The effects of the coronavirus pandemic on the region’s biggest businesses has been detailed in the East Midlands Top 500 Companies 2023, which is published today (JUNE 30).
Analysis shows the combined turnover of the Top 500 companies shrank 9.3% to £82billion over the 12 months from July 2020 to June 2021, and employed 434,348 people – 7.5% or 35,164 fewer than the previous year.
The data, which comes from annual accounts filed with Companies House, is analysed by a team of researchers at ذكذكتسئµ Leicester (ذكذكتسئµ), University of Derby and Nottingham Trent University, led by ذكذكتسئµ’s Professor David Rae.
However despite the challenges – Leicester, for example, remained in lockdown for the majority of the period being measured – the team say the region’s diversity of sectors was a real strength during the pandemic.
Some sectors, especially those focused on homewares and home improvements, increased turnover as lockdown sparked home renovations and garden offices as working from home became the norm.
- Homewares company Dunelm has entered the top 10 for the first time, with a turnover of £1.3billion in the 12 months – a rise of £278m on the previous year
- 97 new firms (19.4%) of firms entered the index
- Manufacturing remains the largest single sector in the top 500, representing 26% of firms
Professor Rae said: “The East Midlands hosts a large and successful group of businesses which are generally very well-managed. In many cases they are world-leading, and continue to ride out and recover from the many challenges they encounter.
“They are also diverse in the range of industry sectors and both UK and international markets which they service. International trade continues to be a growth area, enabled by the supply-chain and logistics infrastructure the region has attracted. The combined effectiveness of leadership and management, and diversity of the business base, are enduring strengths.”
Scott Knowles, chief executive of East Midlands Chamber, said: “Despite the sustained challenges, we are now in a period of recovery in which businesses seek new domestic and international growth opportunities. Together, we are putting the East Midlands on the map as a Centre of Trading Excellence – a place for making things, moving them and innovating in how we do this – and in the coming years the EM Top 500’s findings will undoubtedly illustrate the fruits of their labour.”
Top of the list was Boots for the fourth year running. Sytner Group was second, Barratt Developments third, Frasers Group fourth, Next fifth, followed by Pendragon, Toyota, Bloor Investments, Wilkinsons and Dunelm.
The Top 500, which is sponsored by property developer Bradgate Estates and NatWest, was launched this morning at a business breakfast at the Leonardo Hotel in Castle Donington.
The entire Top 500 list has been published online by Reach Plc and in print by the Real Entrepreneurs Magazine, from Cross Productions.
Posted on Friday 30 June 2023