Inflation busting pay awards at Suffolk’s top private businesses

Suffolk’s leading privately-owned businesses pushed up salaries by 8% in the last year, according to new data reflecting the inflationary pressures the region’s employers have been facing.

The Suffolk Limited report, produced by business advisors Grant Thornton UK LLP in partnership with top 50 UK full-service law firm Birketts LLP, analyses the region’s top 100 private companies. The research reveals an average salary of £36.6K for the 35,808 people working in the leading private company across the county, with remuneration up from £33.9k in 2023.

Suffolk Limited also shows the resilience and adaptability being demonstrated by these firms. They improved turnover by 5.8% despite the economic uncertainties and evolving market dynamics of the last 12 months. The turnover range spans £19.2 million to £600 million and collectively amounts to £6.9 billion of sales.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) totals £665.7 million has seen a slight decline of 1.2% over the period, further reflecting the pressures on profitability that many Suffolk businesses are experiencing, even when sales figures have progressed.

The Top 100 is led by two transport and logistics companies – Turners (Soham) Holdings Limited and Maritime Transport Limited. But the report shows the largest sectors by number of companies and turnover are Consumer products – 36 companies, with a collective turnover of £3.3 billion; Services – 21/£1.3 billion; and Real Estate and Construction 21/£1.1 billion.

The greatest concentration of Top 100 is in Ipswich, which leads the way with 38 private firms, followed by Bury St Edmunds with 18.  The next three are Newmarket (7), Eye (6) and Felixstowe (5).

Suffolk Ltd, now in its 23rd year, also identifies the 50 fastest growing firms, businesses with a plus-£10 million turner that have achieved the highest year-on-year sales growth.  They are led by Bungay-based Transam Trucking Limited, which provides haulage and logistical services to some of the biggest names in the entertainment industry. A local supplier to global industries, R P Valves Limited is ranked in second place.

The 25 largest subsidiaries of internationally owned companies by turnover in the county are also featured. These are led by the hospitality group Greene King Limited, and the agricultural suppliers Forfarmers UK Limited, both of which operate from bases in Bury St Edmunds.

Tim Taylor, Practice Leader for Grant Thornton UK LLP in East Anglia, said: “Economic growth is a huge national priority but achieving it over the last 12 months has proved challenging in many parts of the UK. Wage inflation is a powerful dynamic, and the battle for talent remains a key challenge for many companies, alongside the increasing costs of other essential resources.  In this climate, the success of the Top 100 shows the importance of having a diverse and resilient business landscape. That’s something we are blessed with in Suffolk, with sectors such as motor retail, transport, and logistics playing pivotal roles in providing employment and skills opportunities alongside more established sectors such as agribusiness.  It is a great base from which to build further progress in 2025.”

Alexandra Nelson, Partner at Birketts LLP, said: “The report shows that Suffolk’s economy has a lot to be positive about and that the Top 100 businesses in Suffolk continue to demonstrate resilience in challenging times.  With Employer National Insurance increases and a raft of new employment laws on the horizon, 2025 will no doubt be testing for UK businesses.  However, the report’s findings should provide us with confidence that Suffolk’s businesses will navigate these challenges and continue to prosper.”