Milton Keynes' most successful privately owned businesses are showcasing remarkable growth and resilience, as highlighted in the latest MK50 report from Grant Thornton UK. The report reveals that the collective turnover of the area's largest private companies has reached £1.7 billion, an impressive increase of nearly 24% compared to the previous year. This milestone reflects both economic vitality and an unwavering commitment to future prospects in the region.

The MK50 report is an annual overview assessing the financial health of the top 50 privately owned businesses in Milton Keynes, which this year includes firms with turnovers ranging from £10.2 million to £187.5 million. This diversity underscores the broad spectrum of industries thriving within the area. In addition to a 5.4% rise in fixed assets, which are now valued at £497.4 million, there has also been a significant boost in employment, with the total workforce across these companies growing by 9.6%, bringing the total to 13,048 employees. Average salaries have likewise risen by 6.2% to £33,290, reflecting not just robust business performance but also an increasingly favourable employment environment.

The report identifies the technology, media, and telecommunications sector as the largest in terms of the number of businesses, with eleven firms operating in this space. However, the business support services sector leads turnover, contributing £527.1 million, followed by real estate and construction at £362.5 million, and manufacturing and industrials at £270.6 million. Companies such as the TXM Group, renowned for engineering recruitment, and Niftylift, a leader in high-access platform solutions, are among the standout performers. Both have demonstrated substantial growth driven by strategic expansion and innovative practices.

Moreover, the MK50 report highlights the vital role of internationally owned businesses in the area. Notably, Volkswagen Group UK, IKEA, and Ingram Micro UK have been identified as key contributors, promoting Milton Keynes as a crucial hub within global supply and distribution networks.

Mike Tillson, a partner at Grant Thornton UK in Milton Keynes, remarked, “The MK50 is more than just a financial snapshot – it celebrates the ambition, innovation, and leadership behind the businesses that are helping shape the economic future of Milton Keynes.” He emphasised the significance of the report in portraying the area's strategic advantages, such as its robust infrastructure and dynamic business environment, while expressing optimism for continued success in 2025.

Contextually, Milton Keynes is also gaining recognition beyond the MK50 report. As detailed in the Cities Outlook 2025 report, it has emerged as a top city for high wages, innovation, and housing growth. The average wage in Milton Keynes is reported at £40,596, significantly above the national average, largely due to the thriving high-tech and AI sectors. Furthermore, the city has been ranked the UK’s most competitive city in 2023, with a high level of entrepreneurship and a substantial number of knowledge-based businesses.

Research indicates that Milton Keynes is fast becoming a vibrant tech hub, with the second-highest density of tech employment among UK cities. This burgeoning tech sector is reshaping real estate demands, with a notable increase in the requirement for smaller, high-quality office spaces reflecting modern workplace trends towards flexibility and collaboration.

With the ongoing advancements in key industries and a supportive economic ecosystem, Milton Keynes is positioned for sustained growth, reinforcing its significance in the UK’s broader economic landscape.

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Source: Noah Wire Services