• Swindon & Wiltshire Economy
• Monday April 22 2024
• Author Name: Peter Davison

Bristol’s top businesses turned over £15 billion last year

Bristol’s top 200 privately-owned businesses turned over £15.5 billion last year – an increase of 33 per cent – according to a new report by accountancy firm Grant Thornton.

Grant Thornton UK LLP’s inaugural Bristol Limited report highlights the city’s top 200 cities measured by both turnover and earning before tax (EBITDA).

Analysts found that, despite the recent economic conditions, overall profits had also increased alongside the growth in revenue.

The combined EBITDA of the city’s 200 most profitable privately-owned businesses rose by 7.4 per cent compared to 2022, totalling £712 million.

Energy company Ovo ranked number one in the report out of all 200 businesses by turnover. By profit, the leading business was legal advisor TLT.

Bristol’s business support services sector contributed the highest proportion of overall revenue compared to any other single sector. It achieved a total turnover of £4,081 million – a 28 per cent increase on the previous year.

The consumer market followed as the second largest sector by revenue in 2023, with an 18 per cent increase in turnover from 2022 to £2,142 million.

Dairy company Yeo Valley Production Limited ranked first in this sector and recorded Bristol’s fourth largest overall turnover.

In the television and media and telecoms sector – which grew by 39 per cent last year – employee-owned Wallace and Gromit maker Aardman ranked top.

Nick Jones, Bristol-based director at Grant Thornton, said: “As someone living in Bristol and advising the privately-owned companies in the region, it’s fantastic to see the local businesses continuing to perform so strongly despite the challenging economic environment they have had to operate in.

“As a leading economic centre, Bristol has many advantages compared to other regions which will have helped its businesses to thrive.

“The city is home to a diverse breadth of industries and, thanks to being a highly desirable place to live, these companies can draw upon a rich and skilled talent pool.

“In addition, Bristol is home to several large private equity firms and investors, which is unusual outside London. The impact this has is illustrated by Bristol-based BGF and LDC, who have together invested nearly £800 million in the South West economy.

“Similarly, Maven and FW Capital manage the South West Investment Fund for this region, as launched by the British Business Bank recently, which will see equity investments of up to £5 million and debt finance of up to £2 million put into local businesses.”

The report says the top 200 businesses employ a total of 60,000 people in the city.