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The Hertfordshire Ltd Report Private firms fuel £19.3 billion turnover as Hertfordshire is recognised as a growth powerhouse
A new report has revealed the scale of the county’s economic momentum, with Herts’ leading private firms showing strong growth, rising profitability and sustained investment
Hertfordshire is stepping into a bold new era – combining entrepreneurial strength, strategic investment and sustainable ambition to cement its place as one of the UK’s fastest-growing regional economies, according to the Hertfordshire Limited 2025 Report.
Now in its 12th year, the Grant Thornton-produced report analyses the top 100 privately owned businesses in the region –spotlighting their financial performance, resilience and impact on the local and national economy. The 2025 report has revealed an impressive year of growth for Hertfordshire, driven by its top 100 businesses.
Mike Tillson, Partner at Grant Thornton, said: “Strategic positioning ensures Hertfordshire is more than a regional player – it’s a gateway for national growth and innovation.
“As we celebrate the businesses featured in this year’s report, we recognise their role as architects of Hertfordshire’s future. Their resilience, ambition and commitment to excellence continue to drive the county’s economic success. Their contributions inspire Hertfordshire’s limitless potential.”
Key highlights from the report include:
• The Top 100 businesses achieved a combined turnover of £19.3 billion, marking a 6 per cent year-on-year increase.
• Collective EBITDA rose by more than 17 per cent, approaching the £1 billion milestone.
• The businesses employ more than 69,000 people, with average salaries of £55,200 – above the UK average.
• Long-term debt increased by over 10 per cent, signalling continued investment in growth and long-term confidence.
Mike said: “(The results are) a testament to operational success and resilience – reflecting strategic, purposeful investment and expansion across the region.”
The report also highlighted that Hertfordshire’s success is strongly rooted in its vibrant business hubs – with Watford standing out in particular. Home to 21 of the Top 100 featured companies, Watford is positioning itself as a leading commercial centre. With plans underway to deliver at least 14,988 new homes and create 11,500 additional jobs by 2036, the town is poised to support a growing, thriving community.
Elsewhere in the county, St Albans (with 10 featured companies), Borehamwood (nine) and Hemel Hempstead (nine) also emerge as dynamic centres of enterprise, reflecting Hertfordshire’s diverse and robust economic landscape.
Among the top 100 businesses featured is McGinley Support Services and CEO Dermot McGinley highlighted Hertfordshire’s geographical advantage. He said: “Our location affords us some of the best transportation links in the UK, whether these be by road, rail or air. For a business that is truly a UK supplier, this is of fundamental logistical importance.”
By sector, Hertfordshire’s real estate and construction industry – including infrastructure businesses – remains a dominant force, generating £7.8 billion in turnover and employing 22,618 people across 24 companies. Among them is M Group, a leading infrastructure services company and one of the top-ranked firms featured in the top 100.
The report was officially unveiled at the Hertfordshire Limited: Growth Capital Breakfast, held at Rothamsted Enterprises in Harpenden. The event was delivered in partnership with Hertfordshire Chamber and sponsored by VWV Law.
CEO of the Chamber, Donna Schultz, said: “The report not only underscores the financial strength of Hertfordshire’s leading companies, but also reflects the broader confidence, innovation and ambition that reflects the region’s business landscape.
“It’s more than a snapshot of business performance. It is a celebration of the vision and determination that defines Hertfordshire.”
In addition to the report launch, the event featured an engaging panel discussion exploring growth capital and funding routes for ambitious businesses. Speakers included:
• Zach Francis – Investment Director, YFM Equity Partners
• Mark Nunny – Investor, Business Growth Fund (BGF)
• Neil Patel – Senior Director, ThinCats
• Robert Hill – Director of Innovation & Commercialisation, Rothamsted Research including:
The Chamber was honoured to welcome The Lord-Lieutenant of Hertfordshire, Robert Voss CBE CStJ, who joined the celebrations, recognising the exceptional contribution of local businesses.
• Longmores Solicitors
• Menzies
• Ness M Care Services
• Sopwell House
• Tate Recruitment
• University of Hertfordshire
• Vincent + Gorbing
The event was hosted by Mary Sykes of the Chamber, with support from Abigail Parkins and Caroline Maher.
The report not only underscores the financial strength of Hertfordshire’s leading companies, but also reflects the broader confidence, innovation and ambition that reflects the region’s business landscape. It’s more than a snapshot of business performance. It is a celebration of the vision and determination that defines Hertfordshire.
Donna Schultz CEO Hertfordshire Chamber of Commerce
