Leicestershire is home to more than a quarter of the East Midlands 200 fastest growing businesses according to a new report.
Fifty-seven businesses in Leicestershire have been named in the region’s top 200 for profit growth in The East Midlands Top 200 Report 2019*.
Produced by the regional office of business and financial advisers Grant Thornton UK LLP in association with the CBI, HSBC and Macildowie, global retail design agency Sheridan & Company is Leicestershire’s fastest growing business and takes fourth place.
Sheridan & Co is based in Market Harborough and specialises in store design, retail concessions and visual merchandising.
Leicestershire companies take four of the Report’s top ten spots - joining Sheridan & Co in the top ten are Wigston-based Dalby Holdings in sixth, Cambridge & Counties Bank in seventh and C.J. Upton Holdings takes eighth place.
Overall, Leicestershire companies have 57 of the 200 places on the 2019 Report, and show a 33 percent average adjusted profit growth rate and a 10 percent rise in employment. They employ the most people out of the 200 firms listed on the Report, with a total of 27,645 employees. The county’s top market sectors are Retail & Leisure, Property & Construction and Business Support Services.
Commenting on Sheridan & Co being named the top Leicestershire business for profit growth, its Chairman and Founder Michael Sheridan said: “We attribute our profit growth to our focus on investing in innovation and leveraging our knowledge and expertise.
We are a family business and my two sons are directors, so we benefit from the perspectives of different generations. Our main focus is on moving in the right direction as a business and ensuring we are doing exciting work with interesting customers.”
Based across Derbyshire, Nottinghamshire, Leicestershire and Lincolnshire, the 200 businesses named on the 2019 Report operate in a range of sectors - Business Support Services (24 percent), Property and Construction (20 percent) and Industrial and Manufacturing (18 percent), with the remainder from Retail and Leisure (18.5 percent), Agriculture, Food and Drink (8.5 percent), Transport and Logistics (5.5 percent) and Wholesale (5.5 percent).
They have grown profits by an average 30 percent and employment by 8.2 percent, together provide more than 68,000 jobs across the East Midlands, have a combined annual turnover of £18.6 billion, show an average 13 percent growth in annual turnover, an average operating profit of £2 million, and profit margin of 10.9 percent.
A total of eleven companies have returned to the Top 200 list for the fifth time in seven years*, including four Leicestershire businesses, Bruntingthorpe Proving Ground, Pochin Plumbing and Heating, Parkers Motor Services and Smith Brothers (Leicester).
Commenting on the East Midlands Top 200 Report 2019, Mark Pashley, Director at Grant Thornton’s East Midlands regional office, said: “The 200 businesses who have made it onto our list this year are a great example of what the East Midlands has to offer. The local economy is strong and in great shape to support fast growing businesses, with 91 of the Top 200 being new entrants that haven’t appeared on the list in previous years.
“Whilst our Top 200 have grown profits by an average of 30 percent, down slightly from 35 percent reported last year, we have seen a large increase in employment numbers up to 68,055, reflecting a trend of a number of larger businesses making it into this year’s report.
Nevertheless, around three-quarters of the Top 200 continue to be small and medium sized businesses, the powerhouses of the East Midlands economy, and are drawn from a very broad range of market sectors and industries, further emphasising the region’s diversity and durability.”
He adds: “The UK has faced continued political uncertainties over the past few years surrounding its potential exit from the European Union and now the election of a new Prime Minister. Our data shows how resilient East Midlands businesses are, as they continue to make positive decisions with cautious optimism, helping to drive the regions’ prosperity.”
Partner at Grant Thornton and corporate finance specialist John Bryant, who is based at the firm’s new Nottingham office, adds: “Our region continues to exhibit a vibrant mix of successful and dynamic businesses that promote the East Midlands as a fantastic place to work, live and do business. Our Report shows that the region’s businesses continue to innovate and make optimistic strides forward, supported by a strong local economy. We wish all our Top 200 businesses continued success in the coming financial year.”
The East Midlands Top 200 Report analyses the financial performance of the 200 businesses in Derbyshire, Leicestershire, Lincolnshire and Nottinghamshire that have delivered the greatest, sustained profit growth between 2015 and 2018, to provide the region’s only in-depth study into the East Midlands’ fastest growing companies by key sector and performance indicators, and deliver a barometer of overall economic performance.
The Report includes unique insights and information on regional trends over the last three years and the full list of the 2019 Top 200 businesses. Download the report here.