24. Tyresonthedrive.com

Founder: Dominic Clark
Founded: May 2011
Website: www.tyresonthedrive.com

The tyre fitting industry doesn’t immediately come to mind as one that leads the way in technological innovation. In fact, the tyre retail model hasn’t changed for almost 100 years. But Dominic Clark (formerly of Michelin Tyres) is changing this with start-up Tyresonthedrive.com, which uses technology to ensure it secures tyres from the cheapest possible source. Customers only pay once the tyres are fitted, and by reducing overheads and holding no physical stock, the business can attract custom by being cheaper than the competition; 23,000 people have used the service so far. The firm was started with £200,000 of Clark’s own money, but quickly attracted an initial seed funding round from Enterprise Ventures proceeded by a follow up round in 2012. With a projected turnover of £5.7m for 2013, the company is hoping to capitalise on its popularity by embarking on a rapid expansion plan.