A new report from Grant Thornton UK has found that private businesses in Scotland are thriving, with record numbers reporting turnover above £300 million.
Scotland LTD. showcases a landmark year of growth for the country, driven by the Top 100 privately owned companies. Together, these businesses generated a combined turnover of £40 billion, employing 146,000 people across the country.
Now in its eleventh year, the report forms part of a nationwide series celebrating the achievements of privately owned businesses across the UK by region.
In 2025, 29 Scottish-based companies reported turnover above £300 million – the highest since the report’s inception in 2014. Only 21 companies reported EBITDA below £10 million, underscoring the strong profitability profile of the country’s private sector.
This momentum is backed by transformative investment across the country. Major infrastructure projects are breathing new life into Glasgow and the North East, while increased support for tax incentives and skills development is helping businesses scale and innovate.
The North East Scotland Investment Zone for example will provide targeted support for digital, energy transition, and life sciences sectors. This zone is projected to attract over £500 million in private investment and create thousands of jobs over the next decade.
More so, the country’s strength spans sectors including food and drink, manufacturing, and business support services, reinforcing Scotland’s reputation as a global player. 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.
Notably, 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.
The West of Scotland remains the largest regional hub, home to almost half of the Top 100 companies. The East follows, home to a growing number of technology and engineering firms.
The report identified the Top five ranked privately owned companies in Scotland as:
- Aggreko
- Neo Energy Group
- Arnold Clark
- William Grant & Sons
- The Edrington Group
Craig Campbell, CEO of Turner & Co, said:
“Balancing continued investment in our equipment, people, and digital capabilities with the challenges of an evolving economic landscape is never easy – but we believe that uncertainty also brings opportunity.
“Having the confidence to invest in innovation, sustainability, and customer experience is what sets us apart. As Scotland continues to evolve as a hub for innovation and international trade, the private sector remains central to driving the country’s growth and prosperity.”
Neil McInnes, Head of Corporate Finance for Scotland at Grant Thornton UK, added:
“This year’s Scotland LTD. report tells a bold story of resilience, resourcefulness, and reinvention. These 100 companies are not only weathering economic challenges, they’re thriving, expanding, and leading the way forward. We applaud their achievements and look forward to seeing how they continue to shape Scotland’s economic future.”
