Grant Thornton UK LLP has unveiled the eleventh edition of its annual Northamptonshire Limited report. The ranking of the county’s 100 leading privately-owned companies shines a light on how the county’s business community has thrived despite a period of inflationary pressures and continued macro-economic challenges worldwide.
The Northamptonshire Limited report – produced in conjunction with Howes Percival LLP – is part of an annual series of business analyses of UK counties undertaken by Grant Thornton. It celebrates the showcased firms and provides well-deserved recognition for their contribution to the region and the wider UK economy. The analysis is compiled using the most recently publicly available accounts (as of October 16, 2023).
Top of the rankings this year is Brackley-based Avara Foods, which achieved a turnover of more than £1.3bn, accounting for 12% of the total Northamptonshire Limited revenue.
The report identifies the top five largest private-owned companies by revenue in the Northants area as: Avara Foods Holdings Limited, Winvic Group Limited, Whitworths Holdings Limited, Perrys Group Limited and Heygate & Sons Limited.
The 100 companies featured span turnovers ranging from £18.3m to £1.3bn and employ more than 39,000 people, collectively totalling £10bn in turnover and £664.7m in profit, based upon earnings before interest, taxes, depreciation, and amortisation (EBITDA). These figures are, respectively, 16.4% and 22.5% higher than the prior year, reflecting the strong levels of growth as well as the resilience of Northamptonshire’s businesses to the economic headwinds of recent years.
Northamptonshire’s EBITDA growth is the highest out of all the Eastern counties for which Grant Thornton compiles Limited reports (Essex, Cambridgeshire and Suffolk).
The consumer sector is well represented in the Top 100, with 30 businesses overall and three of the top five coming from this part of the market.
Following the consumer sector, with a total of 30 companies and a turnover of £4.97bn, was industrial products (23 companies and £1.3bn turnover) and then real estate & construction (17 companies and £2bn turnover).
This report shows that Northamptonshire’s tech sector is also going from strength to strength. While sometimes overshadowed by other tech hubs in the East, Northamptonshire recorded only one fewer Top 100 company in the technology, media and telecommunications sector than Cambridgeshire.
While the average salary has risen 5.1% in the period covered by the report, Grant Thornton’s Business Outlook Tracker found that 52% of companies have recently frozen salary increases, with a further 36% planning to do so. Almost half (48%) have also frozen workforce bonuses.
Elsewhere, fixed assets are down 6.9% to £1.7bn while debt levels are declining. When the latter is taken in tandem with the rise in profits, we can see that businesses have been more able to repay debt, with the incentive of not wanting to pay high interest rates.
Mike Tillson, Partner at Grant Thornton, said:
“The latest edition of our Northamptonshire Limited report reflects the county’s potential as well as its multifaceted nature and the exciting opportunities that exist. By analysing the Top 100 performing businesses, we can see many remarkable stories, with high achievers emerging from the county’s traditionally strong sectors as well as its more modern industries.
“Indeed, one of the key themes of this year’s report is how the county’s tech sector is blossoming. Northants’ position as an emerging tech hotspot will only prosper further in the years to come as the Silverstone Technology Cluster continues to thrive and our proximity to the Oxford-Cambridge Arc will help attract further investment.
“The inspiring results documented in Northamptonshire Limited are all the more remarkable when we take into account the significant challenges the UK economy has faced in recent years. I’d like to congratulate all the companies showcased in our report – and we can’t wait to see where their drive, creativity and commitment to enterprise takes them next.”
Matthew Thompson, Partner at Howes Percival said:
“This is a very impressive set of results and speaks volumes about the strength of the Northamptonshire economy at the moment. The report demonstrates just how varied that economy is now, and it is that diversification as much as anything that has contributed to the growth we are seeing locally, despite the global issues impacting the wider UK market.
“In the last 12 months we have worked with a wide variety of local business leaders and whilst there are very real challenges in certain sectors, there is also a lot of pride and confidence in the local business community, and it is fantastic to have this opportunity to shout about what a great place Northamptonshire is to do business.”
Reflecting on the county’s tech strengths, Pim van Baarsen, CEO of the Silverstone Technology Cluster said:
“Northamptonshire is often underestimated when it comes to innovation and technology. We should not overlook the fact that eight out of the ten existing F1 teams have bases in the area, alongside their supply chain. The majority of these businesses are also active in sectors ranging from automotive, to defence, medical and space, and so are driving a huge amount of technology and innovation across a wide range of areas.”
Find out more about Grant Thornton at www.grantthornton.com
Find out more about Howes Percival at www.howespercival.com
