• Swindon & Wiltshire Economy
• Friday December 13 2024
• Author Name: Peter Davison

‘Impressive growth’ as Bath and Somerset’s top businesses surpass £4 billion in turnover

Bath and Somerset’s top 100 privately-owned businesses achieved an overall turnover of £4.4 billion last year, according to new data from accountancy firm Grant Thornton.

The leading business and financial adviser’s inaugural Bath and Somerset Limited report, unveiled this week, analysed private companies in the region and highlighted the top 100 companies as measured by both annual turnover and pre-tax earnings.

Despite the recent economic conditions, the report found that overall revenues among the region’s 100 most profitable privately-owned businesses rose by seven per cent compared to 2023.

In addition, the combined EBITDA of the businesses analysed totalled £359 million.

Galaxy Group Bidco Limited, the owner of SEND support provider Achieve Together, ranked number one in the report out of all 100 businesses by both turnover and profit.

Achieve Together saw top line growth of almost 10 per cent over the past year and is a significant employer in the area, hiring 5,800 people.

The region’s Consumer sector was the most well-represented in the top 100, with 33 firms making the list, and it also contributed the highest proportion of overall revenue compared to any other sector. It achieved a total turnover of £1.5 billion, which represents a 7.4 per cent increase on the previous year. Despite the revenue increase, overall profits in the sector were down 9.7 per cent to £100 million.

The Industrials market followed as the second largest sector by revenue in 2024, with an 8.1 per cent increase in turnover to £982 million. The building materials supplier Bradford and Sons Limited ranked first in this sector and recorded the region’s third largest overall turnover.

Other notable sectors highlighted in the report include Financial Services and Healthcare, which both grew their profits by a considerable margin. The Healthcare businesses collectively increased EBITDA by 20.8 per cent to £37 million while Financial Services achieved a 129.3 per cent growth to £9 million.

The 100 businesses analysed for the Bath and Somerset Limited report employ more than 27,000 people. The sectors with the largest headcounts are Consumer at 6,395 and Healthcare at 6,248. Real Estate and Construction saw the largest increase in the number of employees over the past year, growing 18.9 per cent to reach 1,827.

Nick Jones, director at Grant Thornton, said: “The inaugural Bath and Somerset Limited report provides a great opportunity to shine a spotlight on the region’s privately owned businesses, which play a pivotal role in our regional and national economic landscape.

“I’ve been advising privately-owned companies across the South West for almost 15 years, so it’s fantastic to see local firms across Somerset and in the city of Bath continuing to perform strongly.

“The impressive growth in revenue is a real testament to the creativity, resilience, and entrepreneurial spirit of the area’s businesses, which has served them well in overcoming the complexities and challenges of recent years.

“As you’d expect, there is strong representation from businesses in the Consumer sector but the Bath and Somerset region comprises a diverse business market, which is highlighted in this report, with a number of sectors posting notable revenue increases compared to 2023.”