The recession may have sounded the death knell for many companies, but several in our top 100 have actively benefited from the global economic downturn. Playfish, The Hut, Beatthatquote.com and Mind Candy are all examples of companies that have made money out of the very fact that consumers are universally feeling the pinch.
Beatthatquote.com is a price comparison website that gives advice on the cheapest available financial products, from insurance to loans and mortgages. When times are hard, consumers want to shop around to get the best deal. Similarly, Playfish and Mind Candy, both of which are social on-line gaming companies, have tapped into the business truth that people are going out less and looking for entertainment indoors.
"These companies have been successful because of the recession, not despite it," says Andy Moseby, corporate partner at Kemp Little, a leading UK technology law firm. "With a general squeeze on consumer spending, businesses which help cut cost or provide immersive entertainment for minimal spend will thrive."
The Hut is an internet retailer that also runs the e-ordering part of major brands' websites, including those of Tesco, WH Smith and Argos. Its own site sells bargain DVDs, books and computer games, but the soaraway growth of its business has come from the big retailers' online success as consumers have shunned the high street in favour of bargain-hunting on the web. The Hut Group now has sales of £27m, after only launching in 2004.
