Leicestershire’s mid-sized businesses generated combined revenues of more than £2.1 billion according to their respective latest accounts – with average growth of 23 per cent over the previous two years, according to a new report.
A study by accountancy and business advisory firm BDO suggests the diversity of the county’s businesses has helped it thrive, despite the political and economic uncertainty of the past couple of years.
The report says C3 Construction – based in Meridian Business Park – topped its list of the 50 fastest growing Leicestershire businesses, with average revenue growth of 60 per cent.
Market Harborough-based clothes retailer Joules Group had the biggest turnover of the companies on the BDO top 50 list, with revenues nearing £218 million in its accounts ended May 2019.
However more recent trading headwinds have seen a dip in revenue and profits at Joules.
BDO said the business was the second biggest employer within the region, currently employing more than 1,800 people.
Other companies making the top five include property developer JA Ball, in Coalville, C Walton which owns , where 25,000 cars are stored, Loughborough civil engineers Esendee Holdings and Leicester aluminium casting maker Harrison Castings.
The list suggests that Leicestershire is a bustling hub for the retail and wholesale sector boasting 18 businesses in the top 50 and tracking an average sector growth rate of 22 per cent.
Retail and wholesale was followed closely by companies in the manufacturing and industrial markets sectors which made up more than a quarter of the top 50 and achieved an average sector growth rate of 22 per cent.
Real estate and construction has experienced strong sector growth averaging 40 per cent, attributable to just four companies within the top 50.
Vinod Patel is head of corporate finance-transaction services at BDO in the East Midlands and led the report.
He said: “Leicestershire has a wide range of companies that truly embody the diversity of the region.
“These are the businesses driving economic growth and leading ground-breaking discoveries.
“Businesses are investing and are themselves, invested in the county. Space Park Leicester is a true example of this as it is set to transform the regional economy by contributing £715 million and 2,500 jobs once completed.
“My home county is also working hard at attracting a new generation of tourists and developing a strong cultural and leisure offer for residents, especially in the wake of the exhumation and reinternment of Richard III, and Leicester City Football Club winning the Premier League title in recent years.
“Both are a huge coup for the county and present us with the opportunity to create a stronger identity for Leicestershire in the UK and internationally.
“Meeting the businesses which feature in this report, the ambition to collaborate and drive combined future growth and prosperity for Leicestershire is clear.
“When this is combined with the huge opportunity around key sectors from retail to construction and manufacturing to life sciences – Leicestershire certainly has a strong future.”
The research was released as part of BDO LLP’s series of Shires growth reports across the Midlands.
