Wales’ biggest private businesses grow turnover in every sector
Wales’ 100 largest private businesses turn over £14.8 billion and employ 74,132 people, with earnings up 49% in construction and real estate.
A new report from leading business and financial advisor Grant Thornton UK has revealed that turnover grew year on year in every sector comprising Wales’ 100 largest privately owned businesses, with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) falling in just two of the six sectors: manufacturing and industrial, and private healthcare. Wales LTD 2026, now in its second edition, covers both South and North Wales for the first time.
Across the Top 100, construction and real estate led the way, growing earnings by 49.2% on turnover growth of just 6% and without taking on more staff. Technology, media and telecommunications saw earnings jump 184.1%, although that comes from just four companies.
Manufacturing and industrial remains the biggest earner of the six sectors, at £443 million. Turnover rose 7.8% and the sector employed 9.5% more people, although earnings fell 11.1%. Private healthcare showed a similar pattern, with turnover up 11.2% and earnings down 7.8%.
Consumer, the largest sector comprising 34 of the Top 100 companies, grew more steadily. Turnover rose 2.8% to £7 billion and EBITDA rose 7.9% to £307 million. The sector also employs 43,221 people, more than half of all jobs in the Top 100.
Cardiff has the most Top 100 companies, with 17, followed by Swansea, while Deeside and Newport have the most turnover, driven by construction and manufacturing.
Iceland Foods, Sinclair Motor Holdings and Wales & West Gas Networks (Holdings) are the three largest businesses by turnover. Arra Distribution and Fareham Associates lead a separate ranking of the 25 fastest-growing, measured by three-year EBITDA growth. Nine of those 25 are also in the Top 100, so fast growth is not confined to smaller businesses.
The report also looks at overseas-owned businesses. The 25 largest subsidiaries in Wales turn over £9.1 billion between them, with owners in 13 countries and territories, led by Patagonia Holdco 3 (trading as Huws Gray), GE Aircraft Engine Services and Ipsen Biopharm.
Gareth Morgan, Chief Financial Officer at Shaw Healthcare, said:
“Being named among the top 20 companies in Grant Thornton’s Wales’ Top 100 is a proud moment for Shaw healthcare. As an employee-owned business, our success belongs to the people who deliver outstanding care every day. This recognition reflects their commitment and the important contribution they make to Wales’ economy and communities.”
Jamie Roberts, Partner in Corporate Finance Advisory at Grant Thornton UK, said:
“It has been an impressive 12 months for Wales’ largest private businesses particularly in light of the challenges presented by the domestic and global business environment Working closely and in partnership with our clients, we witness daily the quality of the management teams driving this success as well as the level of dedication and initiative demonstrated by the talent across these businesses. The financial, operational and impact related success of the organisations featured in our report are in no small way a biproduct of this quality and application. It is a privilege to feature them in our 2026 Wales LTD report.”
Rhian Owen, Partner in Audit at Grant Thornton UK, added:
“It’s encouraging that manufacturers kept taking on people in a year where topline earnings weren't growing. That suggests businesses that are confident about what comes next and are backing themselves. We’re also seeing fast growth at real scale. Nine of the 25 fastest-growing businesses on our list are also among Wales’ 100 largest.”
Wales LTD 2026 is part of Grant Thornton UK’s annual series of analysis on privately owned businesses and their contribution to the UK economy.
Read the full report here: Wales LTD. 2026 – Who made the list? | Grant Thornton