Warwickshire firms show resilience in Grant Thornton regional economic study

A Grant Thornton regional economic performance report has underlined the resillience of privately-owned companies in Warwickshire.

The inaugural Warwickshire Limited report is part of an annual series of business analysis of UK counties undertaken by Grant Thornton UK LLP.

It celebrates the showcased firms and provides them with recognition for their contribution to the region and the wider UK economy.

The analysis is compiled using the most recent publicly available accounts (as of 31 December 2022).

The full top five largest privately-owned companies in Warwickshire as identified by the report are:

Rigby Group – the largest privately owned IT solutions provider in Europe is headquartered in Warwickshire (Stratford-upon-Avon)

National Farmers Union Mutual Insurance Society – a leading insurer that has been providing quality insurance to its customers, their families, and their businesses for over 100 years (Stratford-upon-Avon)

Listers Group Limited - One of the largest family-owned automotive businesses in the UK (Stratford-upon-Avon)

Rybrook Automotive Ltd – one of the largest privately owned new and used car dealer groups in the UK (Warwickshire)

CEF Holdings Ltd - the UK's largest electrical wholesaler/supplier (Kenilworth)

Warwickshire Limited’s overall findings demonstrate strong levels of entrepreneurship within the region, illustrated by the £11.3bn of revenue generated by the region’s top 100 privately owned businesses.

Warwickshire businesses have also shown exceptional resilience, with c.£700m of EBITDA (earnings before interest, taxes, depreciation, and amortisation) generated, an increase of 384% from 2021.

Additionally, and despite the current inflationary pressures and interest rate rises, business leaders are seeing opportunities for growth in the medium-term, organically and through M&A.

The report reflected the county’s historic strengths in automotive and industrials, with these sectors making up the largest volume within the cohort (41%). While this demonstrates the region’s heritage and importance within the supply chain of major manufacturers, technology businesses are also thriving, with a revenue contribution to the region of almost £4bn.

A significant contributor to this total was Rigby Group, the company that was named as Warwickshire's leading private company by the report.

Harry Gabriel - Director, Corporate Finance, Grant Thornton UK LLP, said: “I’d like to congratulate all the companies who made it onto our first Warwickshire Limited report. The collective results of the businesses included in this report demonstrate the entrepreneurial nature of the Warwickshire region, and also its resilience given the challenges faced as a result of COVID-19, supply chain issues, and inflation, to name a few. The ambition shown by these firms during a difficult few years points towards a very positive outlook for the county, and I’m excited to see how the inspirational business community in Warwickshire will continue to prosper in the coming years, regardless of what challenges lie ahead.”