Jack Thomas and Stefan Hill, both 28, co-founded Evolve Group in 2021, a car accident repair service based in the Midlands. Since its inception, the company has experienced rapid growth and now ranks 25th on this year’s Sunday Times 100 list of fast-growing businesses. Operating six accident repair centres, Evolve Group has achieved annual sales exceeding £10 million.
The founders describe their journey as a steep learning curve, particularly in understanding the financial aspects of the business. “Initially we probably didn’t have a good understanding of the business’s finances – the extent of our profits and losses, for example,” Hill reflected. Despite their passion and clear ambition to expand, they recognized the need for support to navigate the complexities of scaling their operation.
A significant factor in their growth has been the support provided by Barclays Corporate Bank. The bank supplied various banking services and extended £900,000 in credit through the government-backed Growth Guarantee Scheme. This financial backing enabled Evolve Group to pursue a series of acquisitions, helping the company reach the desired scale.
Thomas highlighted the importance of this support, saying they now have a dedicated finance department and access to honest advice from the bank and a network of contacts that have contributed to the business’s development. Both founders emphasized the role of external advisers in their success, noting that while their passion and core competencies drove the company, guidance in other areas was crucial.
“We’ve always had passion for the business, and we’ve proved we can scale it up while being profitable,” Hill explained. Thomas added that advisers who engage regularly with other founders offer valuable perspective, helping entrepreneurs recognize both their achievements and future potential. He remarked, “When you’re running your own business, you don’t have a moment to reflect, so the support of an adviser who works with so many other founders and leaders can help open your eyes to the success you’ve already had and your potential for the future.”
Evolve Group’s experience underscores the challenges faced by young entrepreneurs in scaling operations rapidly, and the benefits of combining internal passion with external expertise and financial support to sustain profitable growth within a competitive market.