The report was compiled by JP Morgan Private Bank and private company data specialist Beauhurst.

Nearly 40,000 companies were analysed, revealing “10,647 female-powered businesses founded, led, owned, or managed by women”.

Bell & Bain managing director Karen Bailie has worked at the Glasgow book and journal printing specialist for nearly 20 years, and after a succession of promotions took over as MD in January 2020.

Bell & Bain was the top ranked industry firm in the survey, ranked at 46.

Other industry-related businesses on the list included: creative agency Champions (UK) (East Midlands) at 106; luxury brand building specialist Purple (London) at 130; branding and marketing firm Amiculum (North West) at 140; ADS Graphics (North West) at 144; contract manufacturer ParkAcre (East Midlands), with services including bespoke packaging, at 145.

Explaining the methodology, JP Morgan stated: “The Top 200 ranking lists private and independent UK high-growth companies based on growth in headcount.

“This is a change in methodology from last year’s report, where various factors were taken into account to determine the ranking. The purpose of honing the focus of the ranking to headcount has allowed this year’s edition of the report to centre around job recovery following the COVID-19 pandemic.

“All companies that meet the female-powered criteria and have shown an increase in headcount have been considered.”

Bell & Bain’s accounts for calendar year 2022 show sales of £27.9m and an operating profit of £1.85m.

The complete survey can be downloaded here.