New Report Shows Growth in Cornwall’s Private Sector Employment

A new report has highlighted strong growth across Cornwall’s private sector, with a sharp rise in employment and turnover among the county’s largest privately owned businesses.

Grant Thornton UK has published its first Cornwall LTD report, part of a nationwide series designed to benchmark performance and provide insight into regional economies.

Strong growth in jobs and pay

According to the report, Cornwall’s Top 100 privately owned companies now employ just under 20,000 people, following a 13.9% increase in headcount over the past year.

Collectively, these businesses generated £3 billion in turnover, representing a 13.1% increase compared to last year. Average remuneration also rose by 8.2%, pointing to continued investment in employees alongside business growth.

Consumer sector leads the way

The consumer sector emerged as the largest contributor to turnover. Made up of retail, food and beverage, and leisure businesses, the sector includes 41 companies generating a combined £1.3 billion.

Turnover in this part of the economy rose by 10.8%, while wages increased by 6.3%, reflecting strong demand and ongoing investment in staff.

Manufacturing remains a key pillar

Manufacturing and industrial firms continue to play a central role in Cornwall’s economy. More than 20 companies in this sector generated £823 million in turnover and employ over 3,000 people.

The report recorded a 7.7% rise in turnover and a 7% increase in remuneration, underlining steady growth and resilience within the sector.

Cornwall’s largest private companies

The report identified the five largest privately owned companies in Cornwall by turnover as:

1. St Austell Brewery Company Limited

2. Seasalt Holdings Limited

3. Hawkins Holding Limited (Hawkins Motors)

4. Charles Robertson (Holdings) Limited

5. Pendennis Shipyard (Holdings) Limited

What Grant Thornton says

Nick Jones, Head of South West Corporate Finance at Grant Thornton UK LLP, said:

“We’re delighted to shine a spotlight on the thriving Cornish business community. Cornwall is famous for its natural beauty and as a tourist destination, but those living outside of the South West region don’t always appreciate the breadth of fantastic companies that support and drive forward the success of the county. We look forward to continuing to work alongside the businesses in the region to help support their ongoing growth.”

James Smart, Corporate Finance Associate Director at Grant Thornton UK LLP, added:

“Cornwall’s private sector is demonstrating remarkable resilience and ambition. The growth in turnover and investment in people reflects a dynamic business community that is driving economic progress for the region and beyond. This inaugural Cornwall LTD report not only celebrates these achievements but also provides valuable insight into the opportunities ahead.”

The full Cornwall LTD report can be accessed on the Grant Thornton website here.

Grant Thornton is a global network of independent assurance, tax and advisory firms, employing 76,000 people across more than 150 countries. In the UK, the firm employs over 5,500 people and is led by more than 200 partners.