Underdog UK brands trump titans: Greggs and Robinsons dominate with brand power

• Greggs, Robinsons, and Fairy among smaller focused brands dominating brand strength ranking 
• Shell maintains position as UK’s most valuable brand, boasting a value of £40.3 billion 
• EY emerges as UK’s strongest brand, outperforming rival Big Four competitors PWC and KPMG 
• Semiconductor brand Arm experiences meteoric rise in brand value, nearly quintupling its brand value amid AI boom 

Five out of the top 10 strongest brands in the UK have a brand value of less than GBP900 million, according to new data from Brand Finance, the world’s leading brand valuation consultancy. Several highly focused brands have proven their strength in the UK 250 2024 ranking, with Greggs (brand value up 6% to GBP899 million) now the UK’s second strongest brand with a AAA rating. Brand Finance data shows that Greggs’ brand strength stems from high scores in key areas such as value for money, consideration, and familiarity. This underscores Greggs’ solid brand identity, deeply rooted in consumers’ minds through consistent presence, fostering enduring loyalty.  

Robinsons, with a brand value increase of 25% to GBP327 million, has surged 46 positions in the brand strength index (BSI) ranking, now standing as the UK’s fifth strongest brand. This resurgence follows its 2023 split from Wimbledon after its 86-year partnership. Since then, Robinsons has proactively refreshed its brand for the first time in almost a decade, seeing substantial growth in both brand value and strength, reinforcing its leading position in the UK squash market. Fairy (BSI 84.3), Costa (BSI 84.3), and KitKat (BSI 83.0) also demonstrate the power of specialised product UK brands, each with a AAA- rating and a place in the UK’s top 10 strongest brands list. 

“In the 2024 UK 250 ranking, the UK’s top ten most valuable brands have remained largely stable, with BP and Vodafone being the only two brands to swap positions. BP’s brand value increased by 7% to GBP14.9 billion, while Vodafone’s dropped by 17% to GBP11.7 billion. Notably, three of the top ten brands hail from the Commercial Services sector and two from Banking, underscoring the service-oriented nature of the brand powerhouses propelling the UK’s economy.”   Annie Brown, General Manager of UK Consulting, Brand Finance

Shell reinforces its title as the UK’s most valuable brand, recording a 1% increase in brand value to GBP40.3 billion. This is particularly notable given the backdrop of falling revenues, a decline in enterprise value, and a drop from an AA+ rating to AA in terms of brand strength. EY (brand value up 16% to GBP24.7 billion) has maintained its standing as second most valuable UK brand and has now emerged as the nation’s strongest brand. EY’s growth contrasts rival UK Big Four brands PWC (brand value down 6% to GBP19.8 billion) and KPMG (brand value down 8% to GBP11.4 billion), ranked third and seventh, respectively. 

Arm’s brand value has surged in value to GBP945 million, and is now worth almost five times more compared to last year. This surge results from the semiconductor and AI boom, along with the brand’s unique IP licensing model. Since its return to the public market in 2023, Arm has consistently surpassed expectations, in line with the trend of AI and semiconductor brands, further bolstering brand value.  

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.

Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance’s proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.