Scotland’s Top 100 private companies employ 146,000 people and generate £40 billion in revenue, according to Grant Thornton’s Scotland Ltd 2025 report.
“This year, we’ve seen a rise in companies reporting turnover above £300 million — 29 in total, the highest since Scotland Ltd began,” said the report.
“Only 21 companies reported EBITDA below £10 million, underlining the strong profitability profile of the list.
“The West of Scotland remains the largest regional hub, home to over half of the Top 100.
“The East and North East also feature prominently, with the latter benefitting from renewed investment and growth in energy and manufacturing and engineering sectors.”
The report said the 20 biggest private firms in Scotland are Aggreko, Neo Energy Group, Arnold Clark, William Grant & Sons, The Edrington Group, Stagecoach Group, Miller Homes, Cala Homes, Centurion Group, Parks Motor Group, Ogilvie Group, James Jones & Sons, Farmfoods, OEG, Forth Ports, City Facilities Management, GAP Group, ASCO, John Clark Motor Group and Edinburgh Airport.
Scotland Ltd 2025 is based on the latest publicly available accounts of Scotland’s best-performing private businesses, ranked by a hybrid measure including turnover and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation).
“This year’s list reflects a dynamic and evolving business landscape,” said the report.
“Several companies have exited the Top 100 following acquisitions by groups headquartered outside Scotland.
“These include: KCA Deutag who were acquired by Helmerich & Payne; and RJ McLeod and FES Group, both acquired by OCU Group.
“In addition, Score Group, which was separately listed in last year’s Scotland LTD. Report, is now included within D2Zero, following its formation in 2024.
“At the same time, we’ve seen a wave of new entrants—some returning after a hiatus, others appearing for the first time.
“Stagecoach Group, Cala Homes, and SMS have joined the list following changes in ownership that brought them back into private hands. Stagecoach, now backed by DWS Infrastructure, is the highest new entry at number six.
“Target Healthcare made the biggest leap, climbing 45 places to number 44. Other notable newcomers include Oh Polly, a fast-growing fashion brand with a strong ethical focus, and Graham’s The Family Dairy, which continues to expand its reach across the UK.
“These shifts highlight the agility of Scotland’s private sector. Whether through strategic acquisitions, ownership changes, or organic growth, the companies on this list are adapting to change and seizing new opportunities.”
The report added: “This year’s Top 100 features a strong presence from food and drink, manufacturing and engineering, and business support services—together making up nearly half the list.
“Food and drink alone generated £7.7 billion in turnover and added over 1,000 new jobs, while manufacturing and engineering saw solid gains in both revenue and profitability.
“Healthcare, pharma and biotech is also gaining ground. With turnover up 11.6% and net assets rising by 17.4%, the sector is building momentum. Companies like Target Healthcare and Wrights Dental are expanding through acquisitions and exports, supported by Scotland’s world-class research institutions and new innovation hubs focused on health and sustainability.
“Retail and leisure quietly impressed, with EBITDA rising by 9.4% and turnover up 7.6%. This reflects a rebound in consumer confidence and the success of brands that have adapted to changing customer expectations.
“Infrastructure stood out as one of the fastest-growing sectors. Turnover jumped by 25%, and EBITDA rose by over 36%, driven by investment in transport, utilities, and digital connectivity. With gearing levels rising, it’s clear that companies are borrowing to invest—with confidence in long-term growth.
“These trends show that while some sectors are consolidating, others are charging ahead. The common thread? A willingness to adapt, invest, and innovate …
“Scotland’s business strength continues to be regionally diverse, but the West remains the country’s economic engine. Nearly half of the Top 100 companies are based in the West, with strong representation in food and drink, automotive, and business support services. The East follows, home to a growing number of technology and engineering firms …
“This year saw a record 41 acquisitions by companies in the Top 100—the highest since the report began. The manufacturing and engineering sector led the way, with 20 deals from just nine companies. Centurion Group topped the list with five acquisitions, closely followed by Aggreko with four.
“Private equity continues to play a growing role. 22 companies in the Top 100 are now backed by institutional investors, up from 15 last year. These businesses accounted for nearly half of all acquisitions, showing how private equity can fuel growth through strategic buyouts.
“Interestingly, while only 22% of the Top 100 are private equity- backed, on average these companies achieved 11% turnover growth — well above the 2.1% average. This suggests that access to capital and strategic support is helping these firms scale faster. Equally, these companies that are outperforming the market, are those that are most attractive to institutional investors …
“Most sectors saw an increase in net debt this year, with business support services showing the largest rise at 42%. This reflects a wider trend: companies are using debt to fund growth, even in a high-interest environment.
“The technology, media and telecoms sector remains the least reliant on debt, with gearing at just 1%. This is typical for asset- light businesses that favour equity funding. In contrast, energy and natural resources and infrastructure companies — often capital-intensive and heavily asset-backed — carry higher debt loads.
“Despite rising debt, lenders remain supportive. Businesses with strong fundamentals and clear growth plans are still securing funding, even in more cautious markets …”