top track 250 re puk
DESCRIPTION
LIST of companiesTRANSCRIPT
-
Research Report 2014
Britain's leading private mid-market growth companies
Sponsored by
10years2005-2014
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 i
CONTENTS
INTRODUCTION 1The Top 10 companies on the league table 1
EXECUTIVE SUMMARY 2 KEY STATISTICS 3Sales breakdown 3 Biggest sales movement 3Staff and job creation 4Profitability 5Highest profits 5 Profit margin 5Ownership 6 Debt 7Sector breakdown 8Industry breakdown 8 Regional breakdown 9International activity 10 Mergers and acquisitions 11 Private equity 12A decade of Top Track 250 13 Companies exiting from last year's league table 14
KEY THEMES & SELECTED COMPANY PROFILES 15 Dynamic companies 15 Workforce 16 Family businesses 17 Automotive industry 18 Planned flotations 19 Brands 20
2014 TOP TRACK 250 LEAGUE TABLE 21
THE RULES OF ENGAGEMENT 31
SPONSORS AND MEDIA PARTNER 32
ABOUT FAST TRACK 34 Compiler and publisher 34 The authors 34 Fast Track 35
CONTACT DETAILS 35
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 1
INTRODUCTION
This is the tenth year of The Sunday Times Grant Thornton Top Track 250 annual league table, which ranks Britains leading private mid-market growth companies by sales. The league table has title sponsorship from Grant Thornton, and main sponsorship from Barclays.
The league table is the sister publication of Top Track 100, which identifies Britains 100 private companies with the biggest sales. Top Track 250 ranks the 250 next biggest private companies, which qualify for the league table provided either sales or operating profits have increased by at least 10% in their latest available accounts.
This years league table identifies many dynamic mid-market private businesses that have grown by managing risk, choosing the right strategic options, attracting talent and becoming operationally more efficient. Some are household names such as Aston Martin (No 21), Jeyes (No 202) and Barbour (No 221). Many more are operating successfully in sectors that range from building and construction to retail and manufacturing.
All have faced challenges, from weakness in their core markets to growing shortages in skilled staff. Their resilience and resourcefulness give cause for confidence in the continued growth of the UK economy.
Top 10 companies on the league table
* Pro-forma, draft, or not yet filed at Companies House annualised sales
CEO Andy Crossley and CFO Alex Labak joined warranty provider Domestic & General (No 1) this year.
Rank
201
4
Rank
201
3
Com
pany
Activ
ity
HQ lo
catio
n
Sales
m
Sales
gro
wth
Opera
ting p
rofit g
rowth
Oper
atin
g pr
ofit
m
Staf
fM
ain sh
areh
olde
rs
Finan
cial y
ear e
nd
1 10Domestic & General Warranty provider
Wimbledon Mar 14 632.9 10% 73.6 3% 2,785CVC Capital Partners (>50%), management (50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 2
EXECUTIVE SUMMARY
Overview
This years Top Track 250 companies generated combined sales of 69.5bn, up from a combined 59.9bn in their prior year
Companies employed a total of 412,000 staff in their latest financial year, an increase of 36,400 on their prior year. Almost four fifths (199) of companies increased their head count
Companies had combined operating profits of 4.4bn, up from 3.6bn and almost two thirds (161) of companies increased their operating margin
81 companies are family-owned, 74 are owned by founder or entrepreneur and 71 are majority-owned by one or more private equity firms
The highest number of companies on the league table are based in London (54), followed by the Southeast (40)
Key themes
Dynamic companies: A quarter (63) of companies increased their profit by at least 10% in the latest year despite sales growth of less than 10% or falling sales. Some exited non-core and unprofitable businesses or identified operational efficiencies, whereas others diversified their business model or grew overseas. [Page 15]
Workforce: Four fifths (199) of the league table increased their headcount via organic growth or acquisitions, and many were recognised for their progressive staff policies. [Page 16]
Family businesses: 32% of companies on this years league table are family owned, many with at least two generations involved in the running of the business. [Page 17]
Automotive industry: Car sales have been rising for nearly three years, and this year 50 automotive businesses make the list. Companies range from car dealers to distributors and manufacturers. [Page 18]
Planned flotations: Seven companies have declared their intention to raise finance through an initial public offering (IPO). They will be following eight companies from last year's table that listed shares on a stock exchange this year. [Page 19]
Brands: The league table contains a wide selection of retail and consumer brands such as Poundworld, The Hut Group and Chain Reaction Cycles. Many have diversified away from the high street, whilst others are tapping into overseas markets with high consumer demand. [Page 20]
Levels of sales
Number of companies in each range
21
>600m
500m-600m
400m500m
300m400m
200m300m
100m
80m100m
60m80m
40m60m
20m40m
10m20m
010m
33
21
3
4
6
Latest OP not available: 2
51
130
Characteristics of a typical Top Track 250 company
SalesAverage sales in latest year 278m
Average sales in prior year 240m
Operating profitAverage profit in latest year 18m
Average profit in prior year 14m
StaffTypical headcount in latest year 500-2,000
Typical headcount in prior year 450-1,750
Company characteristicsRegion London (22%)
Sector Services (40%)
Industry Automotive (20%)
Ownership Family (32%)
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 3
KEY STATISTICS
Sales breakdown
Buoyed by an improving British economy, and league table criteria that places an emphasis on sales or profit growth, 187 companies reported sales that increased by at least 10% in their latest financial year. This years companies generated combined sales of 69.5bn compared with 59.9bn in their prior year, an increase of 16%. Warranty provider Domestic & General (No 1) had the highest sales on the league table at 632.9m. Supply chain manager IESA (No 250) had the lowest sales at 143m.
Biggest sales movement
Many companies reporting growth this year operate in the building and construction markets. The biggest sales increase was reported by housebuilder and contractor Mount Anvil (No 204), which is led by founder and chief executive Killian Hurley. The group finished work on 276 homes in inner London boroughs last year, and in March, struck a 200m funding agreement with global fund manager Ares Management, which will help it to deliver a further 2,500 by 2018.
Acquisitions have also helped to increase top line performance. The Edinburgh Woollen Mill (No 10) more than doubled its sales of woollen jumpers to 567m in its last financial year, helped by its acquisition of fellow retailers Jane Norman and Peacocks from the administrators in 2011 and 2012 respectively. The company, which opened its first shop in Scotland in 1970, is run and owned by chief executive Philip Day. In June, Jane Norman's loss-making UK & Ireland business was placed back into administration.
Smaller independent energy companies have been increasing their share of the market despite continued domination from the big six suppliers. Two of the fastest growing companies on the league table include energy suppliers First Utility (No 91), which increased sales 94% to 283.5m in 2013, and Ovo Energy (No 191), which increased sales by 67% to 171.7m in 2013. Sales in both cases are commission and fees from energy contracts sold.
Automotive retailers dominate the league table, with 43 out of 44 increasing sales in their latest year. However, the biggest faller this year, in terms of sales, was car dealer Allen Ford (No 98) which restructured its operations, closing three sites. It reported that sales fell 27% to 270.9m in 2013. Despite this, profits rose 42% to 4.6m.
RankCompany Activity
Latest FYE
Sales, m
Sales increase
204Mount Anvil Property developer & contractor
Dec 13 161.4 196%
111Harkand Group Offshore services provider
Sep 13 242.8 136%
10The Edinburgh Woollen Mill Clothing retailer
Mar 13 556.0 126%
91First Utility Energy supplier
Dec 13 283.5 94%
242Oak Furniture Land Wood furniture retailer
Sep 13 145.5 77%
191Ovo Energy Energy supplier
Dec 13 171.7 67%
106Spire Automotive Car dealer
Dec 13 251.5 51%
200Hyperion Insurance Group Insurance broker & underwriter
Sep 13 163.6 50%
20Kelway IT services provider
Mar 14 527.0 48%
65Global Energy Group Energy services provider
Mar 13 357.9 43%
10 biggest sales increases
Rank Company Activity
Latest FYE
Sales, m
Sales decrease
98Allen Ford Car dealer
Dec 13 270.9 -27%
135Stewart Milne Housebuilder
Jun 13 211.1 -21%
194Fayrefield Foods Dairy product marketer
Dec 12 170.7 -21%
202Jeyes Cleaning products maker
Dec 12 163.1 -14%
84Direct Wines Wine merchant
Jun 14 307.7 -10%
138Alliance Medical Diagnostic imaging services
Mar 14 210.2 -4%
228ghd Hair products supplier
Dec 12 150.4 -3%
241Park Garage Group Fuel forecourt operator
Jun 14 145.6 -3%
80Nicholl Fuel Oils Fuel distributor
May 13 315.5 -2%
206Johnston OilsOil distributor
Dec 13 160.3 -2%
10 biggest sales decreases*
* All of these companies increased operating profit by more than ten percent to qualify for the league table
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 4
Staff and job creation
Companies employed a total of 412,000 staff in their latest financial year, an increase of 36,400, or 10%, compared to their prior year.
Highlighting the positive economic outlook, 199 companies increased headcount. The biggest percentage increase was at The Edinburgh Woollen Mill (No 10), which increased its workforce 117% to 10,687 following the acquisition of retailers Peacocks and Jane Norman. The addition of 5,732 employees was also the largest absolute change on the league table. However, in June, the company returned Jane Norman to the administrators, putting 157 jobs at risk.
The second biggest absolute change was at cinema operator Vue Entertainment (No 22), which boosted its workforce by 3,132 to 7,072. This was due to three acquisitions in two years, helping the group expand into Poland and Germany.
There are 110 companies with more than 1,000 employees on this year's league table. Examples include airport owner and operator Gatwick Airport (No 6), which has 2,454 employees; budget hotel operator Travelodge (No 40), which has 3,231 employees; and schools operator Cognita (No 117), which has 4,098.
Number of employees
Number of companies in each range
8
5>10,000
5,001-10,000
2,001-5,000
1,001-2,000
501-1,000
1-500
53
44
74
66
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 5
Profitability
Top Track 250 companies are required to be in profit in their most recent financial period. Profit is defined as operating profit before exceptional items, joint ventures and impairment of assets (OP). The companies generated combined profits of 4.4bn, an increase of 25% on the previous year.
Highest profits
Electricity distributor Electricity North West (No 24) reported the biggest operating profit for the fourth year running: 280.4m on sales of 508m in 2014.
Large infrastructure businesses have some of the biggest profits on the table, with airport operator and owner Gatwick Airport (No 6) reporting profits of 147m in 2014 on sales of 593.7m; and port facilities provider Peel Ports Group (No 26) reporting profits of 101.5m in 2013 on sales of 501.9m. These companies also, typically, have significant debt that requires servicing (see page 7).
The insurance sector is also in rude health with breakdown insurer RAC (No 31) reporting profits of 100m on sales of 486m in 2013; car insurance provider Hastings Insurance (No 71) had profits of 87m in 2013 on sales of 342.5m; and warranty provider Domestic & General (No 1), which generated profits of 73.6m in 2014 on sales of 632.9m.
Profit margin
Almost two thirds (161) of companies increased their operating margin in the latest year. Examples include film manufacturer Innovia Group (No 46), which grew its margin from 4.7% to 10.2%; diagnostic imaging services provider Alliance Medical (No 138), where margins widened from 2.8% to 11.5%; and minicab and courier services provider Addison Lee (No 192), which increased its margin from 6.2% to 12.5%.
Of the 187 companies that increased sales by more than 10%, almost half reported that margins had fallen (89). For example, wood furniture retailer Oak Furniture Land (No 242), which saw its margin fall from 9% to 4.9% in 2013, has expanded to 57 showrooms following strong demand for its hardwood products, and is planning to open a further eight in the next year.
Energy supplier First Utility (No 91) recorded the lowest operating margin at 0.2%. The company increased sales 94% to 283.5m in 2013 with operating profits of only 611,000, which were also the lowest on the league table. Its small operating margin may have helped the firm grow its customer base by 135,000 to 314,000 in the year and says it has shifted its focus away from small businesses to concentrate on domestic customers.
Rank Company Activity
Latest FYE
Sales m
Profit m
24Electricity North West Electricity supplier
Mar 14 508.0 280.4
6Gatwick Airport Airport owner & operator
Mar 14 593.7 147.0
26Peel Ports Group Port facilities provider
Mar 13 501.9 101.5
31RAC Breakdown & motoring services
Dec 13 486.0 100.0
25BGL Group Insurance intermediary
Jun 14 507.2 99.5
28Acteon Subsea services provider
Dec 13 497.6 89.5
71Hastings Insurance Group Car insurance provider
Dec 13 342.5 87.0
159Wood Mackenzie Energy research consultancy
Dec 12 190.8 79.5
86Napp Pharmaceutical Holdings Pharmaceuticals maker
Dec 13 299.9 74.4
1Domestic & General Warranty provider
Mar 14 632.9 73.6
10 biggest operating profits
10 biggest operating profit margins
Rank Company Activity
Latest FYE
Sales m
Profit margin
24Electricity North West Electricity supplier
Mar 14 508.0 55%
159Wood Mackenzie Energy research consultancy
Dec 12 190.8 42%
164The Emerson Group Builder, property developer
Apr 14 187.9 36%
173Gamesys Online gaming developer
Mar 13 181.5 32%
136Forth Ports Port facilities provider
Dec 12 211.0 30%
71Hastings Insurance Group Car insurance provider
Dec 13 342.5 25%
86Napp Pharmaceutical Holdings Pharmaceuticals maker
Dec 13 299.9 25%
6Gatwick Airport Airport owner & operator
Mar 14 593.7 25%
162Huntswood Customer service provider
Sep 13 190.4 22%
111Harkand Group Offshore services provider
Sep 13 242.8 22%
Rank Company Activity
Latest FYE
Sales, m
Profit margin
91First Utility Energy supplier
Dec 13 283.5 0.2%
19Brookfield Rose Temporary workforce provider
Dec 13 528.1 0.4%
131Longcross Construction consultancy
Mar 13 216.0 0.6%
216Chain Reaction Cycles Online bike retailer
Dec 12 155.6 0.7%
80Nicholl Fuel Oils Fuel distributor
May 13 315.5 0.8%
5 lowest profit margins
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 6
Ownership
Family-owned
81 companies on the Top Track 250 are family-owned. Examples include car dealer Benfield Motor Group (No 3), which is owned by the Squires family and run by third-generation family member Mark Squires. Baker Warburtons (No 9), is owned by the Warburtons family, and run by fifth generation family members including chairman Jonathan Warburton. Safety equipment supplier Arco (No 108), is owned by the Martin family, and run by fourth-generation family member Thomas Martin. Yoghurt and dairy maker Yeo Valley (No 103), which is majority owned and led by chairman Tim Mead, the son of founders Roger and Mary Mead.
Founder or entrepreneur-owned
74 companies are majority-owned by entrepreneurs or founders. Examples include bookmaker Betfred (No 49), which is owned by founders Fred and Peter Done and their family. Wine merchant Direct Wines (No 84), which is owned by Tony and Barbara Laithwaite and their family. Cosmetics manufacturer and retailer Lush (No 61), which is majority-owned by Mark and Margaret Constantine.
Private equity-owned
71 companies on the Top Track 250 are majority-owned by private-equity firms. Examples include shoe manufacturer Dr Martens (No 139), which was bought by Permira last October in a 300m deal. Ice cream manufacturer R&R Ice Cream (No 5), which was bought by PAI Partners from Oaktree Capital in April last year, valuing the business at 715m. Cinema operator Vue Entertainment (No 22), was bought for 935m last year by the private equity arms of AIMCo and OMERS, two of Canadas largest pension funds.
Management-owned
20 companies are majority-owned by management. Examples include risk consultancy Control Risks (No 130), which is led by chief executive Richard Fenning and backed by NVM Private Equity, which in 2011 invested 12m to take a 20% stake in the business. Insurance broker and underwriter Hyperion Insurance Group (No 200), is led by chief executive David Howden and backed by General Atlantic, which bought a 29% stake last year, valuing the group at 250m. Travel services provider, JacTravel (No 230), which is led by chief executive Terry Williamson and backed by Vitruvian, which bought a minority stake in June, valuing the group at 80m.
Employee-owned
Four companies are majority-owned by their employees. Examples include management and IT consultancy PA Consulting Group (No 41), which is led by chief executive Alan Middleton; and construction consultancy Turner & Townsend (No 66), which is led by chief executive Vincent Clancy.
Majority ownership types
Number of companies by ownership type
Employees 4
Management 20
Entrepreneur and/or founder 74
PE and/or VC 71
Family 81
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 7
Debt
Mid-market companies continue to have extensive borrowings from banks and private equity shareholders. The combined long and short-term debt of the 250 companies is 25.8bn, compared to 24.3bn owed the year before.
Four companies owe more than 1bn (2013: 5 companies), and 39 companies owe more than ten times their operating profit (2013: 48 companies). The company with the most debt is Gatwick Airport (No 6) with loans of about 1.6bn, 11 times its operating profits of 147m in 2014.
The company with the biggest debt-to-profit ratio is healthcare technology supplier Tunstall (No 127), which reported that it had 983m of debt in 2013, 96 times operating profits of 10.2m. The group has been expanding internationally with acquisitions in America and Europe, which drove a 21% rise in sales last year to 221m. The group refinanced 350m of debt in September 2013, and is backed by private equity firms Charterhouse and Bridgepoint Capital.
Rank Company Activity
Latest FYE
Debt m
Sales m
6Gatwick Airport Airport owner & operator
Mar 14 1,644 593.7
26Peel Ports Group Port facilities provider
Mar 13 1,265 501.9
24Electricity North West Electricity supplier
Mar 14 1,153 508.0
159Wood Mackenzie Energy research consultancy
Dec 12 1,133 190.8
127Tunstall Healthcare technology supplier
Sep 13 983 221.0
48Integrated Dental Holdings Dental care provider
Mar 14 859 407.5
129Global Radio Radio broadcaster
Mar 13 846 219.5
7ERM Environmental consultancy
Mar 13 749 581.5
117Cognita Schools operator
Aug 13 660 232.6
1Domestic & General Warranty provider
Mar 14 617 632.9
10 companies with the most debt
Rank Company Activity
Latest FYE
Debt/ profit
Debtm
Profit m
127Tunstall Healthcare technology supplier
Sep 13 96 983.0 10.2
40Travelodge Budget hotel operator
Dec 13 92 514.3 5.6
117Cognita Schools operator
Aug 13 72 659.7 9.1
141LGC Analytical services laboratory
Mar 14 55 437.0 7.9
199Wagamama Noodle bar operator
Apr 14 53 289.4 5.4
182NSL Traffic services provider
Dec 13 51 137.7 2.7
48Integrated Dental Holdings Dental care provider
Mar 14 42 858.7 20.7
222Pork Farms Food producer
Mar 13 42 130.0 3.1
209Oasis Dental Care Dental care provider
Mar 14 26 237.8 9.2
23Pret A Manger Sandwich shop operator
Jan 14 24 560.3 23.7
10 companies with the biggest debt/profit ratios
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 8
Sector breakdown
The two largest sectors are services, with 131 companies, and retail with 85. Together these sectors comprise 86% of the league table.
Service businesses encompass a wide range of industries, from subsea services provider Acteon (No 28) to contract printer Polestar (No 114) and energy research consultancy Wood Mackenzie (No 159).
Retailers include sofa and carpet retailer SCS (No 109), shoe retailer Office (No 110) and outdoor equipment retailer GO Outdoors (No 193).
There are 49 wholesalers in the league table, including book and DVD wholesaler Gardners Books (No 118), safety equipment supplier Arco (No 108) and building product distributor Arran Isle (No 142).
There are 35 manufacturers such as well-known baker Warburtons (No 9) and pharmaceuticals maker Napp Pharmaceutical Holdings (No 86).
The 24 construction companies include construction consultancy Turner & Townsend (No 66), housebuilder Countryside (No 95), and retirement home builder McCarthy & Stone (No 82).
Industry breakdown
The top industries represented on the league table are automotive and food & drink.
The automotive industry provides 50 companies, including 44 dealerships such as Newbury-based car dealer Ridgeway Group (No 12), which was founded 17 years ago with just one Audi and two Volkswagen outlets; car manufacturer Aston Martin (No 21); and bus manufacturer Alexander Dennis (No 13).
There are 40 food & drink companies including Northern Ireland crisp and snack manufacturer Tayto (No 190), which has acquired brands including Golden Wonder, Jonathan Crisp and Real Crisps.
The building-related industry is the third biggest with 26 companies on the league table, including housebuilder and contractor Mount Anvil (No 204), tool and equipment hirer HSS Hire Group (No 123), and builders' merchant MKM Building Supplies (No 201).
Sector breakdown
Number of companies in each sector
Construction 24
Wholesale 49
Manufacturing 35
Retail 85
Services 131
Note: where companies are deemed to operate in more than one sector, a second sector is chosen. In total, 75 companies operate in two sectors. Each sector is given an equal weight-ing in the above analysis.
Industry breakdown
Automotive 50
Food and drink 40
Building related 26
Consumer goods 25
Business services 26
Other 12
Transport 10
Leisure 10
Healthcare 9
Engineering 11
Computers & electronics 8
Recruitment 7Oil & gas 7Media 5Finance 3Telecoms 1
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 9
Regional breakdown
The North (Northwest and Northeast & Yorkshire) is home to the highest number of Top Track 250 companies, with 57 businesses. The Southeast is home to 40 companies. When compared to last years table, there has been a marginal increase in companies based outside London and the Southeast. Last year, the combined region was home to 40% of the league table, but this year, the figure is 38%.
Yorkshire and the Northeast increased from 28 to 33 companies. These include discount retailer Poundworld (No 69), outdoor equipment retailer GO Outdoors (No 193) and clothing manufacturer & distributor Barbour (No 221).
The Midlands decreased from 32 to 30 companies. These include sports car maker Aston Martin (No 21), shoe manufacturer and retailer Dr Martens (No 139) and food producer Pork Farms (No 222).
The East has increased from 9 to 14 companies. These include salad and vegetable grower Gs (No 57), marine science services provider Gardline Shipping (No 120) and construction contractor Clugston Group (No 229).
The Northwest (27) and Wales (5) both had one more company than last year; while the Southwest (13) and Northern Ireland (8) both had two fewer companies. Scotland (26) matched last year's total.
Of the top ten largest companies ranked by sales, 50% have their headquarters outside London and the southeast of England. However, of the top ten companies ranked by profits, 70% have their headquarters outside London and the southeast of England.
Regional breakdown of HQ in UK
Northern Ireland
Southwest
Wales
Scotland26
London54
Midlands30
Southeast40
27Northwest
33
8
13
145
Northeast& Yorkshire
East
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 10
International activity
Top-performing private companies are looking beyond the UK for growth. This is demonstrated by the 16% increase in international sales, reported in their latest year*. The company with the biggest increase was Vue Entertainment (No 22), which reported a three-fold increase in international sales to 217.5m in 2013. The cinema group has made acquisitions in Poland and Germany in the last two years, and has 151 sites in nine countries.
The company reporting the largest overseas sales is engineering recruitment consultancy NES Global Talent (No 2) with 506.1m, 81% of total sales in 2013. The group opened five new offices in countries including China and Iraq since completing a 152m refinancing last October, expanding its global network to more than 40 sites. The Cheshire company is owned by private equity firm AEA Investors, which backed a 234m buyout in 2012.
The company with the most overseas subsidiaries was environmental consultancy ERM (No 7) with 73 based on foreign soil (22 companies in North America, 20 in Western Europe, 16 in East and Southeast Asia, 9 in South America, 3 in Australasia, 2 in Eastern Europe and one in Africa).
Foreign subsidiaries are most commonly located in Western Europe, with 72 companies having at least one subsidiary in countries that include Germany (25), France (20), Republic of Ireland (19), Spain (16) and the Netherlands (15).
44 companies have at least one subsidiary in an emerging market, including risk management consultancy Control Risks (No 130), with subsidiaries in Mexico, Brazil, India, Pakistan, China and South Africa; and radiator and boiler manufacturer Ideal Stelrad Group (No 64), with subsidiaries in Poland, Turkey, China, Russia and Romania.
* where available from publicly filed accounts. Some international sales were provided by the companies.
Location of foreign subsidiaries
Number of companies with at least one known subsidiary in the region
Western Europe
North America
East Asia
C & S America
Australasia
South East Asia
Africa
Middle East
Eastern Europe
72
51
32
29
29
28
20
16
4
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 11
Mergers and acquisitions
Against the backdrop of a stabilising Eurozone and an improved UK economic outlook, companies on the league table have been continuing to make positive movements in the M&A market. Many of these transactions are bolt-on acquisitions of small businesses that provide quick growth in new markets. Other transactions include the divestment of businesses to streamline operations. The table below shows a selection of the most recent mergers and acquisitions.
Direct Wines (No 84), which is majority-owned by Tony Laithwaite (middle), sold Virgin Wine Online for 15.9m last year.
Date of transaction
RankCompany Activity
Sales, m
Operating profit, m
Notes
Jun 14 113Wellness Foods Health food manufacturer
239.1 10.3Sold Rowse Honey to Valeo Foods, and Dorset Cereals to Associated British Foods. Deal terms were undisclosed.
May 14 5R&R Ice Cream Ice cream manufacturer
*605.5 *46.9 Acquired Peters, a leading Australian ice-cream manufacturer, and refinanced 315m of its debt.
May 14 227Immediate Media Co Magazine publisher
150.7 12.8Paid 24m for a portfolio of cycling and craft titles from rival publishers Future.
May 14 123HSS Hire Group Tool and equipment hirer
225.8 19.8Has made a series of small acquisitions, including Apex Generators which was bought for an undisclosed fee.
Apr 14 160Lakehouse Asset and energy support services
190.6 7.3Bought four businesses since 2011, including Scottish energy services group Everwarm for an undisclosed sum.
Mar 14 200Hyperion Insurance Group Insurance broker & underwriter
163.6 29.9Sales rose 50% to 163.6m, following bolt-on acquisitions, enabling expansion in southeast Asia and Brazil.
Nov 13 84Direct Wines Wine merchant
*307.7 *11.8 Sold online wine retailer Virgin Wine Online for 15.9m.
Oct 13 22Vue Entertainment Cinema operator
518.2 16.9Made three acquisitions in two years, including Polish multiplex operator Multikino. Deal terms were undisclosed.
Sep 13 96The Garden Centre Group Garden centre operator
*276.2 *28.0Made a series of acquisitions including Garden & Leisure from Belgian retail group Louis Delhaize. Deal terms were undisclosed.
Aug 13 100The Turner Group Engineering services provider
262.5 15.0Bought Northburn Industrial Services, a provider of waste management and recycling services for an undisclosed sum.
Jun 13 213LWC Drinks distributor
156.7 4.8A partial acquisition of the UK wholesale operations of US brewer Molson Coors contributed to 24% sales growth.
Jun 13 186Photobox Group Personalised product retailer
175.3 15.7Bought Sticky9, which transforms Instagram pictures into personalised products. Deal terms were undisclosed; and previously bought Moonpig.com
* Proforma, draft, or not yet filed at Companies House
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 12
Private equity
Private equity ownership exerts a strong influence on the league table, with around 35% of companies owned or backed in this way. The table below shows a selection of private equity transactions completed during the year.
Dr Martens (No 139) was acquired by Permira for 300m in October last year.
Transaction date
RankCompany Activity
Sales m
Operating profit m
Deal detail
Jul 14 81Independent Clinical Services Healthcare staff provider
314.0 26.0 Bought by TowerBrook Capital Partners for an undisclosed sum
Jul 14 170The Hut Group Online retailer
184.3 9.1 US investor KKR bought a 20% stake in a deal that valued the group at 500m.
Jun 14 230JacTravel Travel services provider
150.2 7.4Vitruvian Partners bought the firm from Bowmark Capital in a deal worth 80m.
Apr 14 46Innovia Group Film manufacturer
*410.7 *42.1Bought by Arle Capital, from a separate fund managed by the private equity firm, in a 410m deal
Apr 14 195NFT Distribution Food distributor
169.7 6.3 EmergeVest bought a majority stake from Phoenix Private Equity
Mar 14 70Zenith Leasedrive Vehicle lessor
*345.2 *33.1Formed when HgCapital merged two portfolio companies, Zenith Vehicle Contracts and Leasedrive
Jan 14 71Hastings Insurance Group Car insurance provider
342.5 87.0Goldman Sachs acquired a 50% stake, valuing the company at about 700m
Nov 13 4Alexander Mann Solutions Recruitment consultancy
617.4 19.0US private equity house New Mountain Capital and management bought the group for 260m
Nov 13 42Swift Worldwide Resources Recruitment consultancy
423.2 16.8US firm Wellspring Capital Management and management bought the firm for an undisclosed sum
Nov 13 72Burton's Biscuit Company Biscuit & snack maker
*336.0 *26.8Bought by Canadian private equity firm Ontario Teachers Pension Plan for an undisclosed sum
Oct 13 139Dr Martens Shoe manufacturer & retailer
*209.1 *29.6 Permira completed a 300m buyout of the iconic brand.
Sep 13 244Whitworths Food producer & distributor
144.8 7.6European Capital, which paid 86m for an 86% stake in 2006, sold the business to Equistone Partners Europe, valuing the business at 90m
Aug 13 1Domestic & General Warranty provider
632.9 73.6 Bought by CVC Capital Partners for a reported 750m, including debt
Aug 13 22Vue Entertainment Cinema operator
518.2 16.9Canadian pension funds AIMCo and Omers, and management, acquired the group for 935m
Aug 13 64Ideal Stelrad Group Radiator & boiler manufacturer
359.8 33.4 Bought by Bregal for 230m from a consortium of investors
Feb 13 111Harkand Group Offshore services provider
242.8 53.9Oaktree Capital Management funded the merger of Iremis, Integrated Subsea Services and Andrews Survey
Apr 13 192Addison Lee Minicab & courier services provider
171.7 21.5Bought by Carlyle Group for 300m, the Griffin family retain a minority stake
annualised figure * Pro-forma, draft, or not yet filed at Companies House
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 13Top Track 250 Research Report 2013 13
A decade of Top Track 250
Top Track 250 was launched ten years ago to recognise the success of Britains top-performing mid-market private companies. Since its launch, more than 700 British companies have appeared on the league table.
Companies that featured on the first league table in 2005 include soft furnishings retailer Dunelm Mill, which floated on the London Stock Exchange in October 2006 and is now valued at 1.6bn; discount retailer Poundland which floated in March and is now valued at 790m; and Dyson, which was first showcased with sales of 277.3m, but last year reported sales of 1.3bn.
Other well-known past stars that have floated on the stock market include online grocery retailer Ocado, discount retailer B&M Retail, household appliance supplier AO.com and financial information services provider Markit. Some, such as breakfast cereal maker Weetabix, car parts retailer Euro Car Parts and aerospace engineer Firth Rixson, have been acquired, while others such as Dyson, online bookmaker bet365 and upholstered furniture retailer DFS remain in private hands, but have graduated on to Top Track 100.
The vital statistics of league table companies have changed significantly over the last ten years:
Company Activity
Latest sales,
m
No. of times
ranked
Argent Group Europe Food distributor
*529.8 10
City Refrigeration Holdings Facilities maintenance provider
*458.5 10
Helston Garages Car dealer
395.2 10
Motorpoint Car supermarket
*463.3 10
NES Global Talent Engineering recruitment consultancy
627.0 10
Sinclair Group Car dealer
290.1 10
Warburtons Baker
562.1 10
Arco Safety equipment supplier
249.2 9
Burton's Biscuit Company Biscuit & snack maker
*336.0 9
Drive Motor Retail Car dealer
233.2 9
ERM Environmental consultancy
581.5 9
Pertemps Network Group Recruitment consultancy
468.4 9
Pret A Manger Sandwich shop operator
509.9 9
Rix Shipping, oil distributor
490.1 9
Travelodge Budget hotel operator
432.6 9
Vue Entertainment Cinema operator
518.2 9
Companies with the most appearances
* Pro-forma, draft or not yet filed at Companies House
2005
Total sales
49.9bn 69.5bn
401,000 412,000
336.8m 632.9m
Total employees
Top company
Sales
2014
Total profits
2.3bn 4.4bn
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 14
Companies exiting from last years league table
Of the companies on last years Top Track 250, 111 do not appear this year.
The main reason for company exits was failing to increase either sales or operating profit by more than 10%. 62 companies fall off the league table on this basis. Four did not qualify due to an operating loss in the most recent financial period.
A further seven grew sales sufficiently to appear on our Top Track 100 league table of Britain's biggest private companies, including civil engineering contractor Murphy Group, which grew sales 60% to 910m in 2013; and frozen food retailer Farmfoods, which increased sales 21% to 689.1m in 2013.
Five companies were acquired this year, compared to two on last years table. Transactions include facilities maintenance provider Norland Managed Services, acquired by listed US commercial property firm CBRE in November for a reported 250m; facilities maintenance provider Europa Support Services, acquired by listed German construction business Bilfinger in December for an undisclosed sum; and aerospace parts manufacturer All Metal Services, acquired by US firm Reliance Steel & Aluminum Co in August for an undisclosed sum.
Eight of last year's companies listed on a stock exchange. Businesses include pet product retailer Pets At Home, financial information service provider Markit, greeting card retailer Card Factory, household appliance supplier AO.com, building product supplier Epwin Group, testing service provider Exova, renewable energy generator Infinis, and parcel and freight courier DX Group. Virgin Money confirmed it planned to float before publication and was removed from the table.
Reason for exitNumber of companies
Neither sales or profit growth > 10% 62
Sales less than 250th company 23
Listed* 9
Sales increase to Top Track 100 level 7
Acquired 5
Made a loss 4
Moved headquarters overseas 1
Total 111
Reason for exit
Pets at Home listed on the London Stock Exchange in March and has a market capitalisation of 897m.
* Includes Virgin Money which announced its IPO before publication.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 15
ghd (No 228) cut its distribution and selling costs and increased profits by 25.9% to 27.2m in 2012.
KEY THEMES & SELECTED COMPANY PROFILES
On the following pages we profile examples of companies that demonstrate some of the key themes from this years league table.
Dynamic companies
All the league table companies had to increase sales or profits by 10% our characteristics of a dynamic company. However, sustaining growth is not always a linear path of increasing sales and profits. The league table features 63 companies that increased profit by a rate of more than 10% in the latest year despite having sales that grew by less than 10% or shrank. Some exited non-core and non-profitable businesses. Others identified operational efficiencies, diversified their business model or grew overseas.
78 TelentCommunications support provider
Sales increased by 0.9%, but profits increased 38.1% after it improved efficiency and minimised costs
FYE Mar 14
Latest sales 321.0m
Prior sales 318.2m
Profit 17.4m
Staff 1,465
Location Warwick
Telent provides communications support for telecoms, railways and highways operators, as well as 22 emergency services organisations and 23 local councils. The Warwick firms highest-profile contract is supporting BT on its nationwide broadband upgrade. In the last year it won contracts with Network Rail and Transport for London. Mark Plato, 55, is chief executive.
168 Rocco Forte HotelsLuxury hotel owner and manager
Sales increased by 1.9%, but profits increased 98.1% following the termination of an onerous lease at a hotel in Prague
FYE Apr 13
Latest sales 185.4m
Prior sales 181.9m
Profit 22.0m
Staff 2,280
Location Central London
The Forte family has been in the hotel business for four generations. Sir Rocco Forte, 69, established Rocco Forte Hotels in 1996 and it currently has 10 luxury properties in Britain, mainland Europe and Russia; and will open in Jeddah by the end of this year. The London-based business is also planning openings in Marrakesh, Cairo and Luxor.
228 ghd Hair products supplier
Sales fell 3.2%, but profits increased by 25.9% after it cut its distribution and selling costs by 11.6%
FYE Dec 12
Latest sales 150.4m
Prior sales 155.3m
Profit 27.2m
Staff 672
Location Central London
This hair products supplier has a brand synonymous with hair straighteners its ghds are sold worldwide. In 2011, it launched its first hairdryer, the ghd Air, followed by its new styler, the ghd Eclipse. In 2013, Lion Capital bought the firm from Montagu Private Equity for 300m and it has since launched the Aura professional-standard hairdryer and in 2014, the ghd Curve, its first range of curling tools. It is led by interim chief executive Sebastian Lazell.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 16
Vue Entertainment (No 22) acquisition trail boosted staff numbers 79% to 7,072.
Workforce
The Top Track 250 represents some of the biggest private sector employers in the country, such as facilities maintenance provider City Refrigeration Holdings (No 37) with 12,294 staff; contract caterer WSH (No 17) with 11,840 staff; and restaurant operator Nando's (No 32) with 10,245 staff. 198 companies increased their headcount through organic growth or acquisitions. Many of the league table were recognised during the year by The Sunday Times 100 Best Companies to Work For, for their progressive staff policies, including Lush (No 61), Swansway Group (No 58), Pertemps Network Group (No 35) and Gamma (No 233).
10 The Edinburgh Woollen MillClothing retailer
More than doubled employees to 10,687 following the acquisition of retailers Peacocks and Jane Norman
FYE Mar 13
Latest sales 556.0m
Prior sales 245.7m
Profit 57.4m
Staff 10,687
Location Dumfriesshire
The Edinburgh Woollen Mill more than doubled its sales of woollen jumpers to 556m in its last financial year, helped by the acquisition of Peacocks from its administrators in 2012. It also bought Jane Norman in 2011, but returned the loss-making retailer to the administrators in June, putting 157 jobs at risk. The company, which opened its first shop in Scotland in 1970, is run and owned by chief executive Philip Day, 48.
22 Vue EntertainmentCinema operator
Three acquisitions in two years contributed to the 79% increase in employees to 7,072
FYE Nov 13
Latest sales 518.2m
Prior sales 374.8m
Profit 16.9m
Staff 7,072
Location West London
After three acquisitions in two years, Vue Entertainment has 151 cinemas in nine countries, and sales climbed 38% in 2013 as a result. The chain was formed in 2003 when it bought 36 cinemas from Warner Village. Private equity firm Doughty Hanson acquired the London-based group for 450m in 2010, selling it in August 2013 for a reported 935m to Canadian pension funds AIMCo and Omers. The entire Vue executive team, including chief executive Tim Richards, 55, reinvested in the transaction.
71 Hastings Insurance Group Car insurance provider
Grew its customer base to more than 1.4m and increased its workforce by 16% to 1,523
FYE Dec 13
Latest sales 342.5m
Prior sales 276.3m
Profit 87.0m
Staff 1,523
Location East Sussex
Hastings sells car and home insurance through brands including Hastings Direct, Insure, and Peoples Choice. Under chief executive Gary Hoffman, 53, the East Sussex firm grew sales by 24% to 342.5m in 2013 by increasing its customer base to more than 1.4m and improving retention rates. In January, Goldman Sachs acquired a 50% stake, valuing the company at about 700m.
Annualised sales
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 17
Tim Mead (L) is chairman of Yeo Valley (No 103), and is the son of founders Roger and Mary Mead (R) .
Family businesses
32% of companies on this years league table are family owned. When approaching retirement, the current family owners must consider succession and how best to safeguard the future of the business. Some will consider outside investment, but most will hope that a family member has the desire and business acumen required to take over the reins.
103 Yeo ValleyYoghurt and dairy maker
Led by chairman Tim Mead, 51, who is the son of founders Roger and Mary Mead
FYE Jun 13
Latest sales 256.1m
Prior sales 228.7m
Profit 5.3m
Staff 1,657
Location Bristol
Increased sales of organic food over the last two years have boosted this Bristol business, which makes and distributes a wide range of dairy products. Yeo Valley was born in the 1970s when Roger and Mary Mead began selling clotted cream from their Somerset farm. Son of the founder Tim Mead, 51, has stepped up to become chairman, and the business is now run by joint managing directors Karl Tucker, 46, and Adrian Carne, 48.
212 Suttons GroupLogistics & supply chain services
Led by the son of the founder Michael Sutton, 67, who is chairman, and his son John, 43, who is chief executive
FYE Apr 14
Latest sales 156.9m*
Prior sales 154.7m
Profit 10.4m*
Staff 775
Location Cheshire
Suttons is a supply chain services company specialising in the chemicals, gases, fuels and food sectors. Founded in the 1920s by Alf Sutton, the group is now led by his son Michael, 67, who is chairman, and his grandson John, 43, who is chief executive. Based in Widnes, it has operations in Britain, America, Europe, the Middle East and Asia, and recent developments include a joint venture in Saudi Arabia and the acquisition of a trucking company in China.
236 Craig Group Shipping and energy services group
Chairman Douglas Craig, 64, runs the company, which now employs the fourth generation of the Craig family
FYE Apr 13
Latest sales 146.8m
Prior sales 123.3m
Profit 17.4m
Staff 1,062
Location Aberdeen
Craig Group says it runs the largest British wholly-owned fleet engaged in the UK offshore industry, having invested more than 250m in 22 new vessels since 2003. The Aberdeen group provides emergency response, rescue, procurement and survey services to the global oil and gas industry. Chairman Douglas Craig, 64, runs the company, which now employs the fourth generation of the Craig family.
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 18
Aston Martin (No 21) is one of 50 automotive companies to feature on this year's Top Track 250.
Automotive industry
In September car sales had risen for more than 30 months in a row, taking sales of new cars past 1.5m this year. Sales in August alone were up 9.4% on the prior year. Cheap finance deals and low interest rates appear to be fuelling this upsurge in demand. There is a correlation on this year's league table, with 50 automotive businesses that make the list. Companies range from car dealers to distributors and car manufacturers.
3 Benfield Motor GroupCar dealer
A new Ford dealership in Sunderland and investment in IT systems helped boost sales 15% and profit 45%
FYE Dec 13
Latest sales 622.4m
Prior sales 541.1m
Profit 6.9m
Staff 1,591
Location Newcastle upon Tyne
Employing 1,500 people, this Newcastle-based family business sells 11 car brands from its 34 dealerships across the North East, Yorkshire, Teesside, Cumbria and South West Scotland. Chief executive Mark Squires, 50, is the third generation of the family in charge since the firm was founded in 1957. In January, the group agreed a 40m funding package with Barclays and other lenders, which has been used to finance two dealerships in Sunderland and Newcastle, and a further dealership in Sunderland that will open in 2015.
21 Aston MartinSports car maker
Celebrated its centenary last year, and appointed Andy Palmer, as chief executive in September
FYE Dec 13
Latest sales 519.2m
Prior sales 461.2m
Profit 16.8m
Staff 1,239
Location Warwickshire
A 1,000 mile rally, and the lifting of a Vanquish car 1,000ft above the ground onto the helipad of Dubais Burj Al Arab hotel featured among Aston Martins centenary celebrations last year. The Warwickshire company is synonymous with luxury, style and James Bond, and was owned by Ford from 1994 until 2007, when it was bought by Middle Eastern investors for 490m. Former Nissan director, Andy Palmer, was appointed as chief executive in September. The luxury car manufacturer reported a 25m loss before tax in 2013.
180 Wrights GroupBus manufacturer
Pioneered low-floor buses in Britain and is building Londons new Routemaster buses
FYE Sep 13
Latest sales 178.9m
Prior sales 156.9m
Profit 4.6m
Staff 1,370
Location Ballymena, Co Antrim
The Wright Group built a fleet of electric buses that receive a wireless booster charge from plates in the road, allowing them to run for longer, and are now being trialled in Milton Keynes. Founded in 1946 and still owned by the Wright family, the County Antrim firm pioneered low-floor buses in Britain and is building Londons new Routemaster buses. Mark Nodder, 58, is group chairman and chief executive.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 19
Household goods retailer Brighthouse (No 73) appointed WH Smith chairman Henry Staunton as non-executive chairman in July as it mulls over an IPO.
Planned flotations
A return to confidence in financial markets has prompted some companies to consider an initial public offering (IPO) to raise finance. Since the league table was first published in 2005, 36 companies have gone on to publicly quote their shares on a stock exchange, including household appliance supplier AO.com, online bookmaker Betfair and discount retailer Poundland. Virgin Money announced its intention to become a listed company in September, and the company was removed from the league table on this basis.
48 Integrated Dental Holdings Dental Care Provider
In June, Carlyle Group asked investment banks to pitch for a role advising it on a potential sale or IPO, with a 1bn valuation
FYE Mar 14
Latest sales 407.5m
Prior sales 349.0m
Profit 20.7m
Staff 5,622
Location Kearsley, Bolton
Britains biggest chain of dentists appointed a new chief executive, Terry Scicluna, 57, at the end of last year before announcing in June that it was considering a stock market listing. The Bolton-based firm has been growing through acquisitions, buying the Dental Directory in April for an undisclosed sum. In 2011 private equity firms Carlyle and Palamon Capital Partners bought IDH and merged it with Associated Dental Practices.
73 BrighthouseHousehold goods retailer
Vision Capital has appointed Rothschild to examine its options, including a possible flotation
FYE Mar 14
Latest sales 333.3m
Prior sales 297.0m
Profit 39.5m
Staff 2,673
Location Watford
This rent-to-buy retailer sells electrical items and furniture on credit from more than 280 stores nationwide, with customers making weekly payments. The Watford firm is expanding rapidly, opening 34 stores in the last two financial years. Led by Leo McKee, 68, it is majority-owned by Vision Capital, which backed a 170m secondary buyout from Terra Firma in 2007. The private equity firm is reported to be planning a flotation later this year.
233 Gamma Telecoms network operator
Appointed Investec in May to run an investor roadshow as it mulls over a 150m flotation
FYE Dec 13
Latest sales 148.7m
Prior sales 137.2m
Profit 11.2m
Staff 431
Location Newbury
Newbury-based Gamma is a provider of voice data, mobile, and cloud-based call control services to the UK business market. It operates primarily through a network of more than 650 channel partners including Fujitsu and Capita. The group, which is 46% owned by Hoxton Assets and led by chief executive Bob Falconer, 63, is reportedly considering a stock market listing in 2014.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 20
Brands
The league table contains a wide selection of retail and consumer brands which have fared well in their latest year. Many have diversified away from the high street, whilst others are tapping into overseas markets with high consumer demand. Examples of brands that have targeted fast growing markets include Poundworld (No 69), online retailer The Hut Group (No 170) and Chain Reaction Cycles (No 216). Others have had to diversify or change their business model to prosper.
Barbour (No 221) was set up 120 years ago and has a range of 2,000 clothing and lifestyle products.
23 Pret A MangerSandwich shop operator
Has successfully diversified into overseas markets with X of its 367 shops outside the UK
FYE Jan 14
Latest sales 509.9m
Prior sales 435.4m
Profit 23.7m
Staff 7,771
Location Central London
Using only preservative-free, ethically-sourced ingredients to make fresh sandwiches, salads and soups each day has proved a successful format for this London-based high street chain. Started in 1986, it now has 367 shops worldwide. Under chief executive Clive Schlee, 55, demand for healthy, convenient food drove sales above 500m in 2013. Bridgepoint bought a majority share in the company in 2008 in a 345m deal.
139 Dr MartensShoe manufacturer & retailer
Overcame a steep decline in the early 2000s, and now sells its footwear in 65 countries
FYE Mar 14
Latest sales 209.1m*
Prior sales 160.4m
Profit 29.6m*
Staff 759
Location Northamptonshire
Celebrity fans including pop diva Miley Cyrus have helped signal a return to fashion for Dr Martens boots after six tough years in the early 2000s. The Northamptonshire companys footwear sells in 65 countries around the world, with America its largest market. In October last year, Permira completed a 300m buyout of the iconic brand, which continues its revival under chief executive David Suddens, 67, who steps up to chairman. Steve Murray takes over as chief executive this month.
221 Barbour Clothing manufacturer & distributor
Its hard-wearing wet weather clothing and jackets are now worn by everyone from royals to pop stars
FYE Dec 13
Latest sales 152.4m
Prior sales 137.0m
Profit 29.4m
Staff 818
Location South Shields
This iconic wax jacket manufacturer was set up 120 years ago to make hard-wearing wet weather clothing for country workers and fishermen. The Tyne and Wear companys jackets are now worn by everyone from royals to pop stars, and it has a range of 2,000 clothing and lifestyle products. The fourth-generation family firm is chaired by Dame Margaret Barbour, 74, and is active in 40 countries. Its managing director is Stephen Buck, 56.
Annualised sales
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 21
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
1 10Domestic & General Warranty provider
Wimbledon Mar 14 632.9 10% 73.6 3% 2,785CVC Capital Partners (>50%), management (50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 22
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
26 51Peel Ports Group Port facilities provider
Liverpool Mar 13 501.9 32% 101.5 6% 1,963John Whittaker & family (50.1%), RREEF Infrastructure (49.9%)
27 45W&R Barnett Conglomerate
Belfast Jul 13 499.7 20% 17.6 6% 278Robert Barnett (43%), Glencairn Nominees Limited (37%), Highline Investments Limited (10%), William Barnett (10%)
28 35Acteon Subsea services provider
Norwich Dec 13 497.6 12% 89.5 12% 2,240KKR & White Deer Management (72%), management (28%)
29 38Perrys Car dealer
Northampton Dec 13 491.5 12% 7.8 56% 1,389Denise Millard (60%), Ken Savage (20%), Ray Sommerville (10%), family (10%)
30 20Rix Shipping, oil distributor
Hull Dec 13 490.1 -1% 4.4 132% 425 John Rix & family (100%)
31 34RAC Breakdown & motoring services
Walsall Dec 13 486.0 6% 100.0 43% 3,419Carlyle Group & senior management (100%)
32 44Nando's Restaurant operator
Southwest London
Feb 13 485.2 15% 58.2 39% 10,245Capricorn Ventures International (95%), others (5%)
33 62The John Clark Motor Group Car dealer
Aberdeen Dec 13 470.2 33% 8.9 55% 931 John Clark & family (100%)
34 50The Range Discount retailer
Plymouth Jan 14 *470.0 23% *46.0 31% 5,800 Chris Dawson & family (100%)
35 46Pertemps Network Group Recruitment consultancy
Warwickshire Dec 13 468.4 14% 8.0 -8% 1,313Management & employees (75%), LDC & others (25%)
36 58Motorpoint Car supermarket
Derby Mar 14 *463.3 28% *8.1 46% 449David Shelton (95%), Paul Winfield (5%)
37 49City Refrigeration Holdings Facilities maintenance provider
Glasgow Dec 13 *458.5 15% *9.0 27% 12,294Lord William, Lady Susan & Kenny Haughey (99%), other (1%)
38Euro Garages Fuel forecourt operator
Blackburn Jul 13 438.5 40% 12.4 71% 1,377 Issa family (100%)
39 56Opus Energy Energy supplier
Oxford Mar 14 433.8 17% 30.4 35% 482GDF Suez (29.99%), Telecom Plus plc (20%), management (50.01%)
40Travelodge Budget hotel operator
Thame, Oxfordshire
Dec 13 432.6 13% 5.6 -214% 6,380 Institutional investors (100%)
41PA Consulting Group Management, IT consultancy
Central London Dec 13 427.9 17% 42.3 9% 2,536Current & former employees (75%), trustees (25%)
42 61Swift Worldwide Resources Recruitment consultancy
Enfield Dec 13 423.2 19% 16.8 23% 378Wellspring Capital Management (85.6%), management & employees (14.4%)
43 73Graham Construction contractor
County Down Mar 14 418.5 30% 5.2 -5% 1,532Michael Graham (29%), Colin Graham (27%), Robin Graham (26%), Alan Bill (9%), Andrew Bill (9%)
44 52Kaspersky Lab Internet security software
London/Moscow Dec 13 417.6 11% 22.5 -44% 2,953Management, including Eugene Kaspersky (100%)
45Vasanta Group Business supplies distributor
Sheffield Dec 13 *414.9 7% *5.0 52% 1,117Endless LLP & management (70%), banking syndicate (17.5%), management (12.5%)
46Innovia Group Film manufacturer
Cumbria Dec 13 *410.7 24% *42.1 171% 1,601Arle Capital (84%), management (16%)
47 69Harwoods Car dealer
West Sussex Dec 13 410.2 20% 9.0 85% 776 Guy Harwood & family (100%)
48 64Integrated Dental Holdings Dental care provider
Kearsley, Bolton Mar 14 407.5 17% 20.7 30% 5,622Carlyle, Palamon Capital Partners, management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 23
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
51Car Giant Car dealer
West London Dec 13 *398.3 31% *30.5 62% 564 Geoffrey Warren (100%)
52 48Softcat IT reseller
Buckinghamshire Jul 13 395.8 29% 27.5 23% 575Peter Kelly (45%), Ravensbury Partners (12%), J.A.S. Nash Settlement Trust (12%), employees & management (31%)
53 57Helston Garages Car dealer
Cornwall Dec 13 395.2 8% 12.9 18% 813David & Betty Carr (90%), Andy Barrett (10%)
54 67Stoneacre Motor Group Car dealer
Doncaster Apr 14 395.1 15% 7.7 25% 1,380Christine Teatum (50%), Richard Teatum (50%)
55Eastern Western Motor Group Car dealer
Edinburgh Dec 13 393.6 14% 7.7 98% 948 Douglas Brown (100%)
56 85Air Energi Recruitment consultancy
Manchester Dec 13 385.4 33% 4.8 -50% 404LGV Capital (>50%) management (50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 24
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
76Rullion Group Recruitment consultancy
Cheshire Dec 13 326.2 17% 3.6 16% 1,478 Rose Saoulli (100%)
77Almac Group Pharmaceuticals maker
Craigavon, Co Armagh
Sep 13 325.3 9% 21.6 25% 3,201 McClay Foundation (100%)
78 77Telent Communications support provider
Warwick Mar 14 321.0 1% 17.4 38% 1,465 Tusk Investments (100%)
79Vindis Group Car dealer
Huntingdon Dec 13 317.9 10% 5.0 68% 725Gary Vindis (50%), Nigel Vindis family trust (50%)
80 74Nicholl Fuel Oils Fuel distributor
Londonderry May 13 315.5 -2% 2.5 43% 129 Hugh & Elizabeth Nicholl (100%)
81 120Independent Clinical Services Healthcare staff recruiter
Central London Dec 13 314.0 38% 26.0 111% 847TowerBrook (>50%), Management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 25
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
101RG Carter Building contractor
Norwich Dec 13 261.4 10% 3.8 -10% 1,094 Robert Carter & family (100%)
102 124MON Motors Car dealer
Cwmbran Dec 13 258.3 16% 3.3 136% 626 Cleverly family (100%)
103 119Yeo Valley Yoghurt & dairy maker
Bristol Jun 13 256.1 12% 5.3 28% 1,657 Mead family (100%)
104 159Motorline Holdings Car dealer
Canterbury Dec 13 254.9 34% 5.2 116% 611Gary Obee (33.3%), Glen Obee (33.3%), Thomas Obee (33.3%)
105 147The Best Connection Recruitment consultancy
Birmingham Nov 13 *254.7 28% n.a. -100% 630Co-founders (71%), other management (29%)
106 185Spire Automotive Car dealer
Watford Dec 13 251.5 51% 6.0 18% 386Darren Guiver (70%), Kim Richardson (30%)
107Princess Yachts International Motor yacht builder
Plymouth Dec 12 249.9 20% 20.4 -25% 2,271 L Capital & others
108 111Arco Safety equipment supplier
Hull Jun 13 249.2 2% 13.5 26% 1,443 Martin family (97%), other (3%)
109 133ScS Sofa & carpet retailer
Sunderland Jul 13 245.6 18% 6.9 205% 1,531 Sun Capital Partners Inc (100%)
110 138Office Shoe retailer
Central London Jan 13 243.4 19% 30.9 21% 2,823Silverfleet Capital (68%), management & staff (32%)
111Harkand Group Offshore services provider
Aberdeen Sep 13 242.8 136% 53.9 769% 816Oaktree Capital Managements (63%), other (37%)
112 145Day Lewis Pharmaceuticals retailer
Croydon Mar 14 *240.8 20% *18.5 7% 1,427 Kirit Patel (100%)
113 129Wellness Foods Health food manufacturer
Surrey Dec 13 239.1 11% 10.3 13% 1,494Erbium Capital (72%), Bank of Ireland (13%), others (15%)
114 126Polestar Contract printer
Dunstable Sep 13 238.9 10% 10.5 33% 1,847 Sun European Partners (100%)
115Midwich Audio-visual products distributor
Norfolk Dec 13 *233.7 11% *8.5 13% 425Stephen Fenby & family (90%), others (10%)
116 125Drive Motor Retail Car dealer
Leicester Dec 13 233.2 5% 3.7 11% 699Steve Bessex (49.5%), Paul Manning (49.5%), General Motor UK (1%)
117 149Cognita Schools operator
Milton Keynes Aug 13 232.6 18% 9.1 236% 4,098Bregal Capital, KKR, management
118 146Gardners Books Book & DVD wholesaler
Eastbourne Feb 14 *232.2 16% *6.3 -11% 1,083Yvette Stafford (30%), Jonathan Little (30%), Andrew Little (30%), Alan & Jean Little (10%)
119Anglian Group Home products supplier
Norwich Mar 14 229.9 10% 11.6 49% 1,961Consortium of financial institutions (94%), management (6%)
120 150Gardline Shipping Marine science services provider
Great Yarmouth Apr 13 228.8 16% 19.1 -32% 1,662 Gregory Darling & family (100%)
121 173William Jackson Food Group Food producer
North Humberside
Apr 13 228.5 27% 12.9 19% 1,729Jackson family (88%), former employees (12%)
122JW Galloway Beef & lamb processor
Stirling Mar 13 228.2 5% 4.2 274% 749Ian Galloway CBE & family (87%), others (13%)
123HSS Hire Group Tool & equipment hirer
Heathrow Dec 13 225.8 24% 19.8 881% 2,612Exponent (>50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 26
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
126Sandicliffe Car & van dealer
Nottingham Dec 13 221.5 19% 3.4 70% 611Woodhouse & Barton families (100%)
127 167Tunstall Healthcare technology supplier
West Yorkshire Sep 13 221.0 21% 10.2 -39% 2,912Charterhouse (62%), Bridgepoint Capital (18%), management (20%)
128 157Johnsons Cars Car dealer
Redditch Dec 13 221.0 15% 2.3 13% 643Management (53%), Dale family (47%)
129 132Global Radio Radio broadcaster
Central London Mar 13 219.5 5% 37.1 12% 1,111 Private shareholders (100%)
130 130Control Risks Risk management consultancy
Central London Mar 14 *218.2 3% *21.8 63% 2,220Management, employees & ex-employees (73%), NVM Private Equity (20%), Hiscox (7%)
131Longcross Construction consultancy
Surrey Mar 13 216.0 5% 1.2 22% 331John Beament (40%), Gary Earle (30%), Mark English (30%)
132Sigma Pharmaceuticals Pharmaceutical distributor
Watford Aug 13 214.9 21% 2.4 39% 270Bharat Shah & family (66%), Orion Trust (34%)
133 168Westover Group Car dealer
Bournemouth Dec 13 211.9 17% 6.0 14% 551Peter Wood & family trust (100%)
134 162Sparrows Offshore Group Offshore services provider
Aberdeen Dec 13 211.7 14% 15.5 10% 1,855 AEA Investors, management
135 94Stewart Milne Housebuilder
Aberdeen Jun 13 211.1 -21% 16.6 10% 724 Stewart Milne & family (100%)
136Forth Ports Port facilities provider
Edinburgh Dec 12 211.0 15% 63.7 21% 1,197Arcus Capital European Infrastructure Fund (63%), Canadian Public Sector Pensions Fund (37%)
137 163Peoples Car dealer
Edinburgh Jul 14 *210.5 13% *4.4 7% 393Brian Gilda (85%), Stewart Ramsay (15%)
138Alliance Medical Diagnostic imaging services
Warwick Mar 14 *210.2 -4% *24.2 297% 1,417Banking syndicate of Lloyds, Commerzbank & M&G Investments, management
139 196Dr Martens Shoe manufacturer & retailer
Northamptonshire Mar 14 *209.1 30% *29.6 22% 759Permira (70%), Griggs family & settlements (20%), management (10%)
140 152Ferndale Foods Ready-meals producer
Somerset Mar 13 208.8 8% 7.5 21% 2,445Bigwood family (96%), S Harmer (4%)
141 153LGC Analytical services laboratory
Southwest London
Mar 14 *207.3 8% *7.9 13% 1,948Bridgepoint (>50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 27
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
151 221Essence Digital marketing agency
Central London Mar 14 *200.3 42% n.a. -100% 476Matt Isaacs (40%), Andy Bonsall (24%), Andrew Shebbeare (24%), other management (12%)
152 174Fat Face Clothing retailer
Hampshire May 14 *200.1 12% *30.8 32% 2,574Bridgepoint Capital (77%), management & staff (6%), other (17%)
153 200CHI & Partners Advertising agency
Central London Sep 13 199.9 26% 4.9 18% 249 WPP (49%), management (51%)
154CNG Commercial gas supplier
Harrogate Apr 14 *196.6 25% *5.2 85% 74Jacqui Hall (28.3%), Tim Jones (28.3%), Chris England (28.3%), other management (15%)
155Heron Food Group Discount food retailer
Melton, East Yorkshire
Dec 12 194.7 20% 4.4 -38% 2,438Andrew Heuck (33.3%), David Heuck (33.3%), Michael Heuck (33.3%)
156Holdcroft Car dealer
Stoke-on-Trent Dec 13 194.4 22% 2.1 -341% 396 Terry Holdcroft & family (100%)
157Ogilvie Group Vehicle lessor
Stirling Jun 14 *194.0 12% *3.0 62% 470 Ogilvie family (100%)
158 210Kitwave Wholesale Group Food & drink wholesaler
North Shields Apr 13 193.1 25% 3.8 53% 299Paul Young (56%), NVM Private Equity (40%), David Brind & David Brock (4%)
159 158Wood Mackenzie Energy research consultancy
Edinburgh Dec 12 190.8 21% 79.5 21% 829Hellman & Friedman (63%), Charterhouse (13%), management & staff (24%)
160 212Lakehouse Asset & energy support services
Romford Sep 13 190.6 24% 7.3 48% 683Steve Rawlings (47%), Stuart Black (11%), Carol King (10%), other (32%)
161 180Drayton Group Car dealer
West Midlands Dec 13 190.5 10% 3.5 17% 378Guest family (77%), Ken & Jane Forbes (23%)
162Huntswood Customer service provider
Reading Sep 13 190.4 39% 42.4 47% 1,695David Brownlow (61%), management (39%)
163Crown Oil Fuel & lubricant distributor
Bury Aug 13 188.4 19% 5.9 41% 147 Greensmith family (100%)
164The Emerson Group Builder, property developer
Cheshire Apr 14 *187.9 14% *67.2 20% 509Peter Emerson Jones & family trusts (100%)
165Pentagon Freight International freight forwarder
Orpington, Kent Apr 13 186.0 18% 5.5 25% 496Geoffrey Smith (84%), management (16%)
166Kent Foods Food distributor
Glasgow Dec 13 185.9 25% 4.6 -27% 83Janet Dalglish (47%), Iain Dalglish (46%), Donal Kennedy (7%)
167 169JJ Food Service Food distributor
Enfield Mar 13 185.5 3% 4.5 89% 826 Kiamil family (100%)
168Rocco Forte Hotels Luxury hotel owner & manager
Central London Apr 13 185.4 2% 22.0 98% 2,280Sir Rocco Forte, family & trusts (99%), third-party investors (1%)
169 192Beadles Group Car dealer
Kent Mar 14 184.7 13% 3.2 16% 406Paul Boast (47.3%), Peter Liddle (47.3%), Richard Johnson (5.4%)
170 204The Hut Group Online retailer
Northwich Dec 13 184.3 17% 9.1 49% 747Founders & management (40%), private equity consortium & other investors (60%)
171 214AH Worth Farmer & food distributor
Lincolnshire May 13 183.7 21% 5.4 -6% 767 Worth Family (100%)
172Freshways Dairy
West London Dec 13 *182.0 24% *3.1 145% 361 Nijjar family (100%)
173 229Gamesys Online gaming developer
Central London Mar 13 181.5 27% 57.5 25% 647Co-founders (65%), management & business angels (35%)
174Forth Holdings Specialist electrical contractor
Stirling Aug 13 180.8 11% 4.4 -35% 1,896Duncan S Fletcher & family (93%), other (7%)
175Toomey Group Car dealer
Essex Dec 13 180.6 13% 7.0 5% 459 Michael Toomey (100%)
Rank
201
4
Rank
201
3
Com
pany
Activ
ity
HQ lo
catio
n
Sales
m
Sales
gro
wth
Opera
ting p
rofit g
rowth
Oper
atin
g pr
ofit
m
Staf
fM
ain sh
areh
olde
rs
Finan
cial y
ear e
nd
2014 TOP TRACK 250 LEAGUE TABLE
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 28
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
176 186JRL Group Construction contractor
Hertfordshire Dec 13 180.4 8% 3.4 19% 368John Reddington (34%), Peter Moran (33%), Kevin Keegan (33%)
177 220DCS Group (UK) Toiletry products distributor
Stratford-upon-Avon
Dec 13 179.7 21% 3.2 -10% 315 Denys Shortt (100%)
178 227Megger Electrical products manufacturer
Dover Nov 13 179.2 26% 22.3 15% 1,230TBG, on behalf of Thyssen-Bornemisza family (100%)
179Park Resorts Caravan park operator
Hemel Hempstead
Mar 14 *178.9 10% *24.8 8% 2,148Electra Partners (54%), GI Partners (21%), management (25%)
180 205Wrights Group Bus manufacturer
Ballymena, Co Antrim
Sep 13 178.9 14% 4.6 6% 1,370 Jeffrey Wright (100%)
181 206Fresh Direct Food distributor
Bicester Aug 13 178.8 14% 3.4 -18% 862Nigel Harris (60%), Colin Harris (40%)
182NSL Traffic services provider
West London Dec 13 178.7 17% 2.7 -45% 4,790AAC Capital Partners (78%), management (22%)
183 207Reynolds Food distributor
Hertfordshire Dec 13 178.5 14% 3.0 96% 694 Reynolds family (100%)
184 202Eric Wright Group Construction contractor
Preston Dec 12 178.2 13% 3.4 6% 538Eric Wright (51%), Wright family charitable trust (49%)
185Albert Bartlett Potato grower
Lanarkshire May 13 175.3 32% 9.5 5% 877 Ronnie Bartlett (100%)
186Photobox Group Personalised product retailer
Central London Apr 14 175.3 19% 15.7 -3% 768Investors including Insight Venture Partners, Highland Capital Partners, Index Ventures & HarbourVest
187 199Dovecote Park Premium meat supplier
Pontefract Sep 13 174.9 10% 4.5 26% 612Benoni Holding Corporation (33.3%), David Gunner (33.3%), Richard Canvin (33.3%)
188 247Snows Motor Group Car dealer
Southampton Dec 13 174.3 34% 1.9 17% 489Snow family (90%), management (10%)
189Lagan Construction Group Builder & civil engineer
Belfast Mar 13 174.3 36% 4.7 232% 411 Michael Lagan (100%)
190 193Tayto Crisp & snack manufacturer
Craigavon, Co Armagh
Jun 14 *174.0 5% *6.1 11% 1,419 Hutchinson family (100%)
191Ovo Energy Energy supplier
Bristol Dec 13 171.7 67% 2.0 -332% 247Stephen Fitzpatrick (50%), Sophia Fitzpatrick (50%)
192 184Addison Lee Minicab & courier services provider
Central London Aug 13 171.7 8% 21.5 117% 629 The Carlyle Group, Liam Griffin
193 181GO Outdoors Outdoor equipment retailer
Sheffield Jan 13 171.0 11% 3.0 -39% 1,8193i & YFM (40%), management (60%)
194Fayrefield Foods Dairy product marketer
Crewe Dec 12 170.7 -21% 2.5 23% 91 John Kerr (100%)
195 182NFT Distribution Grocery logistics provider
Derbyshire Mar 13 169.7 11% 6.3 12% 1,856 EmergeVest, management
196Symington's Convenience foods manufacturer
Leeds Feb 14 167.9 12% 7.4 -22% 782Intermediate Capital Group (>50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 29
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
201MKM Building Supplies Builders merchant
Hull Sep 13 163.1 14% 7.3 3% 704Management (56%), 3i (34%), LDC (10%),
202Jeyes Cleaning products maker
Cambridge Dec 12 163.1 -14% 4.1 11% 9113i & SVP Global (92%), Nish Kankiwala (5%), Mark Tyldesley (3%)
203Mulalley Construction contractor
Essex Mar 14 162.8 20% 13.1 54% 589O'Malley family (80%), Teresa Taylor (20%)
204Mount Anvil Property developer & contractor
Central London Dec 13 161.4 196% 15.4 53% 130Killian Hurley (71%), Mount Anvil Pension Scheme (15%), Kieran Hurley (5%), others (9%)
205Principal Hayley Hotel operator
Harrogate Dec 13 161.0 5% 27.5 25% 3,039Starwood Capital Group (92%), Management (8%)
206 191Johnston Oils Oil distributor
West Lothian Dec 13 *160.3 -2% *2.0 89% 144 Johnston family (100%)
207Phipps & Co Conglomerate
Malvern Mar 13 160.3 30% 5.1 6% 283 Phipps family (100%)
208Adare Marketing services provider
West Yorkshire Oct 13 160.0 6% 4.8 13% 812Caird Capital (75%), Management (25%)
209 219Oasis Dental Care Dental care provider
Bristol Mar 14 *158.1 6% *9.2 18% 2,181 Bridgepoint & management
210Ford & Slater HGV dealer
Leicester Dec 13 157.3 6% 1.8 27% 426 Strevens family (100%)
211Baxters Food producer
Aberdeen Jun 13 157.0 17% 9.9 14% 994Baxter Family (84%), IFG Corporate Services (16%)
212Suttons Group Logistics & supply chain services
Cheshire Apr 14 *156.9 1% *10.4 17% 775 Sutton family trusts (100%)
213LWC Drinks distributor
Manchester Sep 13 156.7 24% 4.8 17% 465Robin Gray (55%), John Edward Trust (33%), Ebrahim Mukadam (12%)
214The Dune Group Footwear retailer
Central London Feb 14 156.5 6% 4.6 71% 2,066Daniel Rubin (87%), others (13%)
215British Engines Engineer
Newcastle upon Tyne
May 14 156.3 12% 19.4 28% 1,173Lamb family & management (100%)
216 208Chain Reaction Cycles Online bike retailer
County Antrim Dec 12 155.6 14% 1.1 -89% 614 Watson family (100%)
217Charles Tyrwhitt Shirts Clothing retailer
Central London Aug 14 *155.3 22% *16.3 6% 700Nick Wheeler (95%), Peter Higgins (5%)
218Specialist Cars Car dealer
Stevenage Dec 13 155.1 13% 1.6 -5% 289Michael Donovan (50%), Clive Fletcher (50%)
219Hatfields Car dealer
Wakefield Jan 14 155.0 27% 4.5 55% 324 Williams family (100%)
220Uniserve Freight forwarder
Essex Mar 13 154.5 28% 2.9 -16% 243 Iain Liddell & family (100%)
221Barbour Clothing manufacturer & distributor
South Shields Dec 13 152.4 11% 29.4 20% 818Dame Margaret Barbour (51%), Barbour family trust (46%), Barbour Foundation (3%)
222Pork Farms Food producer
Nottingham Mar 13 152.1 7% 3.1 196% 1,439Vision Capital (majority), management (minority)
223The Car People Car dealer
Wakefield Apr 14 *152.1 12% *4.8 25% 342Carnell family (76%), other management (24%)
224Lucy Switchgear Electrical component manufacturer
Oxford Dec 13 152.1 21% 20.8 51% 1,090 Dick family (100%)
225Spearhead International Integrated food & agri business
Cambridgeshire Dec 13 152.1 13% 19.1 4% 1,423Altima LLP (42%), directors (12%), others (46%)
Rank
201
4
Rank
201
3
Com
pany
Activ
ity
HQ lo
catio
n
Sales
m
Sales
gro
wth
Opera
ting p
rofit g
rowth
Oper
atin
g pr
ofit
m
Staf
fM
ain sh
areh
olde
rs
Finan
cial y
ear e
nd
2014 TOP TRACK 250 LEAGUE TABLE
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 30
* Pro-forma, draft, or not yet filed at Companies House Annualised sales
226Davies Turner Logistics, freight operator
Warwickshire Mar 14 *150.9 2% *4.6 29% 802Stephenson family (94%), others (6%)
227Immediate Media Co Magazine publisher
West London Mar 13 150.7 32% 12.8 31% 846 Exponent (100%)
228 216ghd Hair products supplier
Central London Dec 12 150.4 -3% 27.2 26% 672Lion Capital (>50%), management (
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 31
THE RULES OF ENGAGEMENT
The tenth annual Top Track 250 league table ranks Britains leading private mid-market growth companies by latest sales. It complements the Top Track 100 annual league table of Britains private companies with the biggest sales, listing the next 250 firms.
Criteria: Companies must be profitable and report a minimum 10% increase in either sales or operating profit in their latest accounts. Sales are taken from a companys latest accounts and exclude shares from joint ventures and associate companies. Profits are defined as operating profits before exceptional items, joint ventures and impairment of assets. For accounting periods not equal to a year, financials have been presented in proportion on an annual basis. Only companies reporting turnover for financial years ending after December 2012 are included.
Companies had to be registered in the UK and be independent, unquoted and ultimate holding companies.
Exclusions: Quoted companies, subsidiaries, joint venture/consortium organisations, companies that generate the majority of sales through quoted subsidiaries, not-for-profit companies, co-operative societies, mutual societies, housing associations, member-owned buying groups and partnership structures are all excluded.
Data collection: Sources used included Bureau van Dijks Fame, Companies House and Experians MarketIQ. Some companies nominated themselves or were nominated by advisers; others were identified through research. Fast Track also reviewed and accepted draft accounts.
The research was concluded on 1 August, 2014. Accounts filed after that date were not able to be considered.
Incomplete data: Private company information can be incomplete and, while every effort is made to include all qualifying companies, there may be omissions.
Disclaimer: The companies in the Top Track 250 are not endorsed, guaranteed or recommended by the sponsors or Fast Track, nor are they necessarily the best-run companies.
Nominations: These can be made at Fasttrack.co.uk or sent to [email protected]
Some exceptions were made to the qualification criteria set out above. The compilers decision is final and no correspondence will be entered into.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 32
Mo MeraliHead of Private Equity, Partner
Alan DaleUK Head of Business Consulting, Partner
Dynamic organisations know they need to apply both reason and instinct to decision-making. At Grant Thornton UK LLP, this is how we advise our clients every day. We combine award-winning technical expertise with the intuition, insight and confidence gained from our extensive sector experience and a deeper understanding of our clients. The real benefit for dynamic organisations is more meaningful and forward-looking advice that can help to unlock their potential for growth.
In the UK, we are led by more than 185 partners and employ 4,200 of the profession's brightest minds. We provide assurance, tax and specialist advisory services to over 40,000 privately held businesses, public interest entities and individuals nationwide.
Grant Thornton is one of the world's leading independent assurance, tax and advisory firms.
www.grant-thornton.co.uk
SPONSORS & MEDIA PARTNER
Fast Track would particularly like to thank Grant Thornton for their fifth year of title sponsorship, Barclays for their sponsorship for a third year, and The Sunday Times for their continued support of the Top Track 250 for the last decade.
The sponsors do not endorse, guarantee or recommend investment in any of the companies.
Sponsors
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 33
Gavin IsleCo-Head of UK & Ireland, and Head of South Region
Richard PhelpsManaging Director, Wealth, Head of Corporate & Employer Solutions
Barclays is a major global financial services provider with an extensive international presence in Europe, the Americas, Africa and Asia.
We provide corporate banking solutions to businesses with an annual turnover of more than 5 million in the UK, and to large local companies, financial institutions and multinationals in non-UK markets. We support the success of our clients by providing lending, risk management, cash and liquidity management, trade finance, and asset and sales financing.
Our Corporate and Employer Solutions team works with businesses of any size, offering objective and tailored advice across employee benefits, stock & reward plans and business risk solutions to help employers release the potential within their most important asset their people.
For further information about Barclays, please visit our website www.barclays.com.
The Sunday Times has been Fast Track's media partner for all 18 years.
The Sunday Times is Britains No 1 newspaper for business, and the leading broadsheet newspaper attracting over three million readers every week. More than half (54%) of the business elite read The Sunday Times, a greater market share than any other publication, according to the latest Ipsos survey.
The Sunday Times business section celebrates its 50th anniversary this year.
www.thesundaytimes.co.uk
Dominic O'ConnellBusiness editor
Media partner
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 34
Hamish StevensonFounder & CEO
ABOUT FAST TRACK
Compiler & publisher
Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone sponsorship from Richard Branson.
He is an associate fellow at Green Templeton College, Oxford University, where he completed his doctorate and subsequently established and held the Virgin research fellowship in entrepreneurship.
The authors
Richard Tyler leads Fast Tracks research and editorial, working closely with sponsors and companies within our network.
He was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy towards business. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University.
Mike Harding is responsible for managing the research for the Top Track 250.
He trained as a chartered accountant with Grant Thornton (Oxford) and has an audit and corporate finance background. He has a degree in mathematics from Birmingham University.
-
2014 Top Track 250 www.fasttrack.co.uk
Top Track 250 Research Report 2014 35
CONTACT DETAILS
Fast Track Angel Court 81 St Clements Street Oxford OX4 1AW
Tel: 01865 297 100 Fax: 01865 297 001
Email: [email protected] Web: www.fasttrack.co.uk twitter: @ST_FastTrack
Fast Track
Top Track 250 is compiled by Fast Track, the UK's leading face-to-face networking events and research company, which focuses on top-performing private companies and entrepreneurs.
Its annual national awards events and bespoke dinners provide an opportunity for entrepreneurs and directors to network and to meet the sponsors.
Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last eighteen years. It publishes five other annual private company league table awards programmes:
Tech Track 100 ranks Britain's private technology companies with the fastest-growing sales
Fast Track 100 ranks Britain's private companies (excluding TMT) with the fastest-growing sales
International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales
Profit Track 100 r