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Profits surge as Gloucestershire’s top businesses bounce back from economic challenges

The Business Magazine article image for: Profits surge as Gloucestershire’s top businesses bounce back from economic challenges
15 November 2023

Gloucestershire’s top 100 businesses have soared back from the challenges of recent years to achieve a combined 55% year-on-year increase in EBITDA, according to new data from Grant Thornton UK LLP. 

The leading business and financial adviser’s inaugural Gloucestershire Limited report, unveiled this month, analysed the county’s top performing 100 companies.

This revealed a significant increase in total EBITDA (earnings before interest, taxes, depreciation, and amortisation) to £622.2m. The report also found that these companies achieved a combined turnover of £5.4 billion this year, a 34 per cent increase compared to 2022.

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The Gloucestershire Limited report provides a review of the county’s most successful businesses as measured by annual turnover. The businesses included in the report have a turnover ranging between £16.8million and £346.3 million and collectively employ 25,792 people across the county.

Standout companies in this year’s report include Green Britain Group Limited, which ranked number one among the Top 100 by turnover. This sustainability focused firm, led by Dale Vince OBE, has achieved significant growth recently, particularly within its green energy supply business.

The company to achieve the largest increase in EBITDA was the investment holding business Last Mile Infrastructure. The Stonehouse-based firm, which designs, builds, owns, and operates utility infrastructure in the UK, saw £14.8m growth in EBITDA.

The county’s business support services sector achieved the highest overall revenue at £1.4 billion, which is a 20 per cent increase on the previous year. Gloucestershire’s top performing businesses in this sector include (in descending order) Airline Investments Limited, Howard Tenens Limited, and BRG Technologies Limited.

The consumer sector was a close second, with overall revenue at £1.3 billion, which represented a 39.1 per cent year-on-year increase. This growth was achieved thanks to businesses such as Dopano Limited (which trades as Cotswold Motor Group), Dairy Partners Limited, and Creed Catering Supplies Limited.

The healthcare sector grew its EBITDA by an impressive 125 per cent, a figure which was driven by the success of companies such as Spectrum Medical Group. This medical device business increased its revenue and EBITDA by 74 per cent and 198 per cent respectively due to high demand in North America and following the global launch of new products.

Nick Jones, Corporate Finance Director at Grant Thornton UK LLP, said: “The inaugural Gloucestershire Limited report provides a great opportunity to review the county’s top performing businesses.

"With so many challenges in recent years, ranging from the pandemic to the cost-of-living crisis, supply chain issues and inflation, it’s reassuring to see that businesses are in robust health and that there’s significant growth across a variety of sectors.

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“The increases in turnover outlined in the report mirrors the optimism we’ve seen across the wider South West in our Business Outlook Tracker survey, which recently found that more than two thirds (68 per cent) of the region’s business leaders are optimistic about their revenue growth, and almost three quarters (74 per cent) didn’t think inflation would impact them moving forward.

“The report’s results are a testament to the resilience and entrepreneurial creativity that can be found in this county. While there are many challenges still on the horizon, these findings give us a lot of confidence in the ability of Gloucestershire’s business leaders to remain agile, resilient, and ambitious.”


Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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