Project Primis Topco Limited
Registered name: PROJECT PRIMIS TOPCO LIMITED
Part of Apiary Capital LLP groupProject Primis Topco Limited made £52.6m revenue and a £8.5m loss in the year to 31 Dec 2025.
Project Primis Topco Limited’s revenue grew 60% to £52.6m in the year to 31 Dec 2025, with a loss of £8.5m and 508 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
- 3 yrs · since 2023
- 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 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £15m | £32.9m | £52.6m |
| Cost of sales | −£3m | −£5.6m | −£8.3m |
| Gross profit | £12m | £27.3m | £44.3m |
| Operating profit | −£317k | −£325k | £1.2m |
| Profit before tax | −£4.6m | −£7.6m | −£8.1m |
| Profit after tax | −£4.6m | −£5.8m | −£8.5m |
| Profit (best available) | −£4.6m | −£5.8m | −£8.5m |
| Employees (average) | 211 | 312 | 508 |
| Ratios | |||
| Profit margin | −30.6% | −17.5% | −16.1% |
| Gross margin | 80% | 83% | 84.2% |
| Revenue per employee | £71.1k | £105k | £104k |
| Profit per employee | −£21.7k | −£18.5k | −£16.6k |
| Growth (year on year) | |||
| Revenue growth | — | ▲119.3% | ▲59.9% |
| Headcount growth | — | ▲47.9% | ▲62.8% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jul 2025 | Accounts · bulk data Jul 2025 | Accounts · bulk data Aug 2026 |
How the business works
- Profit margin
- −16.1%
- Profit ÷ revenue.
- Gross margin
- 84.2%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £104k
- Revenue ÷ average employees.
- Profit per employee
- −£16.6k
- 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
- ▲63%
- Now 508
- 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 Primis Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Project Primis Midco LimitedFigures not disclosed
Sister companies (4)
- Project Phoenix Topco LimitedRev. £68m · Profit −£9m
- 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 31 Dec 2025 (profit −£8.5m), from the Companies House accounts bulk data published Aug 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.