark this year, with food supplement brand Rheal, CBD drinks and oils maker Trip, and health supplements brand Ancient + Brave rounding out the top five.

The Sunday Times 100, a network of reporters from across the Times newspapers, compiled the third annual list by analysing sales growth figures across private companies. The study also discovered that a quarter of Britain's fastest-growing businesses in the latest year were founded or co-founded by women.

However, this is slightly fewer than the 28 female entrepreneurs who made the top 100 in last year's rankings. Less than half of the companies in the list are based in London 43 with the rest scattered across the country.

Other notable brands to feature in the rankings include athleisure brand Castore, which has the backing of British tennis champion Andy Murray, and affordable bridalwear retailer Six Stories.