Let’s start at the beginning. What inspired the creation of Whitecap, and what gap did it aim to fill?
The idea for Whitecap came from experience. Between 2003 and 2012, I was Group Director of Marketing and Strategy at a fast-growing financial services company based in Yorkshire. Whenever we needed support on high-level strategic work, whether it was the near trade sale in 2008, a refinancing in 2009, or preparing for an IPO in 2010, we had to go to London for strategic advice and support. That always struck me as a regional gap.
When I left the business in 2012, I assessed the advisory landscape. It became clear that this was indeed a gap in the market, specifically in the regions for mid-sized organisations who periodically need high-quality strategic support, but don’t have the in-house capability or the fee appetite for Big 4 consultancies. Whitecap was formed to address that need and fill that gap: to provide practical, accessible, and commercially-focused strategic advice for the mid-market.
Our proposition remains rooted in that purpose. We help clients develop and implement growth strategies that drive profit and enterprise value. Over 75% of our revenue comes from direct client advisory services. We’ve grown by being focused, relevant, and client-centric. In addition, we have developed a team focused on delivering commercial due diligence team, serving the needs of regional PE firms.
How would you describe the firm’s growth journey since 2012? What have been the key milestones?
Whitecap started in Leeds in 2012. The first few years were about establishing a reputation and proving our model. In 2013, we brought in two new Directors, and by 2015 had hired our first employee.
2017 was pivotal, we opened offices in Milton Keynes and Manchester, home of our commercial due diligence team serving the needs of regional PE firms, and established FinTech North. That same year, we began developing our now-established model for regional and market ecosystem analysis and reports: to date we have completed and published over 30 reports. These projects, typically crowd-funded, combine deep market insight with wide stakeholder engagement and have since become a defining part of our brand.
We’ve since developed a satellite presence in Bristol, Newcastle, and Birmingham. We’ve also launched FinTech West and LegalTech in Leeds, giving us a content and event-driven presence in these important high growth sectors.
Each year has brought evolution. We’ve recently added a Technology practice, won industry awards, secured some government and international consultancy contracts, and sponsored inclusive business initiatives. But we’ve grown organically, always reinvesting into team capability and market engagement.
Our 27% CAGR in revenue from FY2012 to FY2024 includes the Covid years, which shows the strength of our underlying proposition. Growth hasn’t come from aggressive expansion, it’s come from clarity, consistency, and being attuned to the market and client needs.
What makes Whitecap different from other consulting firms?
A few things. First, we’re regional by design. That matters because we’re close to our clients, literally and figuratively. Mid-sized organisations outside London face different challenges to corporates or startups. Our model is set up to serve them, not to upsell them on services they don’t need.
Second, our Directors are hands-on. Every project has senior involvement, and that experience is part of our value. Our Directors have held senior commercial roles and been responsible for delivering growth, not just advising on it. That credibility is invaluable.
Culturally, we’re pragmatic and collaborative. Clients often describe us as supportive and transparent, yet challenging in the right ways. And we design each project from first principles, there’s no template.
The Consultancy Awards 2025 recognised Whitecap as a finalist in the ‘Fastest Growing’ category. What’s driven that growth?
It’s been a combination of market need and operational discipline. Mid-sized firms need support navigating change, whether that’s growth, transformation, or responding to cost pressures. We’ve built a model that’s flexible enough to help them at different stages, but focused enough to stay true to what we do well.
Growth has been organic. We don’t have a large marketing machine or a parent firm feeding us work. Our pipeline is built on referrals, partnerships, and delivering value. We also invest in our ecosystem, our FinTech and LegalTech initiatives, our regional research, these aren’t revenue drivers in the traditional sense, but they build relevance, insight, and trust.
We’ve also become more confident in tracking and planning growth. Each office location is a microcosm of our broader strategy, Leeds is mature and still growing, while Manchester and Milton Keynes are replicating that trajectory. Birmingham, Newcastle and Bristol will follow. We believe we can scale sustainably by building strong roots in each region.
How do you measure success at Whitecap, beyond financial growth?
We track gross and net revenue, profit before tax, and increasingly, utilisation metrics and performance per FTE. But financials are just part of the picture.
We also look at client outcomes, though not in a binary way. Much of our work is strategic, meaning the value manifests over time and is delivered by our clients. So we often assess the immediate success of a project by the clarity, focus, and alignment we’ve helped create within the leadership team.
Feedback is essential. We conduct end-of-project reviews, ongoing client check-ins, and use testimonials to understand sentiment. Internally, we run learning lunches to share insights and strengthen our delivery.
Ultimately, if clients come back to us for further work, or recommend us, that’s the clearest signal that we’re doing something right.
The team has grown significantly. How have you built and maintained a strong internal culture?
We’ve built from the top down and the bottom up. Initially, it was about assembling a strong Director group, people with the right experience and mindset. Then we focused on developing junior talent. Some of our current Consultants started with us as Junior Consultants. That’s important, it shows there’s a development pathway.
We also hire externally to bring in fresh thinking. We now have a strong team consisting of Directors, Senior Consultants, Consultants, and Junior Consultants, as well as a small group of trusted Associates. Our culture is open, collaborative, value-focused and commercially aware.
This year we launched an EMI Share Scheme for our Senior Consultant and Consultant group, and we’ve also introduced an internal incentive plan with a structured Sales Playbook. We want people to grow with us, and to share in the value they help create.
Looking ahead, how sustainable is your current growth path?
We believe it’s very sustainable. The UK’s regional economy is evolving rapidly through devolution, infrastructure investment, and sector growth; all creating demand for the kind of strategic advisory services and support we provide.
Our office model is scalable. Leeds is proof that we can build a sustainable client base in one region. Manchester and Milton Keynes are on that journey. Birmingham is next. Beyond that, we’re considering locations in other regions.
In parallel, we see opportunities to expand our service lines, particularly around innovation, a broader due diligence offering (supporting exit processes), and working more closely with tech and corporate finance partners.
What challenges have you faced, and what have you learned along the way?
Every growth story has challenges. Our work is project-based and discretionary in nature, so economic headwinds can have an impact. Following the 2024 Budget, for instance, some clients shifted focus from growth to efficiency. That required us to adapt, broadening our offer to include commercial performance optimisation, target operating model and skills-based regional development.
Another challenge is capacity. Because we’re hands-on, growth must be matched with capability. That’s why we’re investing in the next tier of leadership and streamlining delivery without compromising quality.
We’re also actively exploring how AI can support our work, especially in initial analysis, reporting, and process efficiency. But we’re doing so with caution. Our business is relationship-driven, and we want to enhance, not replace, the personal and quality aspects of our service.
Finally, what are you most proud of when you reflect on Whitecap’s journey so far?
I’m proud that we’ve stuck to our principles, delivering real value for mid-sized organisations in the regions, and doing so in a way that’s sustainable and ethical. I’m proud of our team, our culture, and the trust we’ve built with our clients.
Being shortlisted in the ‘Fastest Growing’ category at The Consultancy Awards 2025 is a validation of the path we’ve taken. But it’s just one milestone. The real reward is seeing our clients succeed, our team develop, and our reputation continue to grow.