London has become the city with the most B Corps in the world, as data shows certifications in the UK have surpassed 1,000.
B Corporation or B Corp is a private certification of for-profit companies of their “social and environmental performance”.
With the UN calling for transformational change to avoid climate disaster, the B Lab UK, a charity aiming to advance the B corporation movement in the UK, says the country needs more than ever business to act as a force for good.
According to its figures, at the end of last year there were just 564 B Corps, but now the UK has more than 1,000 – the same number of B Corps as the whole of mainland Europe.
With over 500 B Corps, London is the city with the most B Corps in the world, but they are also present in cities across the country including Bristol, Manchester, Brighton, Edinburgh and Cardiff.
Compared to traditional businesses, B Lab UK data shows that B Corps have a faster growth in turnover and employee headcount, greater levels of employee retention, engagement and diversity, higher levels of innovation and are more successful in securing equity finance.
Additionally, mission-led businesses are more likely to be reducing the burden of the cost of living crisis for their employees, suppliers and local community than non-mission led businesses and take steps to reduce their impact on climate change and the environment, data suggests.
“We urgently need business to step up and respond to the challenges of this moment, from acting on the climate emergency to tackling the cost of living,” said Chris Turner, B Lab UK executive director.
“Reaching 1,000 B Corporations in the UK shows that this leadership is possible. It is our privilege to be working with such a passionate community of businesses, who have been the loudest and proudest advocates for the way in which certification has helped them to ‘measure what matters’ and change the way their companies behave.
“But there’s still a long way to go. If we want B Corp to continue to represent the pioneers of better business, we must intentionally keep moving the goalposts and challenge ourselves to go further, faster.”
Sneh Khemka, CEO at Simplyhealth, who certified as a B Corp earlier this year, said: “As a purpose-led health solutions company, we’re striving to improve access to healthcare for all in the UK.
“For 150 years, we’ve always stood for a healthier world – through our positive impact on the environment, in the way we contribute to society and by governing ourselves in a responsible way.
“Being a B Corp is a beacon for us to carry and something we cherish. For us, this is just the beginning.”
He added: “B Corp now gives us a framework to measure our actions and hold ourselves accountable to the highest standards, so we can continuously improve our business impact and support other businesses to do the same.”
To mark the milestone, B Lab UK is bringing together the first 1,000 B Corps for an event at the Natural History Museum on 24th November.
