Circle Topco Limited
Registered name: CIRCLE TOPCO LIMITED
Part of Livingbridge 7 Global LP groupCircle Topco Limited made £199m revenue and a £23.2m loss in the year to 31 Oct 2025.
Circle Topco Limited’s revenue grew 9% to £199m in the year to 31 Oct 2025, with a loss of £23.2m and 835 employees. The company is classified under “activities of financial services holding companies” and is based in Bristol; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Bristol, South West
- Age
- 5 yrs · since 2021
- 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 Oct 2023 | 31 Oct 2024 | 31 Oct 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £173m | £182m | £199m |
| Cost of sales | −£128m | −£132m | −£138m |
| Gross profit | £45.2m | £50.4m | £61.8m |
| Operating profit | −£24.8m | −£22.1m | £5.8m |
| Profit before tax | −£49.9m | −£47.5m | −£21.7m |
| Profit after tax | −£45.1m | −£46m | −£23.2m |
| Profit (best available) | −£45.1m | −£46m | −£23.2m |
| Employees (average) | 807 | 857 | 835 |
| Ratios | |||
| Profit margin | −26.1% | −25.2% | −11.6% |
| Gross margin | 26.1% | 27.6% | 31% |
| Revenue per employee | £214k | £213k | £239k |
| Profit per employee | −£55.8k | −£53.6k | −£27.7k |
| Growth (year on year) | |||
| Revenue growth | — | ▲5.5% | ▲9.3% |
| Headcount growth | — | ▲6.2% | ▼2.6% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data May 2025 | Accounts · bulk data May 2025 | Accounts · bulk data Apr 2026 |
How the business works
- Profit margin
- −11.6%
- Profit ÷ revenue.
- Gross margin
- 31%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £239k
- Revenue ÷ average employees.
- Profit per employee
- −£27.7k
- 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
- ▼3%
- Now 835
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Livingbridge 7 Global LPultimate parent75–100%
- Circle Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Circle Midco 1 LimitedFigures not disclosed
Sister companies (6)
- Perth Topco LimitedRev. £69.5m · Profit −£12.1m
- Raptor Topco LimitedRev. £20.1m · Profit −£23.1m
- Apteus Holdings LimitedFigures not disclosed
- Atlas 25 Topco LimitedFigures not disclosed
- FIS3 Topco LimitedFigures not disclosed
- Footco 37 LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Oct 2025 (profit −£23.2m), from the Companies House accounts bulk data published Apr 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.