Business support and construction driving Hertfordshire growth

County’s top 100 companies revealed in 11th annual report from Grant Thornton

The business support services sector is a key driver of Hertfordshire’s economic success – but it’s by no means the only one. That’s according to the Hertfordshire Limited 2024 report, which names the county’s top 100 businesses.

Accounting and consultancy firm Grant Thornton said that the 31 business support companies in its annual top-100 list together generated some £3.4bn of turnover in the county – and that other strong sectors include property and construction, food, beverage and leisure, and retail and wholesale.

But new industries are also taking their places in the Hertfordshire economic landscape, with agriculture sitting alongside technology and logistics.

Hertfordshire Limited, now in its 11th year, was compiled by Grant Thornton based on the most recent publicly available accounts, considering only companies both owned and managed with Hertfordshire. The report was released at an event at Sopwell House alongside the Chamber in March.

Donna Schultz, Managing Director of the Chamber, said: “There is so much to celebrate about the businesses that are based in the county. The mix is diverse with all municipal areas bringing their own unique offering to the table with a range of industries represented.

“We are well-placed for growth with so many new industries appearing alongside the traditional as the county readies itself for the future.

“Agriculture sits comfortably alongside technology and logistics with an increasing emphasis on more modern growth sectors. Stevenage, in particular, has developed into a centre for innovation and research, while the south of the county is becoming synonymous with the entertainment industry developing its own mini-Hollywood.

“There is always cause for optimism, with the Chamber playing a key role in promoting the area and supporting the organisations within Hertfordshire.”

Mike Tillson, Partner, Grant Thornton UK LLP, said: “Our latest Hertfordshire Limited report provides an invaluable insight into the county’s economy, how the region’s leading businesses have dealt with difficult economic headwinds and where the bedrock for future growth lies.

“From our engagement with firms in compiling this report, what stood out was their commitment to not overlooking staff welfare in the pursuit of growth, and the importance in investing in local communities as profit increases. For this reason, among others, the business community in Hertfordshire are exemplars, setting a path that should inspire others.

“I’d like to congratulate all the companies that comprise this year’s top 100, and also thank them for the work they do. It is their ambition, commitment to innovation and also using business as a force for good that makes Hertfordshire such an inspiring place to do business.”

Which are the top companies?

Top of the pile is Lamex Food Group, based in Turnford, between Broxbourne and Cheshunt, with Hitchin construction company Willmott Dixon in second place. Borehamwood development firm JRL Group is third.

Where are the top companies?

The geographical distribution of the top 100 companies is fairly even across the county’s towns, with all eight local authority areas in Hertfordshire bringing their own offerings to the table in a range of industries.

In particular, Grant Thornton stresses the development of Stevenage into a centre for innovation and research, particularly in the sectors of pharmaceuticals and biotechnology – with the Stevenage Bioscience Catalyst leading the way in fostering groundbreaking scientific developments.

The report also emphasises the south of the county as becoming synonymous with the entertainment industry – a “mini-Hollywood”, with Warner Bros Studios in Watford, Elstree Studios in Borehamwood and Sunset Studios under construction in Waltham Cross. The new £790m 33-acre Google data centre at Waltham Cross is also highlighted as encapsulating the county’s cementing as a hub for technology and innovation, with new opportunities sure to follow f or other Hertfordshire companies.

The local authority areas with the most top-100 companies are Dacorum and Watford, with 13 each, with St Albans just behind with 12. East Hertfordshire, Hertsmere and Welwyn Hatfield each have 10, while Broxbourne, North Hertfordshire and Stevenage have nine each, and Three Rivers has five.