Birmingham has been ranked third in a new city league of the UK companies showing the highest growth. 

A total of 140 Birmingham companies made the High Growth 10,000 league - between them recording a turnover of £10.4 billion.

In total they employ more than 85,000 people.

The league was drawn up by business information company Alert Research, which completed in-depth analysis of 3.4 million UK companies and concluded a group of 10,000 high growth companies are the powerhouse of the UK economy.

They averaged 48 per cent growth per year, creating 54 per cent of all new jobs and purchasing over half of all new business services sold.

The annual High Growth 10,000 also revealed a city league with Birmingham being ranked third ahead of cities like Bristol, Leeds, Glasgow and Edinburgh.

As might be expected London topped the city league with a total of 2,437 companies featuring in the top 10,000, while Manchester claimed second spot with 180.

Bristol was just behind Birmingham with 140 companies in the list.

Leeds had 128, Glasgow 125, Aberdeen 105, Edinburgh 104, Nottingham 92 and Leicester 82.

Birmingham’s top five high growth companies were TNA Europe, Temple Finance, Neoproducts Group, International Automotive Components Group and Platnauer Group.

Packaging machine importer and supplier TNA Europe saw growth of more than 155 per cent to reach turnover of £18.1 million, while Temple Finance enjoyed turnover of £26.2 million and growth of more than 142 per cent.

Neoproducts Group enjoyed turnover of £13.16 million based on growth of over 121 per cent and International Automotive Components Group’s growth of 82 per cent resulted in turnover of £284.67 million.

Fifth on the list was Platnauer Group with growth of almost 80 per cent and turnover of £121.53 million.

Ray Murphy, managing director of Alert Research, said Birmingham was “up there with the UK’s most dynamic cities”.

“It is great to see Birmingham making third place in the city league and making such an impact on the UK economy outside of the capital,” he said.

He added: “Over the last three years, when we have been in recession, these 10,000 high growth firms have been responsible for 54 per cent of all new jobs created by existing businesses, collectively employing almost 6.5 million people and turning over more than £1.6 trillion. This shows just how influential these companies are.

“Also, growing companies have growing needs and so High Growth 10,000 companies account for a huge amount of business expenditure across the board.”