Scotland saw the largest rise in high-growth companies than anywhere else in the UK, according to a new report.
The latest Barclays and BGF Entrepreneurs Index study found that there were 400 Scottish companies classed as high-growth in the 12 months to March 2014, defined as those which have enjoyed a 33% increase in turnover during the past three years.
This marks a 5.7% increase on the same period in the previous year.
Northern Ireland was the only other region of the UK to see an increase, at 5.5%, while London saw a decrease of 5.8%.
More Scottish entrepreneurs found larger profits over 2014 than the previous year. The number of deals where the sale of a business or stake resulted in individual wealth creation of at least £200,000 increased by 5.6% to 75 in the 12 months to December 2014.
The study also found a 4% rise in the number of enterprises in Scotland over the year, totalling 157,000. Most regions across the UK also reported growth in this area, with London seeing the largest increase at 7.8%, totalling 401,000 enterprises.
Calum Brewster, Barclays Managing Director, Head of Wealth and Investment Management, Scotland, Northern Ireland and North England, said: “Since we started our Entrepreneurs Index series in 2012, Scotland has become a growing hub for entrepreneurial activity, signifying that for many Scottish individuals, entrepreneurship is now becoming an aspirational career choice.
“With the Scottish Government’s support, and ‘can do’ entrepreneurship and innovation framework, a favourable climate is being created for budding business owners in Scotland.
“Scotland remains a key location to do business for many reasons, but one that stands out is that, by comparison, the country is less expensive.
“As a result of that, it is increasingly common for a company to have a satellite London office, with their main headquarters north of the border. It’s cost-effective and a model that works well.”