research report 2020 · 2020. 12. 5. · 2020 top track 100 fasttrack.co.uk top track 199 research...

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Research report 2020Covid-19 editionBritain's 100 biggest private companies

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Top Track 100 research report 2020

CONTENTS

INTRODUCTION 1The Top 10 companies on the league table

EXECUTIVE SUMMARY 2 COVID-19 3 Immediate impact Government support Helping the country combat Covid-19 4 Adjusting to the new normal

KEY STATISTICS 5Sales Profits Margins Staff and jobs 6 New leadershipFounding dates 7Regional breakdown Sector breakdown 8Industry breakdown Main ownership 9Ownership wealth New entrants on this year's league table 10 Departures from last year's league table 11

CORPORATE ACTIVITY 12 Public-to-private take-overs Ownership changes Mergers, acquisitions and disposals 13 Acquisitions Disposals

NINETEEN YEARS OF TOP TRACK 100 14 Stock market flotations Acquisitions and mergers The first Top Track 100 15 Failures Example Top Track 100 alumni Trends over the 19 years of the Top Track 100 16 Sales and profits Changes since first league table Companies appearing every year since 2002 17 2020 TOP TRACK 100 LEAGUE TABLE 18

METHODOLOGY 22

SPONSORS AND MEDIA PARTNER 24

ABOUT FAST TRACK 26Compiler and publisher The authors Fast Track 27

CONTACT DETAILS 27

https://www.fasttrack.co.uk/


Top Track 100 research report 2020 1

INEOS, which is No 1 for a ninth time, started making medical-grade hand sanitiser gel in April, providing it to the NHS free of charge

INTRODUCTIONThe 19th annual Sunday Times Top Track 100 league table ranks Britain’s biggest private companies by sales. HSBC is the title sponsor and Linklaters is a main sponsor.

This year’s ranking captures financial performance prior to the start of the coronavirus pandemic and the company profiles highlight their response to the lockdown, where this information is available.

The league table companies had combined sales of £237bn, which is a record. Their profits (ebitda) were £28.2bn, also a record. Many of the companies have substantial debts, totalling more than £126bn. They employed more than 980,000 people, equivalent to 3% of the UK’s workforce. There are ten new companies on the league table this year.

Chemicals maker INEOS takes the top position for a sixth consecutive year, and is led by founder and executive chairman Sir Jim Ratcliffe. The group constructed six hand sanitiser plants this spring – each built in ten days – across the UK, Europe and the US, and is setting up a consumer healthcare division. The group also sponsors high-profile teams in Formula 1, football, sailing and cycling.

The figures above and the profiles in the following pages illustrate the important contribution that the Top Track 100 companies make to the UK economy and to their communities, particularly during the coronavirus crisis; but also the emerging effects of that crisis, with some companies now announcing significant job cuts.

1 [1]

INEOS Chemicals manufacturer Switzerland / UK Dec 18 ‡25,000 n/a ‡4,400 22,000 Sir Jim Ratcliffe (60%), John Reece (20%),

Andy Currie (20%)

2 [3]

EG Group Fuel forecourt operator Blackburn Dec 19 *17,604 65.8% *792 34,680 Issa family (50%), TDR Capital (50%)

3 [2]

Greenergy Fuel supplier Central London Dec 19 *15,925 -5.4% *138 1,130 Brookfield Business Partners (85%),

management (15%)

4 [4]

Swire Conglomerate Central London Dec 18 10,580 1.2% 1,724 92,256 Swire family (67%), others (33%)

5 [5]

John Lewis Partnership Food and general retailer Central London Jan 20 10,151 -1.6% 888 80,700 Employees (100%)

6 [6]

Pentland Group Brand manager and retailer North London Dec 18 5,056 38.9% 509 29,496 Rubin family (100%)

7 [8]

Arnold Clark Car dealer Glasgow Dec 19 *4,463 5.3% *315 12,865 Clark family and trusts (100%)

8 [9]

MFG Fuel forecourt operator St Albans Dec 19 *4,442 31.5% *246 546 Clayton, Dubilier & Rice (>50%),

management inc. Alasdair Locke (<50%)

9 [7]

Dyson Appliance manufacturer Singapore / UK Dec 18 4,401 24.5% 967 11,774 Sir James Dyson and family (100%)

10 [11]

JCB Construction equipment manufacturer Staffordshire Dec 18 4,119 22.8% 376 11,508 Bamford family interests (100%)

Rank2019

Sales £mFYEHQ locationActivity[2018]Company

% annual sales

growthebitda

£m Staff Main shareholders

Top 10 companies on the league table

* Supplied by company ‡ Estimated figure (adding together INEOS’ four major entities with published accounts: INEOS Group Holdings, INEOS Enterprises, INEOS Industries and INOVYN)




2

EXECUTIVE SUMMARY

Key statsThe figures ranking the companies on the 19th annual Top Track 100 league table reflect trading periods prior to the start of the coronavirus crisis in the UK, in March 2020. Sales, profits and the number of people employed by many of the companies are expected to fall next year from this year’s record results.

• The companies generated combined sales of £237bn, up 8% on the year before, a record for the 19 years of the table

• Seventy-four of the 100 reported an increase in sales, some as a result of acquisitions

• Total profits (ebitda) were up 7% to £28.2bn – also a record – with margins remaining steady at 12%. Two thirds (69) grew their profits year-on-year, 29 saw a drop in, and two did not disclose their profits

• Three quarters of the companies (75) operate internationally with the remaining focusing on the UK market only

• The companies employ a total of 980,000 people, 35,500 more than a year earlier

Debt• Many of the companies have complex ownership structures

that do not provide a clear picture of their debts and loans. From the information that is disclosed, the total combined debt (including shareholder debts) for the companies is £126bn, resulting in an average debt multiple of four-and-a-half times ebitda

• Almost a quarter of the companies (23) have debt of more than £1bn, while 33 have debt of more than five times ebitda.

• Five companies have no debts

• Of the 10 companies with the highest ebitda, six have debts of more than £3bn and pay out a large proportion of their profits in interest. Four of the six are owned by private equity

Sector and industries• Seven of the 10 new entrants on the table operate in the

services industry, two in manufacturing, and one in wholesale

• Retail is the sector that has grown the fastest pre-pandemic, adding 15% to its total sales to reach £69.1bn

• Services grew 7.5% to combined sales of £71.7bn

Ownership and corporate activity• Thirty-four of the companies are majority-owned by their founders

and entrepreneurs, and 34 are majority-owned by private equity firms, which also own minority stakes in five companies

• Three companies joined the table this year having been taken private by private equity firms.

£2bn–£5bn

£1.5bn–£2bn

£750m–£1bn

£1bn–£1.5bn

>£5bn

Levels of sales

Number of companies in each range of sales in their latest financial year (2018-2020)

29

19

18

31

£100m–£250m

£50m–£99m

<0

Not disclosed

£0m–£49m

>£250m

Levels of ebitda

Number of companies in each range of ebitda profit /loss in their latest financial year (2018-2020)

2

1

5,000–10,000

<1,000

3

4

25

22

13

12

21

10,000–25,000

1,000–2,500

>50,000

25,000–50,000

2,500–5,000

Number of employees

Number of companies in each range

6

24

31

28

11




COVID-19

The league table presents a snapshot of how the UK’s biggest private companies were performing before the pandemic struck, as the companies are ranked on their financial years that ended by March 2020.

All of the companies have been affected by the global economic lockdown. In most cases, the impact was immediate, and will have a negative impact on the financial performance in the current financial year, with some companies already announcing significant job cuts.

Many Top Track 100 companies (79) have sought to alleviate the short-term damage by taking up government support, for instance by furloughing staff and/or applying for government guaranteed loans.

At the same time many have stepped up to support the NHS, other key workers and the most vulnerable people in their communities across the UK and overseas.

Immediate impactThe pandemic and subsequent lockdown forced the temporary closure of all non-essential retail, leisure and construction sites, including car showrooms, restaurants and popular attractions. Vue International (No 89) closed all of its 228 cinemas, for example, while River Island’s (No 83) 260 clothing stores across the UK and Ireland also closed.

Glasgow-based Arnold Clark (No 7) shut down all of its 200 dealerships in March and offered cars to help NHS workers get to work; it reopened in June. Nando’s (No 69) temporarily closed its 448 UK restaurants at the onset of the pandemic, before adopting delivery and click-and-collect models as lockdown restrictions eased.

Government supportFaced with fixed costs but dramatically falling revenues, many Top Track 100 companies took up government support, while making radical changes to working environments. John Lewis Partnership (No 5), for instance, furloughed 14,000 staff at its department stores, while increasing activity at its Waitrose supermarkets to meet demand for home deliveries. Financial software developer Finastra (No 45) moved its 9,000-strong global workforce to remote working.

OVO Energy (No 70) furloughed 3,400 employees as engineers were unable to complete home visits and launched a £50m hardship scheme for customers struggling to pay their bills. In May it announced 2,600 job losses. Laing O’Rourke (No 21) furloughed 1,000 workers and cut senior directors' salaries by 30% after suspending non-essential projects.

Survey results

Fast Track surveyed the Top Track 100 companies with three questions on the effects of Covid-19:

68%

10%

22%

Negative

Very negative

No change

Impact on group sales this year

21%

79%

No

Yes

Have you accessed any government Covid-19 schemes or loans?

23%

77%

No

Yes

Will more of your staff work from home after restrictions are lifted?

Car retailer Arnold Clark (No 7) supplied vehicles to more than 450 NHS employees and key workers




4

Helping the country combat Covid-19Many Top Track 100 companies have played an important role in helping the NHS and their local communities manage the strain on resources during the pandemic.

Some deployed their expertise in technology and infrastructure, while others donated protective equipment, provided meals to the vulnerable or made substantial financial contributions to NHS Trusts across the country. Examples include:

• Mott MacDonald’s (No 35) engineering and technical knowledge was instrumental in rapidly building NHS Nightingale hospitals in London, Cardiff, Manchester and Glasgow

• JCB (No 10) encouraged volunteer engineers – who had started making medical-grade visors for the NHS at home – to access its 3D printers to produce more. JCB also distributed more than 35,000 meals to vulnerable citizens across Staffordshire, and a further 175,000 in India, where it has three plants

• THG (No 59), the online beauty and health retailer, deployed a £10m aid package to support vulnerable communities and reserved all rooms at its two central Manchester luxury hotels for police and NHS staff. It also donated 3.5m items of PPE clothing, medical gowns, face masks and gloves – worth a further £2m – to hospitals in Greater Manchester

Adjusting to the new normalThe Covid-19 pandemic, economic lockdown and ongoing health- and social distancing restrictions have created unprecedented challenges for business. Top Track 100 companies have been forced to adapt quickly.

• Heathrow (No 13) is facing long-term disruption to travel, with passenger numbers down 90% on the 80m that passed through the airport last year. Those arriving now face compulsory temperature checks as well as quarantine. Chief executive John Holland-Kaye has led calls for a global standard in health screening at airports

• Merlin Entertainments (No 36), which owns Alton Towers and Madame Tussauds, tapped bond investors for €500m in April, having closed most of its 130 attractions worldwide just months after it was taken private in a £6bn deal. Its UK theme parks began partially reopening in June, and fully from 4 July, with customers on its rides facing temperature checks and compulsory masks in certain areas

• Harrods (No 71) reopened with strict social distancing and hygiene measures after the pandemic forced the iconic department store to close for the first time in 170 years. Books and clothes touched by customers are quarantined for 72 hours, while the initial two-metre rule had meant that the 70,000+ plus daily customers at peak times is reduced to just 4,500. As a result, the retailer announced 700 job cuts in July

Cobham (No 30) joined the UK’s ventilator challenge, modifying its fighter pilot oxygen system for use in medical ventilators

JCB (No 10) started reopening its plants in May, with visors issued for extra protection to floor workers




KEY STATISTICS

SalesSales for this year’s Top Track 100 companies are larger than ever, ranging from an estimated £25bn for top-ranked INEOS to £760m for Peel Ports Group ranked at No 100. The average is £2.4bn with a median of £1.3bn. Average sales per employee is £242,000.

ProfitsProfits are measured as earnings before tax, depreciation amortisation (ebitda), and any exceptional costs.

Ninety-seven of the companies on the league table showed a profit, one showed a loss, and two chose not to disclose their ebitda figures.

Profits are up 7% on the previous year and range from an estimated £4.4bn for INEOS (No 1) to a £59m loss for OVO Energy (No 70).

The company with the biggest increase in profits was Cobham (No 30), the delisted defence firm, which increased profits 400% from £54m in 2018 to £271m in 2019. One company, Bibby Line Group (No 91) turned last year’s £24m loss into a £9m profit this year.

The biggest drop in profits was suffered by OVO Energy, where ebitda decreased by £78m, from a profit of £19m to a loss of -£59m.

MarginsAverage profit margin for the 98 companies for which figures are available is 12%. Forty-eight companies increased their margins in the past year, and 50 saw a fall in their margins

Three of the companies with the ten highest ebitda profit margins are water companies; although debts are some of the highest. Two are oil exploration and production companies and two provide communication services.

Biggest percentage sales rises

Rank CompanyActivity Sales increase

78 Rothesay Life Bulk annuity insurer 165%

37 Neptune Energy Exploration and production 69%

2 EG Group Fuel forecourt operator *66%

50 NES Global Talent Engineering recruitment consultancy 57%

17 Prax Group Fuel retailer and wholesaler 52%

* Supplied by company

* Supplied by company

Biggest percentage sales fall

Rank CompanyActivity Sales decrease

41 Healthcare at Home Home healthcare provider -19%

91 Bibby Line Group Conglomerate -18%

22 2 Sisters Food Group Food producer -18%

16 EMRMetal recycler *-13%

60 A.F. Blakemore & Son Retail, wholesale and distribution -10%

* Supplied by company ‡ Estimated figure

Biggest profits (ebitda)

Rank CompanyActivity Profits £m

1 INEOS Chemicals manufacturer

‡4,400

13 Heathrow Airport 1,923

4 Swire Conglomerate 1,724

33 Chrysaor Oil exploration and production *1,314

37 Neptune Energy Exploration and production 1,173




6

Staff and jobs The total number of people employed by the league table companies was 980,200, up from 944,300 the year before. The average is 9,800 staff, and the median is 4,400.

This total is expected to drop in the current financial year due to the economic impact of the pandemic, with 13 companies having announced 11,265 job losses. Another 10 are saying that job cuts are likely but have yet to announce them.

These include JCB, which is laying off 950 office-based staff and moved 915 floor workers to flexible hours. Clarks is laying off 700 over the next two years. Others include Virgin Atlantic with 3,000 job cuts; McLaren Group with 1,200, Neptune Energy with 400, and Wates and Mace with 300 each.

The largest employer was Swire (No 4) with 92,250 on the payroll, and Rontec (No 47) the smallest with 117.

New leadershipSeven of the companies hired a new chief executive in the past 12 months, down from the eight that did so in the previous year.

• Christian Flach joined Greenergy (No 3) as CEO in September, with founder Andrew Owens becoming chairman

• Sharon White joined the John Lewis Partnership (No 5) as chairman on 1 February 2020

• In April, Roland Krueger was appointed CEO of Dyson (No 9), having led its project to build a battery-driven car, which was abandoned in October

• Sarah Bentley was appointed CEO at Thames Water (No 28) in April, and will take up the position in the autumn

• In January, Nigel Oddy, became chief executive at New Look (No 53) having previously been chief operating officer

• In March, Paul Bean joined City Facilities Management (No 76) from Sodexo as chief executive

• Paul Donovan took over as CEO of Arqiva (No 73) in April when Simon Beresford-Wylie stepped down

Sharon White, new chairman of John Lewis Partnership (No 5), turned up unannounced at her local Waitrose in London to help stack shelves




Founding datesSixteen companies, including Swire (No 4) and Sir Robert McAlpine (No 87), trace their history back to the 19th century, while the oldest company, conglomerate Bibby Line Group (No 91) was founded as a shipping company in 1807 to transport spices and silk from India.

The youngest companies are Neptune Energy (No 37) and Rontec (No 51) which were established in their current form in 2015 and 2011 respectively.

Regional breakdownJust under half of the companies are based in London (32) and the southeast (17), including five of the top ten companies on the league table.

The next most common location for companies' headquarters on the league table is the Midlands, with 13 based there including JCB (No 10) in Staffordshire and Bet365 (No 14) in Stoke-on-Trent.

Outside London, the cities with the highest concentration of Top Track 100 companies are Liverpool, which is home to five companies, and Reading and Glasgow, which are home to three each.

Southwest

Wales

N. Ireland

Scotland

Northwest

Northeast

East

Midlands

Southeast

London32

12

8

13

9

3

21

3

17

Regional breakdown of UK HQs

18

51

15

16

1950-2000

Before 1950

1900 or earlier

After 2000

Foundation dates

Number of companies in each range




8

Sector breakdownServices (42 companies) and retail (26) are the two largest sectors, making up two thirds of the league table between them.

The biggest service companies are Swire (No 4) and Pentland Group (No 6), while EG Group (No 2) and John Lewis Partnership (No 5) are the biggest in retail.

In terms of the Top Track 100 sector breakdown, retail and services are the sectors with the highest sales growth since last year, up 15% and 7% respectively. The increase is mainly a result of the growth in EG Group’s sales, which added £7bn in 2019 from its acquisitions in North America and Australia; and the service sector’s increase is helped by Rothesay Life’s sales increase of 165% from £361m to £958m, and NES Global Talent’s 57% revenue rise to £1.3bn.

The sector with the biggest growth in profits was construction, where a low base of £670m grew 20% to £806m, due partly to Laing O’Rourke improving profits by £71m to £78m. Retail grew profits 19%, to £4.3bn, mainly due to the rise in EG Group’s profits, from £496m to £792m.

Industry breakdownConsumer goods, food & drink, transport, automotive and building-related companies make up more than half of the table with 56 companies. They include Dyson, the consumer electronics manufacturer at No 9, Nando’s, the restaurant chain at No 69, and Menzies Distribution, at No 55.

Two other industries are represented by a substantial number of companies: there are seven companies each in business services and in the oil & gas industry.

Five finance companies feature, including bulk annuity insurers Pension Insurance Corporation (No 31) and Rothesay Life (No 78), and financial software developer Finastra (No 45).

Services 42

Sector breakdown

Number of companies in each sector

Manufacturing 12

Retail 26

Construction 10

Wholesale 10

Industry breakdown

Transport

Finance

Engineering

Automotive

Food & drink

Business services

Leisure

Consumer goods

Building-related

Other

5

5

4

5

7

7

11

9

9

10

13

15

Recruitment

Oil & gas




Main ownershipPrivate equity firms own majority stakes in 34 of the companies on this year’s table, and minority stakes in a further five. Founders and entrepreneurs are also the majority-owners of 34 of the companies.

Of the ten new entries to the table this year, seven are owned by private equity, including: Cobham (No 30), Merlin Entertainments (No 36) and Inmarsat (No 63), which were all delisted from the London Stock Exchange in the past year. Other newcomers owned by private equity include oil & gas exploration firm Neptune Energy (No 37), bulk annuity insurer Rothesay Life (No 78) and pub operator Stonegate Pub Company (No 88).

One newcomer is owned by its founders, Sanjeev Soosaipillai and Arani Soosaipillai, who together set up Prax Group (No 17), a fuel retailer and wholesaler, in 2000.

Founding entrepreneurs run or own stakes in 38 companies, such as Sir Malcolm Walker, who acquired a majority stake in Iceland (No 12) in May – 50 years after founding the business – buying out its private equity owners in a £115m deal; and Sir Peter Rigby, who founded Rigby Group (No 20) in 1975 and has led it for 45 years.

In five companies, the founders have sold minority stakes to private equity firms but still control and lead the firms, including Radius Payment Solutions (No 24), where founder Bill Holmes and senior management sold a 24% stake in the fleet services provider in 2017 to Inflexion Private Equity in a deal valuing it at £800m.

Family ownership is also an important factor on the table, with 26 of the companies owned by the founding family. These include retailer Matalan where Jason Hargreaves, son of the founder John Hargreaves, is chief executive; and Swire (No 4), the second-oldest firm on the table, founded 1816, which is still run by the descendants of founder John Swire.

Ownership wealthMany owners of companies on the league table are among the richest individuals in Britain, according to the 2020 Sunday Times Rich List, including the wealthiest, Sir James Dyson. The combined wealth of the families and individuals that own stakes in the companies featured this year is £106.5bn.

Top 10 wealthiest owners of Top Track 100 companies

Majority ownership types

Number of companies by majority-ownership type

Family 26

Entrepreneur and/or

founder 34

Private equity34

Management and staff

6

Shareholder Rich List rank*

Net worth (£m)* Top Track 100 company Rank

Sir James Dyson & family 1 16,200 Dyson 9

Sir Jim Ratcliffe 5 12,150 INEOS 1

Coates family 16 7,170 bet365 14

Sir David & Sir Frederick Barclay 17 7,000 The Very Group 32

Swire family 25 4,800 Swire 4

Lord Bamford 27 4,700 JCB 10

Stephen Rubin & family 29 4,230 Pentland Group 6

Tom Morris & family 30 4,100 Home Bargains 26

John Reece 30 4,100 INEOS 1

Andy Currie 30 4,100 INEOS 1

* According to The Sunday Times Rich List published 17 May 2020




10

New entrants on this year’s league tableTen companies entered the league table this year, five of which had appeared before 2020.

Virgin Atlantic (No 19) had appeared every year since the first Top Track 100 in 2001, except last year when the Air-France KLM purchase of a 31% stake had been passed by the EU competition authorities. The deal was called off after the league table had been published; the company remains majority-owned by Sir Richard Branson. Inmarsat, the operator of communications satellites, appeared on the second Top Track 100, in 2002, ranked at No 92.

The highest ranking new-comer is Prax Group (No 17), which acquired rival HKS in 2018 for an undisclosed amount. Its sales grew 52% to £2.9bn in 2019.

Three newcomers join the league table as a result of being delisted from the London Stock Exchange in the last year, Cobham (No 30), Merlin Entertainments (No 36) and Inmarsat (No 63), having been acquired by private equity firms, in deals totalling £13.1bn. The two latter featured on the Top Track 100 before listing.

Another newcomer, Rothesay Life (No 78), is not ranked on its statutory sales – gross premiums written – as they represent the transfer of pension assets from another company. It is ranked by its new business profit, which is akin to gross profits, of £958m.

Inmarsat (No 63) operates 14 satellites that orbit 22,236 miles above the earth, providing communication services for people in isolated locations such as aeroplanes and ships.

17 Prax Group Fuel retailer & wholesaler Feb 19 2,914 14 1,916 Staff now number more than 100, following the company's

acquisition of HKS, a 63-strong fuel retailer, in October 2018

19 Virgin Atlantic Airline & tour operator Dec 18 2,781 96 2,629

Richard Branson retained his 51% stake, when Air France-KLM cancelled their purchase of a 31% stake; this may change in the ongoing recapitalisation negotiations

30 Cobham Aerospace & defence technology developer Dec 19 2,060 272 1,863 Delisted in January 2020 by Advent International in a deal valuing

the defence company at £4bn

36 Merlin Entertainments Visitor attraction operator Dec 19 1,740 569 1,653 Delisted in June 2019 by former owner Blackstone, as well as KIRBI Invest

A/S and the Canada Pension Plan investment Board, in a £4.8bn deal

37 Neptune Energy Exploration & production Dec 19 1,726 1,173 1,022 In Feb 2018, China Investment Corporation, Carlyle Group and CVC

backed Sam Laidlaw to acquire the assets of ENGIE E&P International SA

63 Inmarsat Satellite communications provider Dec 19 1,094 587 1,098 Delisted in December by Apax and Warburg Pincus in a £4.3bn deal

78 Rothesay Life Bulk annuity insurer Dec 19 958 730 361 Sales increased 178% to £927m in 2019, giving the company a

rank of 78 this year

88 Stonegate Pub Company Pub chain operator Sep 19 853 128 760 Sales increased 12% to £853m in 2019, giving the company a rank

of 88 this year

95 Fircroft Technical recruitment consultancy Aug 18 804 10 732 Sales increased 10% to £804m in 2018, giving the company a rank

of 95 this year

100 Peel Ports Group Port services provider Mar 19 760 256 717 Sales increased 6% to £760m in 2019, giving the company a rank

of 100 this year

RankSales

£mFYEActivityCompany Profit

£m

Previous sales

£m Reason for entry

10 new entrants

*Supplied by company




Departures from last year’s league tableMaking way for this year’s new entrants, 10 companies lost their places on the Top Track 100.

One company was sold, one went into administration, three were restructured, and one, Virgin Rail Group, lost its franchise to operate the West Coast train line.

The turnover at four companies dropped slightly or last year’s figures are no longer enough to feature as the sales required for inclusion this year grew by £13m, from £747m last year to £760m this year.

Avanti West Coast, owned by FirstGroup and Italy’s Trenitalia, began operating the West Coast train line after Stagecoach, Virgin Rail Group’s partner, was barred from bidding for the franchise last year

40 Stemcor Global Holdings Steel trader Dec 18 1,450 Sold to Chinese group Cedar in Jan 2020 for reported $150m

53 Virgin Rail Group Train operator Mar 18 1,166 Lost the West Coast franchise to Avanti West Coast, and stopped operations in

Dec 2019

71 Laird Electronics & technology specialist Dec 18 2,490 Was split into three divisions, based in the US, Germany and Sweden

75 esure Insurance provider Dec 19 326 Sales dropped after new management reorganised company's reporting of sales

76 Pret A Manger Sandwich shop operator Dec 18 710 Has split its reporting of consolidated figures into UK and international divisions

with a consolidated figure not yet available

81 Cordant Group Manpower services provider Dec 18 863 Appointed administrators in March 2020

86 Southern Water Water services provider Mar 19 741 Sales just below required threshold this year, of £754m

95 GRAHAM Construction contractor Mar 19 735 Sales just below required threshold this year, of £754m

98 Robertson Construction services provider Mar 19 713 Sales just below required threshold this year, of £754m

99 Swansway Group Car dealer Dec 18 748 Sales just below required threshold this year, of £754m

Rank 2019

Sales £mFYEActivity

CompanyReason for departure

10 departures

The company ranked at No 100 on this year’s table has sales of £754m




12

Merlin Entertainments (No 36) temporarily shut its 130 theme parks across the globe in March; they, including Legoland Windsor, re-opened on 4 July

CORPORATE ACTIVITY

Public-to-private take-oversLast year, two companies joined the Top Track 100 due to a delisting from public stock markets. This year the figure is three.

• Cobham (No 30) was delisted in January 2020 by private equity firm Advent International in a deal valuing the defence and aerospace engineering firm at £4bn

• Merlin Entertainments (No 36) was delisted in June 2019 by private equity firm Blackstone — which owned the business before it listed in 2013 — and KIRKBI Invest A/S, as well as Canada Pension Plan Investment Board in a £4.8bn deal

• Inmarsat (No 63) was delisted in December last year by private equity firms Apax and Warburg Pincus, in a £4.3bn deal

Ownership changesFive companies changed ownership in the past year:

• Brait, the South African majority owner of Iceland (No 12), sold back its 63% stake in the frozen-food retailer in June to founder Sir Malcolm Walker and chief executive Tarsem Dhaliwal, for £115m

• Also a majority owner of New Look (No 53), Brait reduced its 88% ownership in the fashion retailer to less than 20% in a debt-for-equity restructuring with distressed debt providers Alcentra, CQS and Avenue Capital Group

• THG (No 59), the online retailer, raised £66m in equity in December 2019 from current investors BlackRock and Sofina, which increased their stakes. The group was valued at £3.25bn in 2018

• Warranty provider Domestic & General (No 94), which is majority-owned by CVC Capital, sold a 30% stake to the Abu Dhabi Investment Authority for an undisclosed sum in a deal that finalised in December

• Whisky distiller Edrington Group (No 99) sold a 10% stake to Japanese distributing partner Suntory – which has many years’ association with the Macallan brand – in an undisclosed deal in January

• Peel Ports (No 100) sold a 25% stake to pension fund AustralianSuper in January for an undisclosed sum. The deal was cleared by the European competition authorities in March




Neptune Energy (No 37) was founded in 2015 and introduced face masks and other social distancing measures to continue operations in the North Sea and abroad during the pandemic

Mergers, acquisitions and disposalsThe Top Track 100 companies have made a number of deals in the past year, mainly acquiring new entities. All these deals were completed before the coronavirus started affecting life in the UK.

AcquisitionsA number of companies on this year's table have made large acquisitions in the past year, including:

• After a raft of deals in 2018 and first half of 2019 when it acquired several thousand forecourt sites in the US, Europe and Australia, EG Group (No 2) bought the UK and Ireland's largest KFC franchise in March with 146 sites for an undisclosed sum

• In February, fuel supplier Greenergy (No 3) bought BG Fuels, a Canadian fuel retailer, for an undisclosed sum

• Radius Payment Solutions (No 24) made eight acquisitions in the last year backed by Inflexion, including CyntrX, a US-based telematics expert, and UK business telecoms provider, Trinity Maxwell. The deal sizes were undisclosed

• M Group Services (No 56) made five acquisitions in the last year, including a plant haulage firm and a telecoms cable company that is working on behalf of Virgin Media to roll out its fibre-optic broadband

• OVO Energy (No 70) completed its acquisition of SSE’s UK household energy business in January, for £500m, making it the UK’s third-largest provider with the backing of Mitsubishi.

• Stonegate Pub Company’s (No 88) £1.3bn acquisition of Ei Group Plc completed on 3 March, following a review by the CMA, making it the UK’s largest pub chain

Disposals and aborted deals• 2 Sisters Food Group (No 11) sold its Matthew Walker

Christmas Pudding brand to Valeo Foods for £67m in October

• Neptune Energy (No 37) acquired France’s Engie’s exploration and oil production assets for $3.9bn in 2017. It has since made a number of acquisitions, including a stake in the East Sepinggan exploration area in Indonesia, but in May, it pulled out of the $250m deal to acquire London-listed Energean Oil & Gas’ subsidiaries in the UK and Norway




14

NINETEEN YEARS OF TOP TRACK 100

Top Track 100 was launched 19 years ago to track and recognise the success of the UK’s biggest private companies. Since its launch, 280 companies have appeared on the table, of which 19 have appeared every single year (see table page 17).

Stock market flotationsMore than 30 companies have floated since featuring on the table but some of these were later delisted or merged with other businesses. There are currently more than 20 companies still listed on the London Stock Exchange that previously featured on Top Track 100. They include:

• B&M Retail, which listed in June 2014 valued at £2.7bn, having featured in 2012 and 2013. It is now valued at £3.5bn

• Biffa, the waste management company, which floated in October 2016 at a market cap of £450m. It appeared on the table nine times between 2008 and 2016. It is now valued at £526m

• SSP, the travel foodservice company, which appeared on the table seven times before floating in July 2014 valued at £1bn – it is now worth £1.5bn

Acquisitions and mergersApproximately 50 Top Track 100 companies have been acquired including:

• Stemcor Global Holdings, the steel trader, which was sold to Chinese group Cedar in January for a reported $150m. It had featured on the Top Track 100 every year since it was first published in 2002

• Worldpay, the payment processor, which featured three times between 2013 and 2015 before listing in October 2015 valued at £4.8bn. It later merged with a US rival, and the combined entity was bought in March 2019 by NYSE-listed Fidelity National Information Services in a deal valuing Worldpay at $43bn (£34bn)

• Formula One, the motor racing administrator, which was sold to US company Liberty Media for £3.3bn in September 2016, having appeared on the league table eleven times since 2003

• French infrastructure firm Vinci acquired a 50.01% stake in Gatwick Airport in 2019 in a £2.9bn deal. The company featured on the table for three years leading up to the deal

Formula 1 stopped racing during lockdown, just after INEOS (No 1) struck a deal – in February – to sponsor the Mercedes Petronas F1 team

How the Top Track 100 has changed

2002

Total sales £72bn £237bn

2020

Total staff 704,000 980,000

Top company

Sales £4bn £25bn




The first Top Track 100Companies that appeared in the first Top Track 100 table in 2002 include:

• Travelex, Sir Lloyd Dorfman’s bureaux de change company, which featured at No 68 with sales of £398m. He and long-standing private equity owner Apax, sold the firm in 2014 to Bavaguthu Shetty, owner of a similar business in the United Arab Emirates, for a reported £1bn. Dorfman is reportedly mulling a bid to buy back the firm, which has struggled recently

• Virgin Money, the bank, which featured at No 62 with sales of £425m. It floated in November 2014 and was acquired by the Clydesdale and Yorkshire banks in a £1.7bn takeover last year

• Mike Ashley’s Sports Soccer which featured at No 86 with sales of £325m. It was later renamed Sports Direct and floated on the stock exchange in 2007. It rebranded as Frasers Group in November and is now valued at £1.7bn

Failures• Cordant Group, the recruitment firm, which provides staff for

the education, engineering and healthcare sectors, appointed administrators in March. The business was acquired by investment firm Twenty20 Capital. It appeared on the Top Track 100 from 2016 to 2019

• Four Seasons Health Care, which went into administration last year, after struggling to meet interest payments on its £500m+ debts. Administrators are currently working to transfer the care homes to other operators. The company featured in 2006, 2007 and 2017

• MG Rover which first featured in 2002 and produced more than 0.5m cars a year in the late 1990s, before it went into administration in 2005. It was later bought by China's Nanjing Automobile Group

Travelex is the world’s largest retail currency dealer, but due to lockdown travel restrictions is said to be exploring a debt-for-equity swap

Top Track 100 alumni




16

Trends over the 19 years of the Top Track 100Over the last 19 years, the biggest private companies in the UK have made an important contribution to the nation’s economy.

Sales and profits• The combined sales for the companies on the first league

table was £72bn. Combined sales are now £237bn, more than twice as much in real terms

• Profits generated by the companies are not directly comparable over the period. Operating profits climbed from £2.9bn in 2002 to £7.7bn in 2007, after which our profit measure changed to ebitda. That was £13.6bn in 2008 doubling to £28.2bn this year

• The increases were due in part to the entry of INEOS in 2003, whose estimated profits of £4.4bn account for 16% of the total profits of the Top Track 100 this year

• The fall in sales and staff from 2014 to 2015 was a result of Boots leaving the table when it was acquired by US chemist chain Walgreens. It had sales of £23.4bn and employed 77,000 people at the time

• The lower figure in 2016 was partly a result of Worldpay, the prior year’s No 7, which had sales of £3.4bn, leaving the table when it floated in October 2015

Changes since first league table• John Lewis Partnership was ranked at No 1 on the first

league table in 2002 with sales of £4bn. It is now ranked at No 5 with sales of £10.2bn

• This year’s No 100, Peel Ports Group, has sales of £760m, which would have been enough to rank at No 32 in 2002, above Bestway Group, the conglomerate that now has sales of £3.4bn and ranks at No 11. That year, the company ranked at No 100 was window maker Anglian Group, with sales of £266m

• The wealthiest individual owner of Top Track 100 companies this year, according to the Sunday Times Rich List, is Dyson's Sir James Dyson with £16.2bn and last year it was Sir Jim Ratcliffe with £18.2bn. In 2002, it was Sir Philip Green, then owner of BHS, with wealth estimated at £1.2bn. This year’s Rich List estimates his wealth at £930m

1,010,0002014

938,000

959,000

980,000

2018

2019

2020

921,0002015

957,0002016

982,0002017

1,005,0002013

871,0002007

970,0002010

869,0002004

963,0002012

887,0002006

970,0002009

750,0002003

1,011,0002011

930,0002005

950,0002008

700,0002002

Staff employed

2014 £202bn

2018

2019

2020

£205bn

£220bn

£237bn

2015 £178bn

2016 £173bn

2017 £185bn

£195bn2013

£118bn2007

£160bn2010

£89bn2004

£183bn2012

£106bn2006

£161bn2009

£80bn2003

£175bn2011

£97bn2005

£149bn2008

£72bn2002

Total sales




Companies appearing every year since 2002Nineteen companies have featured every year, with all of them – bar one – owned by the founding families or their staff. The Very Group – previously Shop Direct – was not directly founded by the Barclay brothers, but built on the Littlewoods mail order catalogue business, founded by the Moores family. They sold the business to the Barclays in 2002 for £940m.

The list below includes companies that have changed over the past 19 years. Arcadia (No 34) was merged with BHS in 2009: it is included on the list on the basis that at least one of the two has appeared on the Top Track 100 in each of the past 19 years. In 2004, The Rigby Group merged its two entities, Specialist Computer Holdings and Specialist Computers International, both of which appeared on the table in 2002 and 2003.

Shoe retailer Clarks (No 43), a stalwart of Top Track 100, is restructuring its store portfolio, a process given extra urgency by the coronavirus crisis

4 4 SwireConglomerate Dec 18 10,580 Swire family (67%), others (33%)

5 1 John Lewis PartnershipFood & general retailer Jan 20 10,151 Employees (100%)

7 24 Arnold ClarkCar dealer Dec 19 *4,463 Clark family and trusts (100%)

10 25 JCBConstruction equipment manufacturer Dec 18 4,119 Bamford family interests (100%)

16 83 EMRMetal recycler Dec 19 *2,915 Sheppard family (100%)

20 37 The Rigby GroupConglomerate Mar 19 2,772 Sir Peter Rigby (60%), family trusts(100%)

23 47 Marshall GroupConglomerate Dec 19 *2,638 The Marshall Family and family trusts (75%), others (25%)

32 5 The Very Group#

Online retailer Jun 19 *1,993 Sir David Barclay and Sir Frederick Barclay family settlements (100%)

34 21 ArcadiaFashion retailer Sep 18 1,784 Lady Tina Green and family, other shareholders

38 87 ArupDesign & engineering consultancy Mar 19 1,715 Employees through trusts (100%)

39 70 Bloor InvestmentsBuilder & motorcycle maker Jun 19 1,696 John Bloor (100%)

40 58 WatesConstruction contractor Dec 19 1,548 Wates family (100%)

43 20 ClarksShoe maker, retailer & wholesaler Feb 19 1,469 Clark family (85%), employees and institutions (15%)

44 28 WilkoHomes & garden retailer Feb 20 1,468 Wilkinson family (100%)

60 55 A.F. Blakemore & SonRetail, wholesale & distribution Apr 19 1,136 Blakemore family (100%)

77 71 OCS GroupFacilities services provider Dec 18 961 Goodliffe family (100%)

80 81 Bowmer + KirklandConstruction contractor Aug 18 938 Kirkland family and family trusts

83 65 River IslandFashion retailer Dec 18 920 Bernard Lewis and family (100%)

87 34 Sir Robert McAlpineConstruction contractor Oct 18 871 McAlpine family (100%)

Rank 2020

Rank 2002

Latest sales £mFYEActivity

CompanyOwnership

19 companies appearing for all 19 consecutive years and are owned by founding families or staff

*supplied by company #founded by Moores family who sold to Barclays




18

2020 TOP TRACK 100 LEAGUE TABLE

Rank2020 Sales

£mFYEHQ locationActivity[2019]Company

% annual sales

growthEBITDA


* supplied by company † annualised ‡ estimated by Fast Track

1[1]

INEOSChemicals manufacturer Switzerland / UK Dec 18 ‡25,000 n/a ‡4,400 22,000 Sir Jim Ratcliffe (60%), John Reece (20%),

Andy Currie (20%)

2[3]

EG GroupFuel forecourt operator Blackburn Dec 19 *17,604 65.8 *792 34,680 Issa family (50%), TDR Capital (50%)

3[2]

GreenergyFuel supplier & forecourt operator Central London Dec 19 *15,925 -5.4 *138 1,130 Brookfield Business Partners (85%),

management (15%)

4[4]

SwireConglomerate Central London Dec 18 10,580 1.2 1,724 92,256 Swire family (67%), others (33%)

5[5]

John Lewis PartnershipFood & general retailer Central London Jan 20 10,151 -1.6 888 80,700 Employees (100%)

6[6]

Pentland GroupBrand manager & retailer North London Dec 18 5,056 38.9 509 29,496 Rubin family (100%)

7[8]

Arnold ClarkCar dealer Glasgow Dec 19 *4,463 5.3 *315 12,865 Clark family and trusts (100%)

8[9]

MFGFuel forecourt operator St Albans Dec 19 *4,442 31.5 *246 546 Clayton, Dubilier & Rice (>50%), management inc.

Alasdair Locke (<50%)

9[7]

DysonTechnology manufacturer Singapore / UK Dec 18 4,401 24.5 967 11,774 Sir James Dyson and family (100%)

10[11]

JCBConstruction equipment manufacturer Staffordshire Dec 18 4,119 22.8 376 11,508 Bamford family interests (100%)

11[13]

Bestway GroupConglomerate West London Jun 19 3,448 6.9 355 29,172 Sir Anwar Pervez and family (88%),

management (12%)

12[14]

IcelandFrozen food retailer North Wales Mar 19 3,085 4.2 137 15,800 Sir Malcolm Walker, Tarsem Dhaliwal,

other management (100%)

13[15]

HeathrowAirport Heathrow Dec 19 3,070 3.4 1,923 7,973 Ferrovial (25%), Qatar Investment Authority (20%), CDPQ

(13%), GIC (11%), Alinda (11%), CIC (10%), USS (10%)

14[16]

bet365Online bookmaker Stoke-on-Trent Mar 19 †3,006 5.2 †798 4,708 Coates family (93%), Will Roseff (7%)

15[17]

SpecsaversOptical & hearing aid retailer Guernsey Feb 20 *2,920 5.0 n/a 37,000 Perkins family and joint venture partners (100%)

16[10]

EMRMetal recycler Warrington Dec 19 *2,915 -13.5 *70 3,449 Sheppard family (100%)

17 Prax GroupFuel supplier & forecourt operator Central London Feb 19 2,914 52.1 14 950 Sanjeev Kumar Soosaipillai (50%),

Arani Kumar Soosaipillai (50%)

18[21]

WestcoastTechnology distributor Reading Dec 19 *2,799 13.6 *34 1,458 Joe Hemani (100%)

19 Virgin AtlanticAirline & tour operator Crawley Dec 18 2,781 5.8 96 8,571 Virgin Group (51%), Delta Air Lines (49%)

20[22]

Rigby GroupConglomerate

Stratford-upon-Avon Mar 19 2,772 16.8 65 8,138 Sir Peter Rigby (60%), family trusts (40%)

21[18]

Laing O'RourkeEngineering & construction group Dartford Mar 19 2,753 -0.2 78 12,685 Ray O’Rourke and Des O’Rourke through

Suffolk Partners Corporation (100%)

22[12]

2 Sisters Food GroupFood producer Birmingham Jul 19 2,741 -17.9 92 20,746 Baljinder and Ranjit Boparan (100%)

23[20]

Marshall GroupConglomerate Cambridge Dec 19 *2,638 6.2 *59 6,365 The Marshall family & family trusts (75%),

others (25%)

24[19]

Radius Payment SolutionsFleet services provider Crewe Mar 20 *2,609 4.8 *87 1,559 Bill Holmes (44%), Inflexion Private Equity (24%),

Roy Sciortino (11%), other management (21%)

25[24]

ISGConstruction services provider Central London Dec 19 2,584 15.5 65 3,053 Cathexis (100%)




Rank2020 Sales


% annual sales

growthEBITDA



* supplied by company † annualised

26[25]

Home BargainsValue retailer Liverpool Jun 19 2,471 15.3 275 22,816 Tom Morris and family settlement (100%)

27[23]

MaceConstruction project manager Central London Dec 18 2,350 19.2 32 5,376 Mark Reynolds (34%), Stephen Pycroft (14%),

Gareth Lewis (13%), other management (39%)

28[27]

RubixIndustrial parts distributor Central London Dec 19 *2,113 4.3 *198 8,364 Advent International (>50%), management (<50%)

29[26]

Thames Water (Kemble)Water services provider Reading Mar 19 2,085 1.9 1,058 6,068 OMERS (32%), USS (11%), ADIA (10%), KIA (9%),

others (38%)

30 CobhamAerospace & defence technology developer Dorset Dec 19 2,060 10.5 272 10,185 Advent International (100%)

31[31]

Pension Insurance CorporationBulk annuity insurer Central London Dec 19 2,000 9.8 455 231 Reinet Investments, CVC Capital Partners, Luxinva

32[28]

The Very GroupOnline retailer Liverpool Jun 19 *1,993 1.8 *271 3,688 Sir David Barclay and Sir Frederick Barclay family

settlements (100%)

33[38]

ChrysaorOil exploration & production firm Central London Dec 19 1,852 25.7 1,314 563 EIG Global Energy Partners (90%), others, including

management (10%)

34[29]

ArcadiaFashion retailer Central London Sep 18 †1,784 -6.3 †142 21,616 Lady Tina Green and family, other shareholders

35[32]

Mott MacDonaldEngineering, management & development Croydon Dec 19 1,784 10.1 75 15,297 Employees (92%), trust (8%)

36 Merlin EntertainmentsVisitor attraction operator Poole Dec 19 *1,740 5.3 *569 21,302 KIRKBI Invest A/S, Blackstone, CPPIB, management

37 Neptune EnergyOil & gas exploration & production Central London Dec 19 1,726 68.9 1,173 1,458 China Investment Corporation (49%),

Carlyle Group (30.6%), CVC Capital Partners (20.4%)

38[33]

ArupDesign & engineering consultancy Central London Mar 19 1,715 9.9 165 14,840 Employees through trusts (100%)

39[35]

Bloor InvestmentsBuilder & motorcycle maker Derbyshire Jun 19 1,696 12.0 233 3,867 John Bloor (100%)

40[37]

WatesConstruction contractor Leatherhead Dec 19 1,548 3.2 34 3,824 Wates family (100%)

41[30]

Healthcare at HomeHome healthcare provider

Burton upon Trent Oct 19 1,541 -18.7 22 1,552 Vitruvian Partners (73%), Erebus Holdings (17%),

management (10%)

42[45]

McLaren GroupAutomotive technology group Woking Dec 19 *1,486 18.3 *177 4,469 Bahrain Mumtalakat Holding Co (57.8%), TAG Group

(14.7%), Michael Latifi (7.7%), others (19.9%)

43[36]

ClarksShoemaker, retailer & wholesaler Somerset Feb 19 1,469 -2.8 81 11,760 Clark family (85%), employees and institutions (15%)

44[34]

WilkoHomes & garden retailer Nottinghamshire Feb 20 1,468 -5.7 49 10,974 Wilkinson family (100%)

45[41]

FinastraFinancial software provider Central London May 19 *1,449 3.4 n/a 9,063 Vista Equity Partners (100%)

46[42]

Anglian Water GroupWater services provider Huntingdon Mar 19 1,391 -0.7 730 4,987 CPPIB (32.9%), IFM Investors (19.8%), ADIA (16.7%),

CFSGAM (15.6%), Camulodunum (15%)

47[39]

Willmott DixonConstruction contractor Hertfordshire Dec 19 1,370 -6.3 29 3,154 Family & management (100%)

48[48]

W&R BarnettConglomerate Belfast Jul 19 1,355 10.1 69 1,613 Robert Barnett and family (100%)

49[51]

William Grant & SonsSpirits distiller Banffshire Dec 18 1,326 11.6 369 2,626 Grant and Gordon families

50[84]

NES Global TalentEngineering recruitment consultancy Altrincham Oct 19 *1,321 57.2 *71 956 AEA Investors (>40%), management (<50%),

Akastor (>10%)




20



51[46]

RontecRoadside retailer Watford Sep 19 1,292 3.3 46 117 Ronson Family Trusts / Charitable Foundation (100%)

52[43]

JCT600Car dealer Bradford Dec 18 1,277 2.0 31 2,239 Jack Tordoff (100%)

53[50]

New LookFashion retailer Weymouth Mar 19 1,221 -5.3 69 15,528 Alcentra, Brait, CQS, Avenue

54[49]

ListersAutomotive retailer

Stratford-upon-Avon Mar 20 *1,207 -1.9 *17 2,331 Bradshaw family (50%), Lister family (50%)

55[59]

Menzies DistributionNewspapers & magazines distributor Edinburgh Dec 19 *1,186 26.6 *36 3,579 Endless Private Equity (90%), management (10%)

56[52]

M Group ServicesInfrastructure services provider Stevenage Mar 20 *1,173 -0.1 *65 9,100 PAI Partners (85%), management (15%)

57[54]

Greenhous GroupCar & van dealer Telford Dec 19 *1,170 5.5 *10 1,436 Derek Passant (52%), Kerry Finnon (46%),

Mike Pawson (2%)

58[47]

Lamex Food GroupFood importer & exporter Hertfordshire Mar 20 *1,166 -0.4 *26 470 Phil Wallace & family trusts (24%), Steve Anderson (24%),

Colin Dicker & family trusts (16%), others (36%)

59[72]

The Hut GroupOnline retailer Manchester Dec 19 *1,140 24.5 *111 4,926 Matt & Jodie Moulding (20%), management (6%),

institutional investors (67%), others (7%)

60[44]

A.F. Blakemore & SonRetail, wholesale & distribution West Midlands Apr 19 1,136 -9.6 27 7,493 Blakemore family (100%)

61[82]

PaysafeOnline payment services East London Dec 19 1,112 29.8 373 3,394 Blackstone, CVC, management

62[55]

MatalanValue retailer Liverpool Feb 20 †*1,108 0.4 †*180 12,853 Hargreaves family (100%)

63 InmarsatSatellite communications provider Central London Dec 19 1,094 -0.4 587 1,906 Apax (25%), Warburg Pincus (25%), CPPIB (25%),

Ontario Teachers’ Pension Plan Board (25%)

64[57]

Reed GlobalRecruiter Central London Jun 19 1,071 0.4 16 3,281 Reed family and Reed Foundation (100%)

65[61]

Yorkshire Water (Kelda)Water services provider Bradford Mar 19 1,064 5.0 576 3,800 GIC (34%), Corsair Infrastructure (30%), Pan-European

Infrastructure Fund (23%), SAS Trustee Corp (13%)

66[56]

Samworth BrothersFood producer Leicestershire Dec 18 1,064 -1.5 58 9,300 Samworth family trusts (100%)

67[68]

KCA DEUTAG GroupDrilling & engineering contractor Aberdeen Dec 19 *1,063 12.3 *234 8,249 Pamplona Capital, Al Qahtani Investments,

BlackRock, Golden Tree, EIG Partners, other funds

68[58]

Bourne LeisureCaravan park operator

Hemel Hempstead Dec 18 1,058 2.2 251 14,028 Family of Peter Harris, families of the late John Cook

and David Allen, management

69[66]

Nando'sRestaurant operator

Southwest London Feb 19 1,051 8.4 144 21,145 Dick Enthoven and family through Yellowwoods

Investment Group (100%)

70[85]

Ovo EnergyEnergy supplier Bristol Dec 18 1,042 25.0 -59 2,110 Stephen Fitzpatrick (66%), Mitsubishi Corporation

(20%), Mayfair Private Equity (11%), management (3%)

71[60]

Harrods GroupDepartment store operator Central London Feb 19 1,024 0.6 319 4,519 Qatar Holding (100%)

72[89]

CollinsonBenefits & loyalty provider Central London Apr 19 1,014 24.2 45 2,082 Colin Evans (100%)

73[65]

ArqivaCommunications services provider Winchester Jun 19 1,000 2.4 534 2,012 Canada Pension Plan Investment Board (48%),

Macquarie (25%), other investors (27%)

74[63]

LCC GroupFuel & energy distributor County Tyrone Sep 18 991 16.2 23 256 Loughran family (100%)

75[64]

Stoneacre Motor GroupCar dealer Doncaster Apr 19 982 24.9 20 2,709 Richard Teatum (51%), Christine Teatum (49%)

Rank2020 Sales


% annual sales

growthEBITDA







76[87]

City Facilities ManagementFacilities maintenance provider Glasgow Dec 18 971 18.2 24 12,217 Haughey family (99%), others (1%)

77[67]

OCS GroupFacilities services provider Crawley Dec 18 961 -6.2 31 79,117 Goodliffe family (100%)

78 Rothesay LifeBulk annuity insurer Central London Dec 19 958 165.4 730 252 Blackstone (36%), GIC (36%), MassMutual (26%),

management & staff (3%)

79[86]

MorsonEngineering recruitment consultancy Manchester Dec 19 *950 9.6 *31 2,100 Ged Mason and family (80%), Paul Gilmour (7%),

Kevin Gorton (7%), others (6%)

80[70]

Bowmer + KirklandConstruction contractor Derbyshire Aug 18 938 1.0 62 1,489 Kirkland family and family trusts

81[77]

WSHHospitality services provider Reading Dec 19 *933 6.3 *76 17,980 Clayton, Dubilier & Rice, Alastair Storey

and management

82[79]

The RangeValue retailer Plymouth Feb 19 †925 6.4 †101 10,089 Sarah Dawson and family (100%)

83[69]

River IslandFashion retailer West London Dec 18 920 -2.6 67 10,219 Bernard Lewis and family (100%)

84[83]

Henderson GroupFood wholesaler & retailer County Antrim Dec 19 *918 7.6 *48 3,872 Geoffrey Agnew (12%), Martin Agnew (12%),

Ardbarron Trust (76%)

85[74]

Pertemps Network GroupRecruitment consultancy Warwickshire Dec 18 896 11.3 21 1,800 Management and employees (42%),

Tim Watts (31%), LDC (27%)

86[73]

AMC GroupMetal processor & trader Central London Dec 19 889 -1.6 22 690 Harold Sher (26%), Giles Robbins (11%),

Charles Rowan (11%), others (52%)

87[78]

Sir Robert McAlpineConstruction contractor

Hemel Hempstead Oct 18 871 -7.6 31 2,182 McAlpine family (100%)

88 Stonegate Pub CompanyPub chain operator Luton Sep 19 853 12.2 128 14,419 TDR Capital (100%)

89[91]

Vue InternationalCinema operator West London Nov 19 848 6.0 120 10,348 Special purpose vehicles for OMERS and

AIMCo (74.2%), management (25.8%)

90[100]

Miller HomesHousebuilder Edinburgh Dec 19 *841 12.6 *167 1,009 Bridgepoint (>50%), other shareholders &

management (<50%)

91[62]

Bibby Line GroupConglomerate Liverpool Dec 18 822 -18.1 9 4,295 Sir Michael Bibby and family (89%),

management and others (11%)

92[88]

John Clark Motor GroupCar dealer Aberdeen Dec 19 *821 -0.3 *12 1,348 John Clark and family (100%)

93[92]

TrailfindersTravel organiser West London Feb 19 814 2.3 31 1,106 Mike Gooley (100%)

94[90]

Domestic & GeneralWarranty provider Wimbledon Mar 19 *810 5.2 *103 2,968 CVC Capital Partners (>50%), ADIA (30%),

management (<20%)

95 FircroftTechnical recruitment consultancy Warrington Aug 18 804 9.8 10 735 Johnson family and management (66%),

Equistone Partners (34%)

96[96]

Park's Motor GroupCar dealer Lanarkshire Mar 19 797 4.8 21 1,957 Douglas Park and family (100%)

97[93]

Dhamecha FoodsCash & carry wholesaler Wembley Mar 19 794 5.4 14 633 Dhamecha family (100%)

98[94]

MotoMotorway services operator Bedfordshire Dec 19 *781 -1.6 *105 5,314 Universities Superannuation Scheme (60%),

CVC (40%)

99[97]

EdringtonWhisky & rum distiller Glasgow Mar-20 *780 6.8 *261 2,526 The Robertson Trust (71%), employees, former

employees (19%), Suntory Holdings (10%)

100 Peel Ports GroupPort services provider Liverpool Mar 19 760 6.0 256 2,957 John Whittaker and family (50.1%),

DWS Group (49.9%)

Rank2020 Sales


% annual sales

growthEBITDA





22

METHODOLOGY

Qualification criteriaSales are taken as turnover as reported in companies' latest accounts or more up-to-date figures as provided directly to Fast Track by a chief financial officer, finance director or other senior company representative. Sales are given net of VAT, and shares from joint ventures and associate companies are excluded. Bookmakers, betting and gaming companies are ranked by net revenue (amounts wagered less winnings paid out) rather than gross amounts wagered. Pension Insurance Corporation is ranked on gross profits, and Rothesay Life on new business profits.

Figures for INEOS, No 1, have been estimated by adding together INEOS’ four major entities with published accounts (and excluding any joint venture revenues): INEOS Group Holdings, INEOS Enterprises, INEOS Industries and INOVYN. We also took INEOS' £48bn in sales for 2018, which includes JV sales, and deducted the same percentage for JVs as provided by the company for 2017.

Fuel duty is included in turnover for oil companies in line with industry practice. Revenues of recruiters and travel agents represent a combination of gross fees, commission and monies handled on behalf of clients. Exchange rates are as quoted in the accounts or the average for the financial year. For financial years with fewer or more than 52 weeks, the figures are annualised.

Profits: Companies are not required to be in profit. Profits are defined as earnings before interest, tax, depreciation and amortisation (ebitda). Exceptional items, joint ventures and impairment of assets were excluded.

Data collection: Companies were identified by researching accounts filed at Companies House, as well as financial data provided by Bureau van Dijk's Fame database. Where companies were willing to provide them, Fast Track also reviewed more up-to-date draft accounts, management account extracts, pro-forma accounts and accounts filed in overseas territories or available on the companies’ websites. The table is based on historic information, with the latest available accounts ranging from August 2018 to March 2020 and before Covid-19 struck in the UK.

Corporate structure: Companies have to be unquoted, registered in the UK and not subsidiaries. They may have their ultimate holding company offshore.

Exclusions: Cooperative societies were excluded, as were mutual societies, provident associations and member-owned buying groups. Companies that are majority owned by, or equal joint ventures between, quoted companies are excluded. Companies with fewer than 100 staff were also excluded.

Incomplete data: Private company data can be incomplete and, while every effort is made to include all qualifying companies, as well as up-to-date financials, there may be omissions. Some exceptions were made to the qualification criteria set out above.

The compiler’s decision is final and no correspondence will be entered into; though nominations for next year are welcome.




Other assessmentMain ownership: For the purposes of this report, companies were classed as being “owned” by private equity firms where these held more than 50% of the business and “backed” by private equity where they held 20% to 50%. If the founding entrepreneur retained 50% or more of the company, it was categorised as an entrepreneur-owned company. This category also includes companies such as Greenhous Group, which are owned, although not founded, by an entrepreneur. The family category was used for companies still under the control of the family of a deceased or retired founder. The management and employee category was used for companies where a majority of the company is owned by management or employees.

Research approachResearch was conducted by Fast Track between April and July 2020.

The top 100 companies are ranked by sales from either their latest audited accounts or on latest figures provided by 32 companies that were not publicly available by 16 June 2020.

Sales rankingTop Track 100 ranks Britain's 100 privately-owned companies by latest sales, which has stood the test of time over 19 years as opposed to other criteria, because:

• Other publications such as Forbes and Fortune have compiled similar league tables in the US based on sales

• Sales are a relatively simple measure. They are easy to understand and relatively unambiguous; whereas the various profit measures are open to manipulation and volatility

• Sales are a reasonable indication of size, even if they may not completely reflect the performance of companies

However, a limitation of ranking companies by sales is that they are biased towards 'volume' businesses such as wholesalers and retailers.

Exceptions: Gross profit was used to rank Pension Insurance Corporation (No 31), and an approximation to gross profit, new business profit, was used to rank Rothesay Life (No 78). Both companies’ statutory turnover represents the pensions liabilities of their customers, which they take on. Their sales figure – gross written premiums – could therefore be regarded as a balance sheet transfer.

Alternative rankingsOther measures by which to rank companies were evaluated 19 years ago but had a number of limitations, including:

• Operating profits or ebitda: can be calculated differently and are volatile from year-to-year. A league table based on operating profits would also exclude many large companies that operate with low margins

• Pre-tax profits: unquoted companies are likely to keep pre-tax profits to a minimum to reduce tax liabilities

• Staff: a limited indicator of company size, and distorts toward labour-intensive sectors, such as retail and services




24

Fast Track would like to thank the title sponsor of Top Track 100, HSBC, for sponsoring for the seventh year; and our main sponsor Linklaters, which is also sponsoring for a seventh year.

We would also like to thank The Sunday Times for its continued support of the Top Track 100 league table in its 19th year, and for Fast Track over 23 years.

Neither Fast Track, nor our sponsors or media partner endorse, guarantee or recommend investment in any of the companies.

SPONSORS AND MEDIA PARTNER

Media partner

The Sunday Times has been Fast Track's media partner for 23 years.

It is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over two million readers every week. Almost half (46%) of senior business decision-makers read The Sunday Times, a greater market share than any other publication, according to the latest 2018 Ipsos survey.

Oliver ShahBusiness editor

thesundaytimes.co.uk@ST_Business

Sponsors

HSBC UK is title sponsor of Top Track 100 for a seventh year.

HSBC is one of the world’s largest banks. We support around 1m UK businesses, among 39 million customers worldwide. Our international banking network covers over 60 international markets and territories and gives us access to around 90% of world trade flows.

Our regional heads work with experts in markets, liquidity and cash management to design sophisticated, cross-border solutions.

HSBC has a number of industry experts with deep market knowledge which they use to proactively support your business across Retail and Leisure, Education and Public Sector, Healthcare, Technology Media and Telecoms, Charities and Not for Profit Organisations, Infrastructure & Construction, Sustainable Finance, Professional Services, Agrifoods and Franchises.

business.hsbc.uk/corporate

@HSBCUKBusiness

Amanda MurphyHead of Commercial Banking, UK

Iain FennSenior Corporate Partner

Linklaters is a main sponsor of Top Track 100 for a seventh year.

Linklaters LLP specialises in advising the world's leading companies and their owners, financial institutions and governments on their most challenging transactions and assignments. The firm is a recognised market leader for delivering outstanding service to clients throughout the world on takeovers, mergers and acquisitions, equity and debt capital markets transactions, joint ventures, disposals and other corporate advisory matters.

linklaters.com@LinklatersLLP


https://www.thetimes.co.uk/?sunday

https://twitter.com/st_business?lang=en

https://twitter.com/HSBCUKBusiness?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

https://www.linklaters.com/

https://twitter.com/linklatersllp?lang=en



Eva Gronbech has been responsible for managing the Top Track 100 research since 2015.

She is a senior research manager, and was previously head of research at Fast Track. Prior to joining the company in 1999, she worked for companies such as Kuwait Petroleum and Maersk Line. She has a masters in politics from Oxford University and a degree in business from Copenhagen Business School.

ABOUT FAST TRACK

Compiler and publisher

The authors

Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing The Sunday Times as media partner and cornerstone and ongoing support from Sir Richard Branson and Virgin. He works closely with leading entrepreneurs, sponsors and media partners.

He has held an associate fellowship since 1997 at Green Templeton College, Oxford University, where he completed his masters and doctorate in management studies, and subsequently set up and held the Virgin research fellowship in entrepreneurship. He also has a degree in politics from the University of North Carolina, Chapel Hill.

Richard Tyler is director of editorial at Fast Track.

Prior to joining Fast Track in 2013, he was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy. He trained in journalism at Euromoney, part of Daily Mail & General Trust, after completing his degree at Manchester University.

Research support was also provided by Fast Track researchers Michael Cook, Ying Chen, Lindsay Uppadine, Helena Martin and Matthew Elliott.


https://www.linkedin.com/in/hamishstevenson1/



26

Fast TrackTop Track 100 is compiled by Fast Track, the UK's leading research and face-to-face networking events company, which ranks top-performing private companies and entrepreneurs.

Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 23 years. It publishes six other annual league table awards programmes:

SME Export Track 100 ranks Britain’s SMEs with the fastest-growing international sales (total sales between £5m and £25m)

Tech Track 100 ranks Britain's private technology (TMT) companies with the fastest-growing sales

Fast Track 100 ranks Britain’s private companies with the fastest-growing sales (excluding tech companies)

International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales (total sales greater than £25m)

Profit Track 100 ranks Britain's private companies with the fastest-growing profits

Top Track 250 ranks Britain’s leading mid-market private companies with the biggest sales (the next tier below the top 100, and minimum 5% growth)

Fast Track is based in Oxford with 29 staff and a network of five freelance researchers.

CONTACT DETAILS

Fast Track Angel Court 81 St Clements Street Oxford OX4 1AW

Tel: 01865 297100

Email: [email protected]

Web: fasttrack.co.uk

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research report 2020 · 2020. 12. 5. · 2020 top track 100 fasttrack.co.uk top track 199 research...

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