Project Phoenix Topco Limited
Registered name: PROJECT PHOENIX TOPCO LIMITED
Part of Apiary Capital LLP groupProject Phoenix Topco Limited made £68m revenue and a £9m loss in the year to 30 Apr 2025.
Project Phoenix Topco Limited’s revenue fell 4% to £68m in the year to 30 Apr 2025, with a loss of £9m and 367 employees. The company is classified under “activities of other holding companies” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 7 yrs · since 2019
- Type
- Private Limited Company
Pass-through vehicle. This looks like a holding, staffing or umbrella company. Its revenue and profit may largely pass through to or from other entities, so the figures may not reflect a standalone operating business. It is excluded from our opportunity lists.
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 30 Apr 2023 | 30 Apr 2024 | 30 Apr 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £59.8m | £70.6m | £68m |
| Cost of sales | −£29m | −£37m | −£34.9m |
| Gross profit | £30.8m | £33.5m | £33.1m |
| Operating profit | −£1.5m | −£333k | −£1.7m |
| Profit before tax | −£7m | −£6.7m | −£8.4m |
| Profit after tax | −£7.2m | −£7.2m | −£9m |
| Profit (best available) | −£7.2m | −£7.2m | −£9m |
| Employees (average) | 323 | 372 | 367 |
| Ratios | |||
| Profit margin | −12% | −10.3% | −13.2% |
| Gross margin | 51.5% | 47.5% | 48.7% |
| Revenue per employee | £185k | £190k | £185k |
| Profit per employee | −£22.3k | −£19.4k | −£24.4k |
| Growth (year on year) | |||
| Revenue growth | — | ▲17.9% | ▼3.6% |
| Headcount growth | — | ▲15.2% | ▼1.3% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Dec 2024 | Accounts · bulk data Dec 2024 | Accounts · bulk data May 2026 |
How the business works
- Profit margin
- −13.2%
- Profit ÷ revenue.
- Gross margin
- 48.7%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £185k
- Revenue ÷ average employees.
- Profit per employee
- −£24.4k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▼1%
- Now 367
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Apiary Capital LLPultimate parent75–100%
- Apiary Managing Member Ltd75–100%
- Apiary Capital Partners I Investment GP LLP50–75%
- Project Phoenix Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Project Phoenix Bidco LimitedFigures not disclosed
Sister companies (4)
- Project Primis Topco LimitedRev. £52.6m · Profit −£8.5m
- Thrive Childcare and Education Topco LimitedRev. £37.3m · Profit −£6m
- Project Alpha Topco LimitedRev. £32.8m · Profit −£8.6m
- Roar Techmedia Holding 1 LimitedRev. £12.8m · Profit −£4.2m
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 30 Apr 2025 (profit −£9m), from the Companies House accounts bulk data published May 2026. Spotted an error? Request a correction.
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.