The parent company of Plymouth-based retail giant The Range has been crowned the largest private business in Devon, according to a major new economic report for 2025.
Top Performers and Economic Impact
Norton Group Holdings, the holding company owned by retail magnate Chris Dawson, secured the number one spot in the inaugural Devon Ltd 2025 report compiled by Grant Thornton UK. The firm, which also owns the Wilko brand and acquired Homebase last year, saw its turnover surge to £1.47 billion for the year to February 2025, with a pre-tax profit of £10.5 million.
Exeter-based logistics specialist Gregory Trading Holdings claimed second place, while Plymouth's luxury boat manufacturer Princess Yachts took third. The combined economic force of the listed 150 companies is substantial, generating over £7.7 billion in turnover—a 12.2% increase on the previous year—and employing nearly 48,000 people in the county on an average salary of £28,000.
Sector Strength and Profitability Leaders
The consumer sector, encompassing retail, food and drink, and leisure, demonstrated its dominance with 55 companies in the top 150, contributing £3.3bn to the total turnover. Manufacturing followed closely, with 45 firms generating £2.2bn.
A separate profitability ranking within the report revealed a different leader. Exeter's Highcliffe Holdings, which trades as Thrifty and Switch car rental, was named the most profitable private business in Devon. Norton Group placed second in profitability, with Gregory Trading Holdings third.
Expert Insight on a Thriving Business Community
Nick Jones, head of south west corporate finance at Grant Thornton UK, praised the collective contribution. "It’s fantastic to celebrate the success and contribution of so many privately owned businesses across Devon," he said. "The roles these companies play as employers, suppliers, and through community involvement is fundamental to supporting the region's success."
James Smart, corporate finance associate director at the firm, highlighted the resilience on display. "The growth in turnover and profitability, alongside significant investment in people, reflects a business community that is adapting and thriving despite challenging market conditions," he stated.
The report, part of a national series by Grant Thornton, analyses the most recent publicly available accounts to rank companies by both turnover and profitability (EBITDA). It underscores the critical role of private enterprises in driving regional economic growth and innovation across a diverse range of industries.
