Research report 2017 - business.bankofscotland.co.uk · Brands: Retail and consumer brands include Aston Martin and Travelodge. Many have diversified away from the high street, whilst

Research report 2017Britain's private mid-market growth companies

Sponsored by

years2005-201713

© 2017 Top Track 250 fasttrack.co.uk

Top Track 250 research report 2017 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 12Companies exiting from last year's league table 13 Thirteen years of Top Track 250 14

KEY THEMES & SELECTED COMPANY PROFILES 16 International markets 16 Innovation 17 Female leadership 18 Future of work 19 Culture 20 Brands 21

2017 TOP TRACK 250 LEAGUE TABLE 22

ONES TO WATCH 32

THE RULES OF ENGAGEMENT 33

SPONSORS AND MEDIA PARTNER 34

ABOUT FAST TRACK 36 Compiler and publisher 36 The authors 36 Fast Track 37

CONTACT DETAILS 37


Top Track 250 research report 2017 1

INTRODUCTIONThis is the 13th year of The Sunday Times Top Track 250 league table, which ranks Britain’s top-performing private mid-market growth companies by sales. The league table has title sponsorship from Grant Thornton and main sponsorship from Lloyds Banking Group.

It is the sister publication of Top Track 100, which ranks Britain’s 100 private companies with the biggest sales. Top Track 250 ranks the next-biggest private companies, provided their sales or operating profits growth meet our criteria (graduated between a minimum of 5% to 10%), and operating profit margins exceed 2%.

This year’s league table identifies many mid-market growth companies that have expanded by managing risk and choosing the right strategic options, as well as companies that make a clear contribution to the communities in which they are based. Some are household names such as Aston Martin (No 9), Holland & Barrett (No 7), Travelodge (No 8), Lush (No 38) and PureGym (No 165). Many more are operating successfully in sectors that range from building and construction to retail and manufacturing.

All have faced challenges, from the uncertainties caused by the Brexit negotiations to growing shortages in skilled staff at home. Their resilience and resourcefulness give cause for confidence in the continued growth of a post-Brexit UK economy.

Top 10 companies on the league table

* supplied by the company

McLaren Automotive (No 1) was spun out of McLaren Technology Group in 2010, but in July this year the companies were brought back together under the McLaren Group

1 [19]

McLaren Automotive Sports car maker Woking, Surrey Dec 16 649.8 44% 65.8 179% 1,606 Bahrain Mumtalakat (57%), TAG Group

(12%), Ron Dennis (10%), others (21%)

2 [7]

IM Group Car distributor

Coleshill, nr. Birmingham Dec 16 626.9 10% 96.0 -17% 460 Lord Edmiston (100%)

3 City Facilities Management Facilities maintenance provider Glasgow Dec 16 617.7 33% 15.4 115% 11,844 Lord William, Lady Susan & Kenny

Haughey (99%), others (1%)

4 Telereal Trillium Property investor & developer Central London Mar 17 *616.2 -6% *189.2 67% 270 Pears family & management (100%)

5 Murphy Group Civil engineering contractor Central London Dec 16 *613.9 -2% *15.4 512% 3,206 Murphy family (100%)

6 [11]

Harwoods Car retailer West Sussex Dec 16 612.6 11% 12.7 -16% 864 Guy Harwood & family (100%)

7 Holland & Barrett Health food & supplements retailer Warwickshire Sep 16 612.0 7% 150.0 13% 6,726 LetterOne (>50%),

management (<50%)

8 [10]

Travelodge Budget hotel operator Oxfordshire Dec 16 597.8 7% 61.0 -3% 10,350 Institutional investors (>50%),

management (<50%)

9 Aston Martin Sports car maker Warwickshire Dec 16 593.5 16% 16.4 -192% 1,609 Investindustrial (59%), others (41%)

10 [15]

CALA Group Housebuilder Edinburgh Jun 16 587.1 15% 83.7 15% 810 Legal & General & Patron Haut LP

(93%), management (7%)

Rank[2015] HQ location

CompanyActivity

Year end

Sales £m

Sales growth

OP £m

OP growth Staff Main shareholders



EXECUTIVE SUMMARY

Overview

• This year’s Top Track 250 companies generated combined sales of £62.4bn, up 16% from £53.9bn in their prior year

• Companies had record combined operating profits of £5.4bn, up 34% from £4.0bn, and almost two thirds (158) of companies increased their margin

• Companies employed a total of 384,200 staff in their latest financial year, an increase of 36,400 or 10% on their prior year. Nine out of ten (223) companies increased their head count

• 80 companies are majority-owned by a founder or entrepreneur, 75 are family-owned, and 71 by private equity

• The highest number of companies on the league table are headquartered in London (68), followed by the north of England (53)

Key themes

International markets: There is an opportunity to capitalise on non-EU markets following Brexit with more than half (126) already trading overseas. On average, these companies grew international sales by 36% in their latest year. [Page 16]

Innovation: The ability to innovate is a key attribute for many companies. Some are disruptive within their industry, while others are investing in hi-tech production or software to differentiate themselves. [Page 17]

Female leadership: Gender diversity is on the business agenda, and the majority of this year's table have one or more female directors. However, only 14% (208) of all board members are women. [Page 18]

Future of work: The nature of work is changing with advances in artificial intelligence, the internet of things and big data all set to power a wave of digital transformation. [Page 19]

Culture: Success in the workplace is not just measured in financial terms – some companies are setting up charitable foundations to benefit the wider community, and putting ethical objectives at the heart of their business plans [Page 20]

Brands: Retail and consumer brands include Aston Martin and Travelodge. Many have diversified away from the high street, whilst others are tapping into overseas markets for growth. [Page 21]

Levels of sales

Number of companies in each range

20

>£600m

£500m-£600m

£400m–£500m

£300m–£400m

£200m–£300m

<£200m

10

55

132

7

26

Levels of profit

Number of companies in each range

>£100m

£80m–£100m

£60m–£80m

£40m–£60m

£20m–£40m

£10m–£20m

£0–£10m

47

13

5

6

7

Latest OP not available: 1

88

83

Characteristics of a typical Top Track 250 company

SalesAverage sales in latest year £249.6m

Average sales in prior year £215.8m

Operating profitAverage profit in latest year £21.6m

Average profit in prior year £16.2m

StaffTypical headcount in latest year 500-2,000

Typical headcount in prior year 450-1,750

Company characteristicsRegion London (27%)

Sector Services (33%)

Industry Building-related (21%)

Ownership Entrepreneur and/or founder (32%)



KEY STATISTICS

Sales breakdown

Buoyed by a British economy that continues to grow, and league table criteria that places an emphasis on sales or profit growth, most companies (215) reported sales that increased by at least 5% in their latest financial year.

This year’s companies generated combined sales of £62.4bn compared with £53.9bn in their prior year, an increase of 16%. Sports car maker McLaren Automotive (No 1) had the highest sales on the league table at £649.8m. Document handling services provider Apogee Corporation (No 250) had the lowest sales at £112.7m.

Biggest sales movement

The biggest sales increase was reported by English Premier League football team Burnley FC (No 241), which tripled sales to £120m this year under the stewardship of chairman Mike Garlick, 53. The club is benefiting from a return to the Premier League, and the resulting increase in broadcast revenue.

Acquisitions have also helped to increase top line performance. Examples include IT services provider Claranet (No 178), which has made a series of acquisitions since 2014 lifting sales 14% to £152m in 2016; and online retailer The Hut Group (No 26), which last year acquired beauty brands Grow Gorgeous and Skinstore, as well as US-based dieting and sports nutrition company Ideal Shape, helping lift sales 50% to £501.4m.

Rank Company Activity

Year end

Sales £m

Sales increase

241 Burnley Football Club Football club Jun 17 *120.0 200%

152 GreenTech Distribution Mobile phone recycler & distributor Feb 17 168.4 162%

219 Optal Payment services provider Dec 16 *129.1 119%

64 Fairview Housebuilder Dec 16 298.1 67%

115 Matchesfashion.com Luxury fashion retailer Jan 17 203.7 61%

188 Caddick Group Civil engineer Aug 16 147.5 60%

198 Clarion Events Events organiser Jan 16 139.1 56%

186 Principle Brand implementation agency Dec 16 149.5 51%

26 The Hut Group Online retailer Dec 16 501.4 50%

30 ED & F Man Commodities & logistics manager Sep 16 481.1 50%

10 biggest sales increases


Year end

Sales £m

Sales decrease

135 United Living Building contractor Mar 17 180.7 -18%

220 Scottish Leather Group Leather manufacturer Mar 16 128.6 -8%

4 Telereal Trillium Property investor & developer Mar 17 *616.2 -6%

238 Millennium Group Food & drink distributor May 16 121.9 -6%

247 Archant Newspaper, magazine publisher Dec 15 115.5 -5%

75 Yeo Valley Yoghurt & dairy maker May 16 273.2 -4%

237 Crown Oil Fuel & lubricant distributor Aug 16 122.0 -4%

5 Murphy Civil engineering contractor Dec 16 *613.9 -2%

111 Imagination Creative agency Aug 16 210.4 -2%

39 telent Infrastructure services provider Mar 17 391.5 -1%

10 biggest sales decreasesAll of these companies increased operating profit by more than 10% to qualify for the league table





Staff and job creation

Companies employed a total of 384,200 staff in their latest financial year, an increase of 36,400, or 10%, compared to their prior year.

In total, 223 companies grew their headcount. The biggest percentage increase was at aggregate distributor GRS Roadstone Group (No 145), which expanded geographically and acquired supplier Aggbag last year, increasing its workforce by 167% to 369.

The biggest absolute increase was at ED & F Man (No 30), which boosted its workforce by 2,849 to 6,885, following its acquisition of a controlling interest in IANSA, a Chilean agribusiness. The commodities and logistics manager trades sugar, coffee and other commodities, and in January it also acquired a pulses trader, Maviga, for an undisclosed sum.

There are 108 companies with more than 1,000 employees on this year's league table. Examples include health food and supplements retailer Holland & Barrett (No 7), which has 6,726 employees; nurseries operator Busy Bees (No 86), which has 7,585; and health club operator Virgin Active (No 22), which has 12,555 employees.

Number of employeesNumber of companies in each range

10

410,001-15,000

5,001-10,000

2,001-5,000

1,001-2,000

501-1,000

1-500

53

41

67

75



Profitability

Top Track 250 companies are required to have a profit margin of more than 2% in their most recent financial period. Profit is defined as operating profit (OP) before exceptional items, joint ventures and impairment of assets; although some exceptions were made. The companies generated record combined profits of £5.4bn, an increase of 34% on their previous year.

Highest profits

Property investor and developer Telereal Trillium (No 4) reported the biggest operating profit: £189m on sales of £616m in 2016.

Housebuilders have some of the biggest profits on the table, with Edinburgh-based CALA Group (No 10) reporting profits of £83.7m in 2016 on sales of £587.1m; Miller Homes (No 17), also in Edinburgh, reporting profits of £99m in 2016 on sales of £565.3m; and The Emerson Group (No 90) in Cheshire reporting profits of £85m in 2017 on sales of £240.3m.

Despite pricing pressure and rising import costs, four retailers make it into the top ten companies with the fastest-growing profits on the table. Examples include luxury fashion retailer Matchesfashion.com (No 115) with profits that rose more than 16 times from £978,000 to £15.9m in 2017; lifestyle retailer Cath Kidston (No 218), which saw profits recover to £6.8m in 2017, up from only £1m in 2016; and Chelsea Football Club (No 56), which quadrupled profits to £24.9m in 2016.

Profit margin

Almost two thirds of the companies (158) increased their operating margin in the latest year. Examples include brand implementation agency Principle (No 186), where margins widened from 6% to 11%; and Firmdale Hotels (No 228), which doubled its margin from 6% to 12%.

There are three airports on this year’s league table – all are in the top ten list of companies with the biggest profit margins. Edinburgh Airport (No 157) reported a margin of 38% on sales of £164.1m in 2016; London City Airport (No 249) reported a margin of 33% on sales of £113.7m in 2016; and Birmingham Airport (No 193) reported a margin of 32% on sales of £145.8m in 2017.

More than half of the companies (141) have an operating margin between 2% (the minimum threshold) and 7%. Four had profits equalling the minimum threshold, including laptop and appliance reseller Buy It Direct (No 192) with profits of £2.9m on sales of £146m in 2017; and fruit importer and distributor Richard Hochfeld (No 170) with profits of £3.2m on sales of £157.7m in 2016.


Year end

Sales £m

Profit £m

4 Telereal Trillium Property investor & developer Mar 17 616.2 189.2

7 Holland & Barrett Health food & supplements retailer Sep 16 612.0 150.0

12 BGL GroupInsurance/price comparison provider Jun 17 585.2 129.5

30 ED & F ManCommodities & logistics manager Sep 16 481.1 126.9

81 Arora GroupHotel operator Mar 17 260.0 115.0

107 TogetherSpecialist lender Jun 16 215.2 104.1

17 Miller HomesHousebuilder Dec 16 565.3 99.0

2 IM GroupCar distributor Dec 16 626.9 96.0

90 The Emerson GroupBuilder, property developer Apr 17 240.3 85.0

10 CALA GroupHousebuilder Jun 16 587.1 83.7

Biggest operating profits

Biggest operating profit margins


Year end

Sales £m

Profit margin

107 TogetherSpecialist lender Jun 16 215.2 48%

81 Arora GroupHotel operator Mar 17 260.0 44%

157 Edinburgh AirportAirport operator Dec 16 164.1 38%

90 The Emerson GroupBuilder, property developer Apr 17 240.3 35%

123 SabreInsurance underwriter Dec 16 191.3 34%

217 Grange HotelsHotelier Mar 16 130.4 33%

249 London City AirportAirport operator Dec 16 113.7 33%

193 Birmingham AirportAirport operator Mar 17 145.8 32%

4 Telereal Trillium Property investor & developer Mar 17 616.2 31%

196 Argus MediaEnergy information provider Jun 16 141.9 30%



Ownership

Founder or entrepreneur-owned80 companies are majority-owned by entrepreneurs or founders. Examples include bookmaker Betfred (No 15) and employment law consultancy Peninsula (No 138), both of which are majority-owned by co-founders Fred and Peter Done; housebuilder Story Homes (No 144), which is majority-owned by founder and chairman Fred Story; and telecoms equipment maker Technetix (No 245), which is majority-owned by founder and chief executive Paul Broadhurst.

Family-owned75 companies are family-owned. Examples include pharmaceuticals manufacturer Norbrook Laboratories (No 91), which is owned by the Ballyedmond family; wine and spirit merchant Berry Bros. & Rudd (No 149), which is owned by the Rudd and Berry families; and brewery, pub-owner and hotelier St Austell Brewery (No 175), which is majority-owned by the Hicks family.

Private equity-owned71 companies are majority-owned by private-equity firms. Examples include noodle bar operator Wagamama (No 96), which is majority-owned by Duke Street Capital and Hutton Collins; and tour operator Riviera Travel (No 208), which is majority owned by Phoenix Equity Partners.

Management-owned19 companies are majority-owned by management. Examples include alcoholic drinks distributor Kingsland Drinks (No 97) – managing director Andy Sagar led a secondary management buyout of the business in 2004, in a deal worth £14m; and pharmaceuticals distributor Converse Pharma (No 126) – managing director Mark Gulliford and finance director Andy Wilson led a £37m buyout of the business from pharmaceutical wholesaler Mawdsleys in 2013, which retains a 20% stake.

Employee-ownedFive companies are majority-owned by their employees. Examples include construction consultancy Turner & Townsend (No 29); insurance broker and underwriter Hyperion Insurance Group (No 35); and risk management consultancy Control Risks (No 128), which transitioned to its employee-owned model in 2015.

Majority ownership types

Number of companies by ownership type

Employees 5Management 19

Entrepreneur and/or founder 80

PE and/or VC 71

Family 75



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 £24.7bn, compared to £22.3bn owed the year before.

There are two companies owing more than £1bn, including specialist lender Together (No 107), which reported it had borrowings of £1.5bn in 2016 and operating profits of £104.1m. The company with the most debt is commodities and logistics manager ED & F Man (No 30) with borrowings of about £2bn, 16 times its operating profits of £126.9m in 2016.

The company with the biggest debt-to-profit ratio is Civica (No 78), which reported £626.4m of debt in 2016, 51 times operating profits of £12.4m. The software & IT services firm deals with everything from council tax processing to the government of digital services, and provides software and IT services to more than 2m professionals, supporting 4,000 public sector and regulated organisations in 10 countries. In July 2017, Partners Group, a Canadian investment manager, acquired it from OMERS Private Equity for £1.1bn.


Year end

Debt £m

Sales £m

30 ED & F ManCommodities & logistics manager Sep 16 2,021 481.1

107 TogetherSpecialist lender Jun 16 1,454 215.2

36 Parkdean ResortsHoliday parks operator Dec 16 961 431.5

42 Zenith Vehicle lessor Mar 16 863 383.0

22 Virgin ActiveHealth club operator Dec 16 814 535.0

9 Aston MartinSports car maker Dec 16 701 593.5

78 Civica Software & IT services Sep 16 626 267.7

100 Ambassador Theatre GroupTheatre operator Mar 16 611 226.4

2 IM GroupCar distributor Dec 16 574 626.9

157 Edinburgh Airport Airport operator Dec 16 570 164.1

Companies with the highest debt

RankCompany Activity

Year end

Debt/ profit ratio

Profit£m

Debt £m

78 Civica Software & IT services Sep 16 51 12.4 626.4

100 Ambassador Theatre GroupTheatre operator Mar 16 43 14.1 611.2

9 Aston MartinSports car maker Dec 16 43 16.4 701.2

42 ZenithVehicle lessor Mar 16 29 30.2 863.3

165 PureGymGym operator Dec 16 25 15.4 381.8

143 Big Motoring WorldCar dealer Feb 16 24 7.2 168.6

53 Dorchester CollectionLuxury hotel operator Dec 15 23 24.3 569.8

86 Busy BeesNurseries operator Dec 16 22 11.9 265.7

218 Cath KidstonLifestyle retailer Mar 17 21 6.8 144.8

228 Firmdale HotelsHotelier Jan 17 18 15.3 280.9

Companies with the biggest debt/profit ratio



Sector breakdown

The two largest sectors are services, with 83 companies (down from 96 in 2016), and retail with 64. Together these sectors comprise 59% of the league table.

Service businesses encompass a wide range of industries, from outdoor advertiser Exterion Media (No 43), to commodities and futures broker Marex Sprectron (No 88) and sports marketing agency Pitch International (No 151).

Retailers include bed manufacturer and retailer Dreams (No 77), value retailer The Works (No 182) and furniture retailer Oak Furniture Land (No 73).

The 39 manufacturers include ventilation systems provider Colt (No 168), mobile home maker Willerby (No 189) and leather manufacturer Scottish Leather Group (No 220).

The 39 construction companies include mechanical and electrical contractor NG Bailey (No 27), civil engineering contractor Buckingham Group Contracting (No 37) and housebuilder Hopkins Homes (No 223).

There are 33 wholesalers in the league table including meat distributor Randall Parker Food Group (No 62), insulation distributor Encon (No 95), and toiletry products distributor DCS Group (UK) (No 110).

Industry breakdown

The top industries represented on the league table are building-related and consumer goods.

The building industry provides 53 companies, including construction services provider Robertson (No 14), builders' merchant MKM Building Supplies (No 69), and wood panel distributor Hadleigh Timber Group (No 150).

There are 36 consumer goods companies including book, film and music wholesaler The Little Group (No 61), outdoor clothing retailer Mountain Warehouse (No 131), and stationery and card retailer Paperchase Products (No 242).

The food and drink industry is the third biggest with 27 companies, including alcoholic drinks distributor Kingsland Drinks (No 97), fresh salad producer Natures Way Foods (No 181), and Côte Restaurants (No 239).

Sector breakdown

Number of companies in each sector

Construction 39

Wholesale 33

Manufacturing 39

Retail 64

Services 83

Note: where companies operate in more than one sector, a second sector is chosen. In total, 8 companies operate in two sectors. Each sector is given an equal weighting in the above analysis.

Industry breakdown

Automotive 25

Food and drink 27

Building-related 53

Consumer goods 36

Business services 25

Other 14Oil & gas 4

Leisure 25

Healthcare 11

Engineering 9Finance 6Media 5

Computers & electronics 10

0

50

100

150

200

250



Regional breakdown

London is home to the highest number of Top Track 250 companies, with 68 businesses, up from 62 last year. The North is home to 53 companies, down from 55 last year.

– The southeast stayed about the same at 46 companies (2016: 47). These include sports car maker McLaren Automotive (No 1), Southampton Football Club (No 134), ejection seat manufacturer Martin-Baker (No 89) and caravan park operator Park Holidays (No 213)

– The Midlands decreased from 33 to 25 companies. These include IT recruitment consultancy LA International (No 98), fuel forecourt operator HKS Retail (No 103) and tour operator Riviera Travel (No 208)

– Scotland decreased from 29 to 22 companies. These include food producer Baxters (No 65), rental vehicle provider T.O.M. Vehicle Rental (No 94) and adapted vehicle distributor Allied Vehicles (No 216)

Of the remaining regions, the southwest (11) had five fewer companies, and the others had more companies than in the previous year. The East (15) had 12 more; Northern Ireland (7) had 3 more and Wales (3) had 2 more.

Regional breakdown of HQ in UK

Northern Ireland

Southwest

Wales

Scotland22

London68

Midlands25

Southeast46

21

32

7

11

153

Northeast

East

Northwest



International activity

More than half the companies (128) on this year's league table have international operations.

Top-performing private companies are continuing to expand beyond the UK. This is demonstrated by the 29% increase in international sales, reported in their latest year*.

The company with the biggest increase was mobile phone recycler and distributor GreenTech Distribution (No 152), which recycles mobile phones and provides services such as repairing, reselling and wiping data. International sales rose ten-fold to £106.7m in 2017, reflecting a group restructuring that incorporated its export business Melon Telecom.

The company reporting the largest overseas sales is conglomerate CP Holdings (No 24). The Watford-based group is best known for its ownership of Hungarian hotel chain Danubius. It also has UK and international interests in heavy plant machinery, logistics, serviced offices and brownfield regeneration. International sales, which account for 93% of its total turnover, increased 12% to £489.9m in 2016.

The company with the most overseas subsidiaries was commodities and logistics manager ED & F Man (No 30) with 191 based on foreign soil (68 in central & south America, 37 in western Europe, 22 in southeast Asia, 18 in Africa, 17 in North America, 15 in eastern & central Europe, 9 in East Asia, 4 in the Middle East, and 1 in Australasia).

Foreign subsidiaries are most commonly located in Western Europe, with 70 companies having at least one subsidiary in countries that include Germany (33), Republic of Ireland (28), France (28), Spain (26), the Netherlands (25), Italy (17), Sweden (11) and Belgium (11).

52 companies have at least one subsidiary in an emerging market, including risk management consultancy Control Risks (No 128), with subsidiaries in Brazil, China, Colombia, India, Mexico, Pakistan and South Africa.

Location of foreign subsidiariesNumber of companies with at least one known subsidiary in the region

Western Europe

North America

East Asia

Australasia

South East Asia

Eastern Europe

C & S America

Africa

Middle East

70

63

40

31

28

28

18

18

16


Year end

Exports £m

Export growth†

152 GreenTech Distribution Mobile phone recycler & distributor Feb 17 106.7 935%

176 CCS Media IT & services reseller Dec 16 10.9 325%

99 FP McCann Civil engineering contractor Dec 16 3.8 297%

100 Ambassador Theatre Group Theatre operator Mar 16 59.2 285%

39 telent Infrastructure services provider Mar 17 10.4 206%

190 Footasylum Footwear & fashion retailer Feb 17 4.3 186%

212 Wilson James Security & facilities manager Jul 17 8.7 168%

216 Allied Vehicles Adapted vehicle distributor Apr 17 5.9 145%

82 Whitworth Bros Flour miller Mar 17 16.0 135%

37 Buckingham Group Contracting Civil engineering contractor Dec 16 11.0 131%

* where available from publicly filed accounts or provided by the companies.

10 companies with the fastest growing international sales

† Growth measured over one year for companies where data is available.

Table excludes companies with prior year international sales <£1m.



Mergers and acquisitions

Despite economic and political uncertainty following this year’s hung parliament and on-going Brexit negotiations, companies on the league table continue to be active in the M&A market. Many of these transactions are bolt-on deals of small businesses that provide quick growth in new markets. Others include the divestment of businesses to streamline operations.

The table below shows a selection of the most recent mergers and acquisitions.

Busy Bees (No 86) acquired Canadian nursery group BrightPath – pushing up its portfolio to 482 nurseries in the UK, Canada, Singapore and Malaysia

Date of transaction Rank Company

ActivitySales

£mOperating profit £m Notes

Sep 17 26 The Hut GroupOnline retailer 501.4 30.4 Acquired skincare brand ESPA for a reported £100m; in August also

bought beauty retailer RY and beauty-box firm Glossybox

Aug 17 94 T.O.M. Vehicle RentalCommercial vehicle hire

*235.5 *16.1 Acquired Transflex for an undisclosed sum, adding 3,500 vehicles to its fleet

Jul 17 1 McLaren AutomotiveSports car maker 649.8 65.8 Brought together with McLaren Technology Group under the McLaren

Group to raise a £564m bond offering

Jul 17 49 Day LewisPharmaceuticals retailer

*362.7 *21.1 Acquired 18 pharmacies, expanding its chain to more than 300 branches

Jul 17 86 Busy BeesNurseries operator 249.0 11.9 Acquired Treetops Nurseries for £137m and Canadian group Brightpath

for an undisclosed sum

Jul 17 179 Tangerine ConfectioneryConfectionery manufacturer 151.9 13.2 Sold popcorn brand Butterkist to KP Foods for an undisclosed sum

Jun 17 117 Callcredit Information GroupConsumer data analyst

*201.0 *41.8 Acquired Spanish fraud prevention specialist Confirma Group for an undisclosed sum

May 17 169 Spark EnergyEnergy supplier

*158.0 *7.0 Acquired Sussex-based Home Telecom for an undisclosed sum

May 17 178 ClaranetIT services provider 152.5 13.4 Acquired European IT firms ITEN, Oxalide and Sec-1 for an undisclosed sum

Apr 17 108 ElementTesting & certification services provider 212.8 47.2 Acquired rival firm Exova in April for £620m

Apr 17 63 LGCLife science tools provider

*302.7 *53.2 Made 19 acquisitions since 2011, including German firm Axolabs for an undisclosed sum

Mar 17 13 LCC GroupEnergy distributor 584.7 21.0 Acquired the Cloghan Point oil terminal and plans to invest £15m

upgrading the facility

Feb 17 43 Exterion MediaOutdoor advertiser 381.3 14.7 Acquired Netherlands rival Centercom for an undisclosed sum

Feb 17 145 GRS Roadstone GroupAggregate distributor & waste removal 173.6 6.5 Acquired Cornish company Maen Karne, and two aggregate bagging

plants in Staffordshire and Devon

Jan 17 30 ED & F ManCommodities & logistics manager 481.1 126.9 Acquired Kent-based pulses trader Maviga for an undisclosed sum

Jan 17 148 John Cotton GroupBedding & bed-fillings manufacturer 171.9 15.0 In Acquired Australian pillow and duvet manufacturer Tontine for an

undisclosed sum.

Jan 17 150 Hadleigh Timber GroupWood panel distributor 169.4 11.4 Acquired hardwood processor and supplier Timbmet for an undisclosed sum




Private equity

There was a high volume of private equity activity in the last year. This form of ownership exerts a strong influence on the league table with 34% of companies owned or backed in this way.

The table below shows a selection of private equity transactions completed during the period.

Parkdean Resorts (No 36) was acquired by Canadian firm Onex Corporation for £1.35bn in March

Transaction date Rank Company

ActivitySales

£mOperating profit £m Deal detail

Aug 17 115 Matchesfashion.comLuxury fashion retailer 203.7 15.9 Apax Partners acquired a majority stake, valuing the group at £800m

Aug 17 26 The Hut GroupOnline retailer 501.4 30.4 Asset management firm Old Mutual acquired a 5% stake, valuing the

group at £2.5bn

Aug 17 134 Southampton Football ClubFootball club

*182.7 *34.8 Chinese investor Gao Jisheng acquired an 80% stake, valuing the company at £250m

Aug 17 17 Miller HomesHousebuilder 565.3 99.0 Bridgepoint acquired GSO Capital Partners' majority shareholding in

a £655m deal

Aug 17 7 Holland & BarrettHealth food & supplements retailer 612.0 150.0 Russian magnate Mikhail Fridman's L1 Retail acquired the group for £1.8bn

Jul 17 198 Clarion EventsEvents organiser 139.1 24.4 Blackstone acquired the group from Providence Equity Partners in a

£600m deal

Jul 17 78 CivicaSoftware & IT services 267.7 12.4 Partners Group acquired Civica from Omers Private Equity in a £1.1bn

deal

Jun 17 234 Nextpharma TechnologiesPharma/biotech manufacturer 122.7 21.4 CapVest Partners acquired the group from Sun European Partners for

an undisclosed sum

Jun 17 189 WillerbyMobile home maker 147.1 9.9 Equistone Partners acquired a majority stake for an undisclosed sum

Apr 17 92 Addo Food GroupFood producer 236.4 10.4 LDC acquired the group in a deal reported to be worth £100m

Mar 17 36 Parkdean ResortsHoliday parks operator 431.5 82.1 Canadian private equity firm Onex Corporation acquired the group for

£1.35bn

Mar 17 25 Karro Food GroupPork processor

†514.8 †22.8 CapVest acquired a majority shareholding for £180m

Mar 17 69 MKM Building SuppliesBuilders' merchant 284.3 20.8 Bain Capital acquired the group from LDC and 3i for an undisclosed sum

Jan 17 42 ZenithVehicle lessor 383.0 30.2 Bridgepoint Capital acquired the firm from HgCapital for £750m

† annualised



Companies exiting from last year’s league table

Of the companies on last year’s Top Track 250, 120 do not appear this year.

The main reason for company exits was failing the growth or the 2% minimum operating profit margin criteria in the latest year (see the rules of engagement on page 33 for more details). In total, 15 companies fall off the league table as they had margins of less than 2%. A further 7 failed to qualify due to an operating loss in the most recent financial period.

Three businesses grew sales to a level at which they would be considered for our Top Track 100 league table of Britain's biggest private companies, including restaurant operator Nando’s, which grew annualised sales 35% to £793.4m in 2016; and recruitment consultancy Pertemps Network Group, which increased sales 21% to £743m in 2016.

Thirteen companies on last year’s table have been acquired, including:

• travel search engine Skyscanner, which was bought in November last year by China’s Ctrip in a £1.4bn deal

• aerospace components manufacturer Gardner Aerospace, which was acquired in June by China’s SLMR for £326m

• contract research provider Chiltern International Group, which was sold to US healthcare diagnostics company Labcorp in August for £930m

Only one of last year's companies listed on a stock exchange. Housebuilder Nexus floated on AIM in July with a £70m market capitalisation.

Reason for exit Number of companies

Failed growth criteria 80

Failed margin criteria 15

Acquired 13

Made a loss 7

Sales increase to Top Track 100 level 3

Sales less than 250th company 1

Listed 1

Total 120

Reason for exit

Chief executive and co-founder of Skyscanner, Gareth Williams, led its £1.4bn sale to China's Ctrip in November last year



Thirteen years of Top Track 250

Top Track 250 was launched thirteen years ago to recognise the success of Britain’s top-performing mid-market private companies. Since its launch, 900 companies have appeared on the league table.

The vital statistics of the league table companies have changed significantly over the last twelve years. The combined sales figure for all 250 companies is up 25% to £62.4bn, and total profits have risen 134% to £5.4bn.

Stock market flotations

Fifty companies have floated on the stock market:

• Pets at Home first featured in 2005 with sales of £220m, and floated in March 2014; it now has a market capitalisation of £1.1bn

• Virgin Money first featured in 2005 with sales of £241m. The retail bank floated in November 2014; it now has market capitalisation £1.2bn

• Ocado first featured in 2006 with sales of £143m. The online grocery retailer floated in July 2010 valued at £937.8m, and is valued at £1.8bn

• B&M Retail first featured in 2009 with sales of £256m. The discount retailer listed in June 2014 valued at £2.7bn, and is valued at £3.8bn

• Card Factory first featured in 2009 with sales of £157m. The greeting card retailer floated in May 2014 with a market capitalisation of £716m, and is valued at £1.2bn

• Markit first featured in 2010 with sales of £305m. The financial information services provider floated on Nasdaq in June 2014 with a £2.6bn ($4.5bn) market capitalisation. Last year, the company merged with IHS in a £9bn ($13bn) deal

• Gamma first featured in 2010 with sales of £141.3m. The telecoms network operator floated in October 2014 with a market capitalisation of £165m, and is valued at £550m

• Sophos first featured in 2011 with sales of £197m. The security software developer floated in July 2015 with a market capitalisation of £1bn, and is valued at £2.6bn

Acquisitions and mergers

Past stars include aerospace manufacturer Firth Rixon, which was bought by American mining giant Alcoa for £1.7bn in 2014; food producer Quorn, which was acquired by Philippino firm Monde Nissin in a £550m deal in 2015; dental care provider Oasis Dental Care, which was acquired by bupa last November for £835m; and window coverings retailer Hillarys, which was sold to Dutch group Hunter Douglas in £300m deal in May this year.

How Top Track 250 has changed

Dyson featured in the first Top Track 250 with sales of just £277.3m, and is now on Top Track 100 with sales of £2.5bn

2005

Total sales

£49.9bn £62.4bn

401,000

£336.8m £649.8m

Total employees

Top company

Sales

2017

Total profits

£2.3bn £5.4bn

384,200



Sustained growth stars

Helston Garages (No 11) is the only company to have featured in all thirteen years of Top Track 250. The Cornwall-based car dealer was founded in 1960 as a filling station and workshop, and has expanded to 37 dealerships selling everything from Volkswagens to Ferraris. Budget hotel operator Travelodge (No 8) features for the twelfth time; 4 companies have featured 11 times – all are car dealers; and 4 companies, including health club operator Virgin Active (No 22), have featured 10 times.

The first Top Track 250

Companies that featured on the first Top Track 250 league table in 2005 include:

• Dyson, which was first showcased with sales of £277.3m, but this year featured at No 15 on Top Track 100 with sales of £2.5bn, and profits of £631m

• Cinema operator Odeon & UCI Cinemas Group, which was acquired by US chain AMC Group for £921m in 2016

• Car dealer Motorpoint, which featured on 11 consecutive occasions before last year’s IPO, valuing the group at £200m

• Value retailer B&M Retail featured on three occasions between 2009 and 2011 with initial sales of £255.9m, before its IPO in June 2014 with a market capitalisation of £2.7bn and is now worth £3.8bn

Company Activity

Latest sales

£m

No. of times

ranked

Helston Garages Car dealer 586.0 13

Travelodge Budget hotel operator 597.8 12

Car GiantCar dealer 552.3 11

Dick Lovett CompaniesCar dealer 475.5 11

HarwoodsCar dealer 612.6 11

IM GroupCar distributor 626.9 11

BGL GroupInsurance/price comparison provider

*585.2 10

Randall Parker Food GroupMeat distributor

*303.0 10

Tennants ConsolidatedChemicals conglomerate 387.3 10

Virgin ActiveHealth club operator 535.0 10

Companies with the most appearances


Top Track 250 alumni



Aston Martin (No 9) plans to open new offices in Japan, driving exports to the country to £400m over the next five years

KEY THEMES & SELECTED COMPANY PROFILES

On the following pages we profile examples of companies that demonstrate some of the key themes from this year’s league table.

International markets

Following its decision to leave the EU, Britain is going through a period of uncertainty regarding its international trading relationships. Despite this, Top Track 250 companies are continuing to look beyond the UK for growth. Those already operating overseas saw their international sales increase by an average of 29% year-on-year. Some, such as consumer products wholesaler Sun Mark (No 163), have benefited from increased emerging markets demand for their products, particularly in Africa. and the Middle East.

9 Aston MartinSports car maker

Plans to open new offices in Japan, driving exports to the country to £400m over the next five years

FYE Dec 16Latest sales £593.5mPrior sales £510.2mProfit £16.4mStaff 1,609Location Warwickshire

Aston Martin launched the much-anticipated DB11 and limited editions of its Vantage and Vanquish luxury sports car models last year to critical acclaim. To fuel further product expansion, the Warwickshire business started work this year on a second manufacturing site in South Wales, which is expected to create 750 jobs. The group successfully completed the issuance of a £550m bond in April, refinancing its existing debt. Chief executive Andy Palmer, 54, has announced plans to open new offices in Japan, driving exports to the country to £400m over the next five years.

55 Kurt GeigerShoe retailer

Has more than 80 stores around the world, and offices in France, Germany and Australia

FYE Dec 16Latest sales £330.0m*

Prior sales £292.3mProfit £33.9m*‡

Staff 2,291Location Central London

Ed Sheeran, Kendall Jenner and Angelina Jolie are all fans of this London-headquartered footwear and accessories retailer. Established in 1963 on Bond Street, the group now has more than 80 stores around the world and 240 concessions in department stores. Kurt Geiger’s portfolio of brands include Kurt Geiger London, Carvela and Miss KG. Last year, chief executive Neil Clifford, 50, led a £245m buyout, backed by private equity firm Cinven. Profits of £33.9m in 2016 are presented before depreciation and amortisation.

125 Travel Counsellors Travel services provider

Has exported its model to countries such as Ireland, Australia, South Africa and the UAE

FYE Oct 16Latest sales £188.3mPrior sales £162.7mProfit £12.1mStaff 284Location Manchester

This Manchester business has more than 1,600 self-employed “travel counsellors” offering tailor-made holidays and business trips. Bookings via overseas franchisees have grown as the firm has exported its model to countries such as Ireland, Australia, South Africa and the UAE. In 2014, chief executive Steve Byrne, 52, led a buyout backed by private equity firm Equistone for an undisclosed sum.

* supplied by the company ‡ Profit = EBITDA



Innovation

Many companies on the league table operate in fast-moving industries where innovation gives them an edge over their competitors. Some, such as internet retailer The Hut Group (No 26), have invested in hi-tech production facililties, while others, such as luxury sports car maker McLaren Automotive (No 1), have developed proprietary technology which can be marketed on an international stage.

177 trainlineTrain ticket retailer

Its digital innovations include 'Busybot', which crowdsources mobile data to show the busiest train carriages

FYE Feb 16Latest sales £152.8m*Prior sales £134.0mProfit £17.7m*Staff 450Location Central London

Rail passengers used this company’s website and mobile app to book £1.9bn worth of tickets last year. The group records more than a billion cloud interactions a year, and is developing products, using AI and machine learning, to make passengers' lives a bit easier. For example, its recently-launched BusyBot crowdsources passengers' messages to pinpoint empty seats. It was acquired by private-equity firm KKR in 2015 for £450m and in March last year, chief executive Clare Gilmartin, 42, led the acquisition of French counterpart, Captain Train, for an undisclosed sum.

180 AESSEALSeal manufacturer

Says it develops patented technology for almost all wet and dry gas seal applications

FYE Dec 16Latest sales £151.7mPrior sales £142.9mProfit £20.7mStaff 1,656Location Rotherham

This Rotherham-headquartered firm is led by founder and managing director Chris Rea, 63, who says the group is developing enhanced, patented technology for almost all wet and dry gas seal applications. The group operates in 230 locations worldwide, supplying customers in 104 countries. Despite a weak gas exploration market, the group grew its sales by 6%, and increased profits 14% to £20.7m in 2016.

245 TechnetixTelecoms equipment maker

Designs patented broadband technology, and delivers more than 135m products a year from nine international warehouses

FYE Dec 16Latest sales £118.5mPrior sales £88.2mProfit £4.8mStaff 195Location West Sussex

Technetix designs and builds broadband technology for its customers, delivering 135m products a year from nine global warehouses. The 2015 acquisition of the supplies division of US technology firm ARRIS, and strong organic growth saw latest sales jump 34% to £118.5m, and profits more than doubled to £4.8m. To build on this growth, founder and chief executive Paul Broadhurst, 57, raised £7.5m in funding last year from the investment arm of television and broadband company Liberty Global.

* supplied by company

Led by CEO Claire Gilmartin, Trainline (No 177) is developing new products using AI and machine learning




Female leadership

The issue of gender diversity has been rising up the business agenda in recent years. More than half of this year's Top Track 250 companies (52%) have one or more female director. However, as a proportion of all board members, women only make up 14% of the total, with 208 female statutory directors.

† Annualised sales

132 The White CompanyHome accessories retailer

Founded by Chrissie Rucker and run by chief executive Mary Homer

FYE Mar 16Latest sales £184.3mPrior sales £163.6mProfit £17.3mStaff 1,437Location Central London

Selling predominantly white bed and bathroom linen, fashion and accessories, The White Company was founded in 1994 by Chrissie Rucker, 48, after she struggled to find high-quality, affordable linen and tableware. The retailer opened its first US store in New York in June. Mary Homer, 59, was appointed chief executive of the London business earlier this year after 11 years as managing director of Topshop.

186 PrincipleBrand implementation agency

Chief executive Victoria Woodings rose from a junior role to board-level director in 6 years

FYE Dec 16Latest sales £149.5mPrior sales £99.2mProfit £15.1mStaff 454Location Huddersfield

Companies such as BMW, AT&T and HSBC turn to this international agency to ensure their branding is consistent across the globe – for everything from digital media, signs and graphics to furniture and fittings. Celebrating 30 years in business this year, Principle recently appointed Victoria Woodings, 33, as group chief executive in July. Headquartered in Huddersfield, the agency opened offices in Mexico in 2015, and China and India in 2016, helping profits triple to £15.1m on turnover of £149.5m.

190 Footasylum Footwear & fashion retailer

Led by chief executive Clare Nesbitt, the youngest chief executive on the league table at 29

FYE Feb 17Latest sales £147.0m*

Prior sales £110.4mProfit £8.4m*

Staff 1,075Location Rochdale

Footasylum trades online and from 59 high-street stores across the UK, selling sports and fashion footwear and branded leisurewear. Established in 2005 by JD Sports co-founders John Wardle, 72, and David Makin, 53, new store openings at the Rochdale business helped lift sales by 33% to £147m this year. The group is led Makin's daughter Clare Nesbitt, 29, who is chief executive. The Makin and Wardle families are reported to have put a significant minority stake up for sale, valuing the business at more than £100m.

Chrissie Rucker founded The White Company (No 132) in 1994, working out of a spare room



CEO Ulric Jerome (left), with co-founders Ruth and Tom Chapman of Matchesfashion.com (No 115), says the group's digital employees are aware of new trends

Future of work

The nature of work is changing with advances in AI, Internet of Things and Big Data all set to power a new wave of digital transformation. Companies are hiring and training people with different skills to remain agile and to drive future performance. For example, environmental consultancy SLR (Ones to Watch, see Page 32) is moving away from the manual collection of data by taking on people skilled in using drones. Other examples are below.

26 The Hut GroupOnline retailer

Hires STEM graduates direct from university, and trains them at its in-house academy

FYE Dec 16Latest sales £501.4mPrior sales £333.5mProfit £30.4mStaff 1,833Location Cheshire

This Cheshire-based online retailer sells premium goods in the health and beauty sector, via more than 140 group websites backed by its proprietary technology. It was highly acquisitive last year and sales rose by 50% to £501.4m as a result. This year co-founder and chief executive Matthew Moulding, 45, has bought internet services and web hosting business UK2, beauty subscription firm Glossybox, online beauty retailer RY and spa and skincare brand Espa. In August, asset management firm Old Mutual Global Investors acquired a 5% stake, valuing the group at £2.5bn.

43 Exterion MediaOutdoor advertiser

Has appointed a CTO and chief data officer as well as transitioning its talent pool to focus on digital media

FYE Dec 16Latest sales £381.3mPrior sales £354.1mProfit £14.7mStaff 890Location Central London

Exterion is an out-of-home media company that reaches more than 185m people across the UK, Ireland, France, Spain and the Netherlands. The group specialises in transport audiences, and last year was selected to partner with Transport for London for its £2bn advertising contract. Led by chief executive Shaun Gregory, 47, the London firm acquired Netherlands rival Centercom last February, helping grow sales to £381.3m in 2016. Majority shareholder Platinum Equity is reported to have put the company up for sale, with a rumoured £1bn price tag.

115 Matchesfashion.com Luxury fashion retailer

Integrates its digital and e-commerce employees alongside its fashion buyers and marketeers

FYE Jan 17Latest sales £203.7mPrior sales £126.9mProfit £15.9mStaff 527Location Central London

Husband and wife Tom, 54, and Ruth Chapman, 55, started this business as a single boutique in Wimbledon in 1987. It now sells more than 400 brands of luxury men’s and women’s fashion online and in five London stores and a private shopping townhouse. Led by chief executive Ulric Jerome, 39, turnover grew 61% to £203.7m; helped by international expansion across America, Asia and Europe and the success of its website, which receives 3m unique visitors every month. In August, private equity firm Apax Partners acquired a majority stake valuing the group at £800m.



Culture

Many British companies recognise that success in the work place is not just measured in financial terms, but also by their impact on the communities in which they are based, and their ethics. For example, Yeo Valley (No 75) invites local maths teachers into its plant in the Mendip hills to pick up practical lessons that they take back to the classroom; and St Austell Brewery (No 175), which works closely with the local enterprise partnership and further education colleges to ensure young people in the area have the skills they need to apply for roles.

38 LushCosmetics manufacturer & retailer

Lobbies on environmental and animal rights issues, and has a powerful social media voice outside its retail environment

FYE Jun 16Latest sales £394.9mPrior sales £326.5mProfit £16.5mStaff 7,498Location Poole

Lush is a common sight – and smell – on Britain’s high streets, thanks to the handmade bath and beauty products sold in its shops. The Poole business has 932 outlets in 49 countries, and has been growing fast, with last year's group sales increasing 21% to £394.9m. With a fifth of its employees not holding British citizenship, the company has offered new roles at a German factory for those wishing to leave the UK following the EU referendum. Mark Constantine, 65, is co-founder and managing director.

171 Richer SoundsAudio-visual retailer

Founder Julian Richer has bequeathed the company to its employees to secure its long-term future

FYE Apr 16Latest sales £154.8mPrior sales £149.1mProfit £6.5mStaff 508Location Central London

This hi-fi retailer has held the Guinness World Record for most sales per square foot of any retail outlet since 1994. The record-breaking London Bridge store was opened by Julian Richer, 58, when he was just 19. The London-based company has since expanded to 53 stores, which also sell home cinema and television equipment. It is run by founder and managing director Julian Richer, 58.

227 Ecotricity Green energy supplier

Owns vegan football club Forest Green Rovers, and has an eco-project turning agricultural land into woodland

FYE Aug 16Latest sales £126.5mPrior sales £109.8mProfit £6.7mStaff 627Location Gloucestershire

Ecotricity supplies electricity and gas to more than 200,000 UK customers, with most of its energy generated from renewable sources – some 40% is derived from wind turbines and solar 'sun parks' owned by the company. Managing director Dale Vince, 56, founded the firm in 1995, and is rolling out electric car charging points across the motorway network, at which its customers can recharge their cars for free. He also owns newly-promoted vegan football club Forest Green Rovers; and in May he announced plans to install the company's first energy storage project close to its head office in Stroud.

Dale Vince, founder of Ecotricity (No 227), has introduced an eco-project acquiring agricultural land and transforming it back into woodland



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 positioned themselves to benefit from fast growing markets include sports car maker Aston Martin (No 9), Sky Betting and Gaming (No 48) and Soho House (No 66).

* Pro-forma, draft, or not yet filed at Companies House † Annualised sales

75 Yeo ValleyYoghurt & dairy maker

Supplies almost 30% of yogurts sold in the UK

FYE May 16Latest sales £273.2mPrior sales £284.2mProfit £11.9mStaff 1,709Location Somerset

Yeo Valley was founded in the 1970s, when Roger and Mary Mead began selling clotted cream from their Somerset farm. Today it supplies almost 30% of yogurts sold in the UK – under its Yeo Valley brand and for supermarket brands including Waitrose, Asda and Co-op. The business is run by managing director Karl Tucker, 49, and executive chairman Adrian Carne, 51. Operational efficiencies and a full-year’s trading from Coombe Farm Fruits, acquired in 2015, helped profits grow 66% to £11.9m.

83 allsaintsFashion retailer

Operates 230 stores in 20 countries including South Korea and the US

FYE Jan 16Latest sales £252.5mPrior sales £231.3mProfit £16.6mStaff 2,714Location East London

Known for its leather jackets, this fashion retailer was bought by private equity firm Lion Capital in 2011 for £105m. Chief executive William Kim, 45, has since invested in the brand’s online presence, with its website now receiving 30m visits each year. AllSaints operates 230 stores in 20 countries, with more than half its revenue now generated from its international operations.

218 Cath Kidston Lifestyle retailer

Ever popular with its Asian customers, 133 of its 219 shops are based in this part of the world

FYE Mar 17Latest sales £129.2mPrior sales £119.7mProfit £6.8mStaff 847Location West London

Cath Kidston’s range of homeware, bags and clothing in distinctive signature prints are favourites with Asian customers; and 133 of the retailer’s 219 shops are in Asia. Last year, chief executive Kenny Wilson, 51, led a buyout backed by Baring Private Equity valuing the group at £250m. The lifestyle retailer plans to open an additional 10 Japanese stores in the next year, as well as to improve its e-commerce operation, with 35% of customers now choosing to buy online.

Big in Japan - lifestyle retailer Cath Kidston (No 215) plans to open 10 stores there in the next year



2017 TOP TRACK 250 LEAGUE TABLE

1 [19]

McLaren Automotive Sports & supercar maker Woking, Surrey Dec 16 649.8 44% 65.8 179% 1,606 Bahrain Mumtalakat Holding Company (57%),

TAG Group (12%), other investors (31%)

2 [7]

IM Group Car distributor

Coleshill, nr. Birmingham Dec 16 626.9 10% 96.0 -17% 460 Lord Edmiston (100%)

3 City Facilities Management Facilities maintenance provider Glasgow Dec 16 617.7 33% 15.4 115% 11,844 Lord William, Lady Susan & Kenny

Haughey (99%), others (1%)

4 Telereal Trillium Property investor & developer Central London Mar 17 *616.2 -6% *189.2 67% 270 Pears family & management (100%)

5 Murphy Civil engineering contractor Central London Dec 16 *613.9 -2% *15.4 512% 3,206 Murphy family (100%)

6 [11]

Harwoods Car dealer West Sussex Dec 16 612.6 11% 12.7 -16% 864 Guy Harwood & family (100%)

7 Holland & Barrett Health food & supplements retailer Warwickshire Sep 16 612.0 7% 150.0 13% 6,726 LetterOne (>50%),

management (<50%)

8 [10]

Travelodge Budget hotel operator Oxfordshire Dec 16 597.8 7% 61.0 -3% 10,350 Institutional investors (>50%),

management (<50%)

9 Aston Martin Sports car maker Warwickshire Dec 16 593.5 16% 16.4 n.a% 1,609 Institutional investors (>50%),

management (<50%)

10 [15]

CALA Group Housebuilder Edinburgh Jun 16 587.1 15% 83.7 15% 810 Legal & General & Patron Haut LP


11 [14]

Helston Garages Car dealer Cornwall Dec 16 586.0 13% 15.4 -11% 1,033 David & Betty Carr (90%),

Andy Barrett (10%)

12 BGL Group Insurance/price comparison provider Peterborough Jun 17 *585.2 1% *129.5 24% 2,667 Family trusts (90.5%),

management (9.5%)

13 LCC Group Energy distributor Co Tyrone Sep 16 584.7 8% 21.0 44% 233 Loughran family (100%)

14 [21]

Robertson Construction services provider Stirling Mar 17 *579.0 32% *25.1 30% 1,943 Robertson family (100%)

15 Betfred Bookmaker Warrington Sep 16 578.7 10% 40.0 458% 6,124 Fred & Peter Done & family (100%)

16 GRAHAM Construction contractor Co Down Mar 17 565.9 11% 15.9 -6% 1,844 Michael Graham (29%), Colin Graham (27%), Robin

Graham (26%), Alan Bill (9%), Andrew Bill (9%)

17 [13]

Miller Homes Housebuilder Edinburgh Dec 16 565.3 8% 99.0 31% 740 Bridgepoint (55%), Shackleton Capital Partners

(22%), Lloyds Banking Group (9%), others (14%)

18 [17]

Southall Travel Travel agency & tour operator West London Mar 17 *564.3 15% *22.2 4% 43 Kuljinder Bahia (54%), Raybon (28%)

& Geomex Holding (18%)

19 [18]

Car Giant Car dealer West London Dec 15 552.3 19% 50.7 27% 740 Geoffrey Warren (100%)

20 Eastern Western Motor Group Car dealer West Lothian Dec 16 550.0 8% 11.5 6% 1,129 Douglas Brown (100%)

21 Careys Specialist construction Wembley Mar 17 549.2 28% 20.0 10% 1,463 John Carey (40%), Patrick Carey

(30%), Thomas Carey (30%)

22 [1]

Virgin Active Health club operator Central London Dec 16 535.0 9% 53.9 2% 12,555 Brait (80%),

Sir Richard Branson (20%)

23 West Retail Group Kitchens/electronics retailer

North Lincolnshire Dec 16 524.4 18% 11.9 53% 3,302 VIDA Capital Partners (100%)

24 CP Holdings Conglomerate Watford Dec 16 524.2 12% 26.7 9% 7,285 Schreier family trusts (100%)

25 Karro Food Group Pork processor North Yorkshire Dec 16 †514.8 12% †22.8 17% 3,780 CapVest (>50%),

management (<50%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m


* Supplied by the company † Annualised figure




26 [40}

The Hut Group Online retailer Cheshire Dec 16 501.4 50% 30.4 67% 1,833 Founders & management (40%), private

equity consortium & others (60%)

27 NG Bailey Mechanical, electrical contractor West Yorkshire Feb 17 500.3 23% 12.0 100% 2,776 Bailey family (100%)

28 James Hall & Co Grocery wholesaler Preston Mar 16 485.7 -1% 10.3 22% 2,622 Hall family (100%)

29 [26]

Turner & Townsend Construction consultancy Leeds Apr 17 *†482.2 18% *†45.6 18% 4,674 Vincent Clancy (6%), other

members of staff (94%)

30 [44]

ED & F Man Commodities & logistics manager Central London Sep 16 481.1 50% 126.9 73% 6,885 Employees (65%),

Südzucker AG (35%)

31 [28]

Dick Lovett Companies Car dealer Swindon Dec 16 475.5 18% 9.5 -2% 717 Peter Lovett (100%)

32 Winvic Construction Construction contractor Northampton Jan 17 *462.0 11% *28.7 32% 175 David Ward (27%), Simon Girardier

(27%), Simon Hunt (27%), others (19%)

33 [24]

Glyn Hopkin Car dealer Romford Dec 16 455.6 9% 10.0 13% 850 Glyn Hopkin (61%),

other management (39%)

34 [31]

Almac Pharmaceuticals manufacturer Co Armagh Sep 16 447.2 14% 27.1 -7% 3,975 McClay Foundation (100%)

35 [52]

Hyperion Insurance Group Insurance broker & underwriter Central London Sep 16 433.9 45% 65.3 95% 3,587 Management & staff (65%),

General Atlantic (35%)

36 [29]

Parkdean Resorts Holiday parks operator

Newcastle upon Tyne Dec 16 431.5 9% 82.1 21% 5,248 Onex Corp + co investors (80%),

management & others (<20%)

37 Buckingham Group Contracting Civil engineering contractor Stowe, Bucks Dec 16 408.3 3% 13.0 81% 427 Paul Wheeler & family (50%), Kevin Underwood (14%),

Michael Kempley (14%), Timothy Brown (14%), others (8%)

38 [43]

Lush Cosmetics manufacturer & retailer Poole Jun 16 394.9 21% 16.5 33% 7,498 Mark Constantine (38%), Mo Constantine

(24%), Andrew Gerrie (22%), others (16%)

39 [30]

telent Infrastructure services provider Warwick Mar 17 391.5 -1% 24.5 12% 1,805 Tusk Investments (100%)

40 [36]

Tennants Consolidated Chemicals conglomerate Central London Dec 16 387.3 4% 29.8 25% 1,185 Alexander family (78%),

others (22%)

41 Waterstones Book retailer Central London Apr 16 †387.3 2% †18.7 258% 2,922 A&NN Capital Fund Management

(100%)

42 [33]

Zenith Vehicle contract hire & leasing Leeds Mar 16 383.0 16% 30.2 51% 497 Bridgepoint (>50%),

management (<50%)

43 Exterion Media Outdoor advertiser Central London Dec 16 381.3 8% 14.7 -41% 890 Platinum Equity (>50%),

management (<50%)

44 [38]

Robinsons Motor Group Car dealer Norwich Dec 16 *378.2 11% *8.9 19% 670 Robinson family (90%),

management (10%)

45 [62]

Keltbray Group Specialist engineering contractor Surrey Oct 16 369.4 36% 24.2 109% 1,323 Brendan Kerr & family trust (100%)

46 Avant Homes Housebuilder Chesterfield Apr 17 369.0 45% 45.0 107% 588 Alchemy Special Opportunities, Angelo

Gordon & Avenue Capital (100%)

47 [51]

Hill Housebuilder

Waltham Abbey, Essex Dec 16 367.3 21% 36.0 17% 381 Hill family (95.5%), employee trust

& management (4.5%)

48 [74]

Sky Betting and Gaming Bookmaker Leeds Jun 16 *363.6 47% n.a. n.a. 818 CVC Capital Partners (80%),

Sky plc (20%)

49 [50]

Day Lewis Pharmaceuticals retailer Croydon Mar 17 *362.7 18% *21.1 7% 2,388 Patel family (100%)

50 [58]

AvailableCar Car dealer

Castle Donington Dec 16 340.8 21% 7.7 -9% 717 Graham & Alison Bell (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






51 [47]

Study Group Education service provider Central London Dec 16 *340.3 11% *16.6 -27% 3,325 Providence Equity Partners, Bromlee

Superannuation Pty, management

52 David Lloyd Leisure Health club operator Hertfordshire Jan 16 335.5 21% 43.9 1% 4,161 TDR Capital (>50%),

management (<50%)

53 Dorchester Collection Luxury hotel operator Central London Dec 15 335.5 12% 24.3 1748% 3,082 Brunei Investment Agency (100%)

54 [59]

Westover Group Car dealer Bournemouth Dec 16 333.0 19% 7.9 26% 806 Peter Wood & family trust (100%)

55 [55]

Kurt Geiger Shoe retailer Central London Dec 16 *330.0 13% *‡33.9 11% 2,291 Cinven (>50%),

management (<50%)

56 Chelsea Football Club Football club

Southwest London Jun 16 329.1 5% 24.9 340% 785 Roman Abramovich (100%)

57 [63]

Caffè Nero Coffee house operator Central London May 17 *328.9 10% *26.2 3% 5,500 Paladin Partners, Gerry Ford,

employees

58 [66]

Nisbets Catering equipment supplier Bristol Dec 16 328.3 26% 36.1 25% 1,643 Andrew Nisbet (96%),

management (4%)

59 Turners (Soham) Distribution & warehousing Newmarket Dec 16 322.6 26% 27.6 16% 2,979 Paul Day (60%), Winifred Day (40%)

60 [60]

William Jackson Food Group Food producer East Yorkshire Apr 16 315.3 14% 18.3 4% 2,094 Jackson (Oughtred) family (89%),

former employees (11%)

61 The Little Group Book, film & music wholesaler Eastbourne Feb 17 306.1 30% 17.2 120% 1,207 Jonathan Little (30%), Andrew Little (30%),

Yvette Stafford (30%), Alan & Jean Little (10%)

62 [133]

Randall Parker Food Group Meat distributor Northamptonshire Sep 16 *303.3 0% *6.4 15% 830 Ron Randall & family (67%),

W & J Parker (33%)

63 [109]

LGC Life science tools provider

Southwest London Mar 17 *302.7 22% *53.2 9% 2,613 KKR (>50%), management (<50%)

64 [145]

Fairview Housebuilder North London Dec 16 298.1 67% 76.7 60% 218 Employee benefit trust (100%)

65 [93]

Baxters Food producer Moray Firth Apr 16 †293.8 30% †17.6 51% 1,539 Audrey Baxter (38%), Andrew Baxter (25%), Baxter family

trust (18%), Catherine Baxter (18%), James Baxter (1%)

66 Soho House Private members' clubs Central London Jan 17 *293.4 5% *‡31.7 25% 4,046 Yucaipa Companies (60%), Richard

Caring (30%), Nick Jones (10%)

67 [71]

JRL Group Construction contractor Hertfordshire Dec 16 288.5 15% 17.5 213% 706 John Reddington (34%), Peter

Moran (33%), Kevin Keegan (33%)

68 RG Carter Building contractor Norwich Dec 16 286.4 7% 6.7 26% 1,116 Robert Carter & family (100%)

69 [70]

MKM Building Supplies Builders' merchant Hull Sep 16 284.3 13% 20.8 33% 1,023 Management, Bain Capital

70 [63]

Morris Group Housebuilder Cheshire Mar 17 283.7 6% 50.3 20% 249 Management (62%), Quayle Munro

(23%), GSO (15%)

71 [76]

CNG Gas & electricity supplier Harrogate Apr 16 282.4 17% 10.9 22% 114 Jacqui Hall (25.01%), Chris England (25.01%),

other management & employees (49.98%)

72 [65]

Voicevale Dried foods importer

Edgeware, Middlesex Dec 16 280.5 7% 10.9 28% 85 Roby Danon (76%), Toyota Tsusho

Corporation (24%)

73 [81]

Oak Furniture Land Furniture retailer Swindon Sep 16 279.7 17% 15.9 89% 1,175 Jason Bannister (100%)

74 [83]

Wrights Group Bus manufacturer

Ballymena, Co Antrim Dec 15 276.1 16% 13.6 5% 1,745 Jeffrey Wright (100%)

75 [57]

Yeo Valley Yoghurt & dairy maker Somerset May 16 273.2 -4% 11.9 66% 1,709 Mead family (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m


* Supplied by the company † Annualised figure ‡ Profit = EBITDA




76 [113]

Hatfields Car dealer Wakefield Jan 17 270.1 30% 10.9 61% 440 Williams family (100%)

77 [95]

Dreams Bed manufacturer & retailer High Wycombe Dec 16 269.5 19% 32.6 119% 1,734 Sun Capital (94%),

management (6%)

78 [87]

Civica Software & IT services

Southwest London Sep 16 267.7 14% 12.4 3% 2,912 Partners Group (>50%),

management (<50%)

79 [82]

Resource Solutions Group Recruitment consultancy Bristol Jun 16 267.0 12% 12.8 10% 222 Keith Dawe (89%), Sanderson Computer Recruitment

Executive Scheme (10%), Joanna Dawe (1%)

80 HH Global Marketing services provider Leatherhead Mar 17 266.8 32% 11.2 92% 827 Robert MacMillan (60%),

Sanne Trust (25%), others (15%)

81 [154]

Arora Group Hotel operator West London Mar 17 *260.0 48% *115.0 206% 2,000 Surinder Arora (100%)

82 [111]

Whitworth Bros Flour miller Wellingborough Mar 17 258.7 24% 10.6 21% 520 Martin George & family (100%)

83 AllSaints Fashion retailer East London Jan 16 252.5 9% 16.6 82% 2,714 Lion Capital (100%)

84 [72]

FM Conway Infrastructure services provider Sevenoaks, Kent Mar 17 *252.5 2% *24.7 34% 1,360 Michael Conway (95%),

Kim Conway (5%)

85 [107]

The Swift Group Caravan & motorhome manufacturer East Yorkshire Aug 16 252.0 19% 17.5 104% 1,088 Management (59%),

Smith family (33%), others (8%)

86 [100]

Busy Bees Nurseries operator Staffordshire Dec 16 249.0 15% 11.9 -23% 7,585 Ontario teachers Pension Plan


87 [116]

O'Halloran & O'Brien Construction contractor Surrey Mar 17 247.8 21% 21.6 19% 139 O'Brien Family (100%)

88 [92]

Marex Spectron Commodities & futures broker Central London Dec 16 244.6 7% 19.5 31% 500 JRJ Group (>50%),

management (<50%)

89 [89]

Martin-Baker Ejection seat manufacturer Nr. Uxbridge Mar 16 241.6 4% 67.4 11% 870 James Martin (18%), John Martin

(16%), Martin family (66%)

90 [80]

The Emerson Group Builder, property developer Cheshire Apr 17 *240.3 -1% *85.0 13% 606 Jones family trusts (100%)

91 [102]

Norbrook Laboratories Pharmaceuticals manufacturer Co Down Jul 16 238.7 11% 38.5 13% 2,224 The Lord Ballyedmond family trust

(100%)

92 Addo Food Group Food producer Nottingham Mar 16 236.4 49% 10.4 74% 2,564 LDC (>50%), management (<50%)

93 [99]

ProCam Europe Crop protection specialist Cambridgeshire Dec 16 235.7 9% 6.7 -13% 544 Tony White (67%), Ian Beswick (18%), Chris

Butt (11%), White discretionary trust (4%)

94 [106]

T.O.M. Vehicle Rental Commercial vehicle hire

North Lanarkshire Mar 17 *235.5 9% *16.1 14% 574 Equistone Partners Europe (>50%),

Rafferty family & management (<50%)

95 [94]

Encon Insulation distributor West Yorkshire Jul 17 *230.0 3% *12.0 11% 600 Stuart Moore (73%),

management (27%)

96 [90]

Wagamama Noodle bar operator Central London Apr 16 229.9 19% 17.7 62% 4,483 Duke Street Capital & Hutton Collins (69%, Duke Street

majority partner), management & other shareholders (31%)

97 [166]

Kingsland Drinks Alcoholic drinks distributor Manchester Jun 16 229.1 41% 4.9 29% 329 Management (100%)

98 [108]

LA International IT recruitment consultancy Stoke-on-Trent Jun 17 *228.2 9% *12.2 14% 106 Paul Luckic (93%),


99 [138]

FP McCann Civil engineering contractor Londonderry Dec 16 227.0 24% 19.6 41% 1,319 McCann family (100%)

100 Ambassador Theatre Group Theatre operator Woking, Surrey Mar 16 226.4 23% 14.1 -33% 3,860 Providence Equity Partners (> 50%),

Exponent (18%), management (< 32%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






101 Maritime Group Container transport & logistics Suffolk Dec 16 226.1 14% 10.7 5% 2,036 John Williams (100%)

102 Lagan Construction Group Builder & civil engineer Belfast Mar 16 225.6 12% 6.8 119% 527 The Lagan family (100%)

103 HKS Retail Fuel forecourt operator Leicester May 17 *225.0 43% *6.5 71% 653 Thakrar family (100%)

104 Fat Face Clothing retailer Hampshire May 16 220.7 7% 23.7 15% 2,814 Bridgepoint (65%), founders &

management (35%)

105 Lucy Group Electrical control technology Oxford Dec 15 217.1 35% 15.7 -22% 1,322 Dick Family (100%)

106 LWC Drinks distributor Manchester Sep 16 215.3 16% 10.3 18% 669 Robin Gray (88%),

Ebrahim Mukadam (12%)

107 [163]

Together Specialist lender Cheshire Jun 16 215.2 27% 104.1 27% 424 Henry Moser (100%)

108 [144]

Element Testing & certification services provider Central London Dec 16 212.8 18% 47.2 57% 1,832 Bridgepoint (>50%),

management (<50%)

109 [135]

Charles Tyrwhitt Clothing retailer Central London Jul 17 *211.5 12% *‡12.3 -19% 1,048 Nick Wheeler & family (95%),

Peter Higgins (5%)

110 [134]

DCS Group (UK) Toiletry products distributor Banbury Dec 16 *211.0 14% *5.0 -2% 298 Denys Shortt (85%), Lydia Shortt (5%),

Charles Shortt (5%), Deborah Shortt (5%)

111 [104]

Imagination Creative agency Central London Aug 16 210.4 -2% 7.1 14% 675 Gary Withers, founder & chairman,

other management & employees (100%)

112 [148]

QA Training & education provider Central London Jun 17 *†210.1 18% *†37.9 32% 1,778 CVC Capital (85%),

management (15%)

113 [125]

TGI Friday's Restaurant operator Luton Jan 17 †207.0 9% †20.6 1% 5,239 Electra Private Equity (78%),

Sentinel (5%), management (17%)

114 Seddon Solutions Housebuilding & construction Bolton Dec 16 204.8 20% 5.2 93% 720 Jonathan Seddon (34%), Nicola

Hodkinson (33%), James Seddon (33%)

115 Matchesfashion.com Luxury fashion retailer Central London Jan 17 203.7 61% 15.9 1526% 527 Apax Partners (>50%),

management (<50%)

116 [124]

Timpson Retail services provider Manchester Oct 16 †201.3 3% †19.0 33% 3,774 John Timpson & family trusts (100%)

117 [156]

Callcredit Information Group Consumer data analyst Leeds Dec 16 *201.0 18% *41.8 52% 1,177 GTCR & co-investors (75%),

management (25%)

118 [184]

Lexon Pharmaceuticals supplier Redditch Apr 16 200.0 34% 13.3 62% 820 Sodha family (77%),

Sonpal family (23%)

119 [140]

Yeomans Car dealer Worthing Dec 16 199.1 9% 4.5 -25% 401 Smith family (100%)

120 [139]

Symphony Furniture supplier Barnsley Dec 16 199.0 9% 19.6 57% 1,569 Douglas Gregory (100%)

121 [218]

Lanes Group Wastewater services provider Leeds Jul 17 197.0 19% 7.7 -5% 2,084 Wayne Earnshaw (47%),

management & other (53%)

122 Rocco Forte Hotels Luxury hotel owner & manager Central London Apr 17 193.8 12% 16.4 1% 2,240 Sir Rocco Forte, family & trusts (75%), CDP

Equity (23%), third-party investors (2%)

123 Sabre Insurance underwriter Surrey Dec 16 191.3 22% 65.6 47% 153 BC European Capital (72%), Angus

Ball (19%), other management (9%)

124 CH&Co Group Catering group Reading Dec 16 191.2 13% 6.4 n.a% 4,688 Management (>60%),

MML Capital (<40%)

125 [162]

Travel Counsellors Travel services provider Manchester Oct 16 188.3 16% 12.1 11% 284 Equistone Partners (>50%), Speakman

family & management (<50%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m


* Supplied by the company † Annualised figure ‡ Profit = EBITDA




126 Converse Pharma Pharmaceuticals distributor Doncaster Mar 16 187.0 13% 4.1 0% 495 Andrew Wilson (40%), Mark Gulliford (40%),

Mawdsleys Group Investments (20%)

127 Michael J Lonsdale Engineering contractor Slough Sep 16 186.9 9% 6.5 232% 154 Michael Hoodless (60%),

Gary Herbert (40%)

128 [132]

Control Risks Risk management consultancy Central London Mar 16 186.5 1% 10.9 20% 2,544 Management, employees &

ex-employees (100%)

129 [158]

Howarth Timber Builders' merchant Leeds Mar 17 186.3 10% 10.1 8% 980 Howard family (100%)

130 [143]

Brett Group Building materials supplier Canterbury Dec 16 184.8 2% 11.0 14% 711 Brett family & trusts (100%)

131 [193]

Mountain Warehouse Outdoor clothing brand Central London Feb 17 *184.8 31% *17.6 39% 1,850 Mark Neale (85%),

management (15%)

132 [136]

The White Company Lifestyle retailer Central London Mar 16 184.3 13% 17.3 51% 1,437 Chrissie Rucker (99%),

Nick Wheeler (1%)

133 [100]

Steven Eagell Car dealer Milton Keynes Dec 16 *183.0 27% *4.0 6% 458 Steven Eagell (85%),

management (15%)

134 Southampton Football Club Football club Southampton Jun 17 *182.7 47% *34.8 172% 388 Gao Jisheng (80%),

Katharina Liebherr (20%)

135 United Living Building contractor Kent Mar 17 180.7 -18% 8.8 90% 506 LDC (68%), management (32%)

136 [152]

The Car People Car dealer Wakefield Apr 16 178.7 6% 6.5 19% 440 Carnell family (76%),


137 [183]

Acorn Stairlifts Stairlift manufacturer West Yorkshire Sep 16 177.2 19% 18.9 11% 1,307 John Jakes (100%)

138 [207]

Peninsula Employment law consultancy Manchester Mar 17 *177.2 32% *24.8 77% 2,148 Fred & Peter Done (100%)

139 Ethigen Pharmaceuticals supplier East Kilbride May 16 176.6 14% 4.0 9% 261 Andrea Kelly (50%), Nigel Kelly (50%)

140 [169]

Country Style Foods Baker Leeds Apr 16 175.8 10% 8.0 10% 1,866 Wood family (100%)

141 John Grose Motor dealer Ipswich Dec 16 175.7 12% 3.6 12% 404 Ian Twinley (31%), John Grose (20%),

Allison Twinley (20%), other family (29%)

142 [170]

GAP Group Plant & tool hire Glasgow Mar 17 175.0 11% 20.0 9% 1,566 Douglas Anderson (37.5%), Iain Anderson (37.5%),

Maureen Smith (20%), other family & management (5%)

143 Big Motoring World Car dealer Addington, Kent Feb 16 174.6 26% 7.2 26% 171 Pete Waddell (80%), Trustees of

Jack Waddell estate (20%)

144 Story Homes Housebuilder Carlisle Mar 17 173.8 44% 26.2 18% 354 Story family (94.5%), others (5.5%)

145 [205]

GRS Roadstone Group Aggregate distributor & waste removal Nuneaton Dec 16 173.6 38% 6.5 -8% 369 Management (75%),

Tarmac Trading (25%)

146 [178]

Audley Travel Tour operator Oxfordshire Dec 16 173.5 14% 20.6 9% 402 3i (>50%), management (<50%)

147 Bridgetown Holdings Civil engineer & plant hire Birmingham May 16 173.2 27% 18.1 32% 90 John Kelly (51%), Martin Kelly (49%)

148 [168]

John Cotton Group Bedding & bed-fillings manufacturer West Yorkshire Mar 16 171.9 7% 15.0 17% 1,158 Cotton family (100%)

149 Berry Bros. & Rudd Wine & spirit merchant Central London Mar 17 *170.5 16% *6.3 170% 352 Rudd & Berry families (100%)

150 [173]

Hadleigh Timber Group Wood panel distributor

Blythe Bridge, Stoke-on-Trent Dec 16 169.4 9% 11.4 35% 345 Hadleigh PVT Ltd (80%),

Chris Rudd (20%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






151 Pitch International Sports marketing agency West London Mar 16 168.8 26% 14.8 3% 51 Paul McGrath (38%), Jonathan Owen

(37%), Hans Duikersloot (25%)

152 GreenTech Distribution Mobile phone recycler & distributor High Wycombe Feb 17 168.4 162% 4.4 58% 28 Richard Crawley (50%),

Lucky Anand (50%)

153 [177]

Wain Group Housebuilder

Carrington, Manchester Jun 16 168.0 10% 40.6 5% 223 Bill & Will Ainscough (100%)

154 Croudace Homes Housebuilder Surrey Dec 16 167.9 20% 19.9 15% 266 Brotherton-Ratcliffe family (100%)

155 RJ McLeod Building contractor Glasgow Nov 16 165.7 42% 17.0 41% 459 Clarke family (48%), management

(14%), others (38%)

156 [181]

James Walker Timber merchant West Lothian Mar 17 *164.6 9% *13.5 10% 640 Walker family (70%), John Campbell

(24%), employees (6%)

157 [187]

Edinburgh Airport Airport operator Edinburgh Dec 16 164.1 13% 61.6 37% 602 Global Infrastructure Partners

(>50%), management (<50%)

158 Click Travel Corporate travel management Birmingham Mar 17 *164.0 36% *3.4 0% 176 Simon McLean (53%),

James McLean (40%), others (7%)

159 Morrisroe Group Groundworks & construction

Borehamwood, Herts Oct 16 162.8 42% 14.2 44% 177 Brian Morrisroe (100%)

160 [211]

Belfield Furnishings Furniture & furnishings manufacturer Derbyshire Dec 16 *161.9 22% *8.4 38% 1,888 NorthEdge (>60%),

management (<40%)

161 Myriad Healthcare Care home operator Colchester Mar 16 161.5 6% 5.8 407% 5,828 Paul Jeffery (60%), Craig Griffin (15%),

Helena Jeffery (15%), others (10%)

162 Brewers Decorating materials retailer Eastbourne Dec 16 161.3 1% 7.9 14% 1,124 Brewer family (100%)

163 Sun Mark Consumer products wholesaler West London Aug 16 161.1 15% 6.3 171% 73 Ranger family (100%)

164 Ridgeons Timber & builders' merchant Cambridge Dec 16 160.3 10% 4.9 1% 841 Ridgeon family (99%), others (1%)

165 [225]

PureGym Gym operator Leeds Dec 16 159.9 28% 15.4 14% 676 CCMP (>50%), management (<50%)

166 Fourfront Group Workplace consultants Surrey Apr 16 158.6 35% 5.3 24% 263 Clive Lucking (22%), Aki Stamatis (19%),

James Cornwell (9%), others (50%)

167 Endava IT services provider Central London Jun 17 *158.5 37% *22.0 10% 3,471 Management & staff (72%),

others (28%)

168 [192]

Colt Ventilation systems provider Hampshire Dec 16 158.2 12% 7.5 9% 994 O'Hea family (78%),

Colt Foundation (22%)

169 [244]

Spark Energy Energy supplier Selkirk Jun 17 *158.0 25% *7.0 21% 400 Limerston Capital (>50%),

management (<50%)

170 Richard Hochfeld Fruit importer & distributor

Borough Green, Kent Jun 16 157.7 31% 3.2 438% 46 Alan Guindi (40%), Jonathan Jones

(40%), Christian Guindi (20%)

171 Richer Sounds Audio-visual retailer Central London Apr 16 154.8 4% 6.5 37% 508 Julian Richer (95%),

Rosie Richer (5%)

172 [209]

Advance Construction Group Construction services provider

Bellshill, North Lanarkshire Mar 16 154.7 16% 7.9 -3% 1,134 Seamus Shields (50%),

Daniella Shields (50%)

173 [197]

Weston Group Housebuilder Essex Jul 16 154.1 11% 17.2 8% 346 Bob Weston (40%), management &

others (60%)

174 Dobbies Garden Centres Garden centre operator

Lasswade, Midlothian Mar 16 153.7 2% 9.9 13% 2,766 Midlothian Capital Partners & Hattington

Capital (>50%), management (<50%)

175 St Austell Brewery Brewery, pub-owner & hotelier Cornwall Dec 16 153.2 14% 14.0 5% 1,381 Hicks family, management &

employees (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






176 [230]

CCS Media IT & services reseller Chesterfield Dec 16 153.0 24% 4.1 58% 380 Robert Tomlinson (80%), Alan

Honarmand (10%), Terry Betts (10%)

177 [245]

Trainline Train ticket retailer Central London Feb 17 *152.8 14% *17.7 45% 450 KKR (>50%), management (<50%)

178 [120]

Claranet IT services provider Central London Jun 16 152.5 14% 13.4 14% 980 Nasser family (>50%),

other shareholders (<50%)

179 Tangerine Confectionery Confectionery manufacturer Pontefract Dec 15 151.9 -1% 13.2 46% 1,499 Blackstone (75%), management (25%)

180 AESSEAL Seal manufacturer Rotherham Dec 16 151.7 6% 20.7 14% 1,656 Christopher Rea (57%), 3i (43%)

181 [201]

Natures Way Foods Fresh salad producer West Sussex Apr 16 †151.7 11% †10.0 66% 1,206 Langmead family (88%),

Susan Barratt (5%), others (7%)

182 [179]

The Works Value retailer

Coleshill, nr. Birmingham May 16 †151.5 7% †9.0 31% 1,259 Endless (>50%), Dean Hoyle (>30%),

management (<20%)

183 [219]

John Guest Tubing & pipe manufacturer West London Dec 16 150.4 11% 31.1 28% 1,276 Guest family (100%)

184 [216]

Tusker Car benefit specialists Watford Dec 16 150.4 21% 3.6 -51% 155 ECI Partners (76%),

management (24%)

185 Erith Group Demolition contractor Erith, Kent Sep 16 150.0 31% 10.0 45% 472 Darsey family & trusts (100%)

186 Principle Brand implementation agency Huddersfield Dec 16 149.5 51% 15.1 174% 454 Management, incl Richard

Butterfield (100%)

187 Medequip Assistive Technology Homecare medical equipment supplier Middlesex Dec 16 149.3 16% 5.2 -18% 631 A Siddall (40%), Jeremy Siddall (18%), Peter

Siddall (18%), Clive Siddall (11%), others (13%)

188 Caddick Group Civil engineer & property developer West Yorkshire Aug 16 147.5 60% 20.0 449% 447 Paul Caddick (100%)

189 [234]

Willerby Mobile home maker Hull Oct 16 147.1 20% 9.9 60% 925 Equistone Partners (75%),

management (25%)

190 Footasylum Footwear & fashion retailer Rochdale Feb 17 *147.0 33% *8.4 131% 1,075 Makin family (90%), John Wardle &

David Makin (10%)

191 [191]

WP Group Fuel & lubricant distributor Southampton Dec 16 146.5 3% 3.7 22% 145 David Fairchild & management (52%),

Barry Fairchild (24%), Sylvia Fairchild (24%)

192 Buy It Direct Laptop & appliance reseller Huddersfield Mar 17 *146.0 21% *2.9 12% 276 Nick Glynne & family (88%),

Simon Barnett (12%)

193 Birmingham Airport Airport operator Birmingham Mar 17 145.8 12% 46.3 23% 703 West Midland District Councils (49%), Airport

Group Investments Ltd (48%), airport staff (3%)

194 [188]

Reiss Fashion retailer Central London Jan 16 145.2 13% 19.8 46% 1,401 Warburg Pincus (>50%),

David Reiss & family (<50%)

195 Notemachine Cash machine operator Powys Jun 16 142.7 31% 26.3 55% 987 Corsair Capital (>50%),

management (<50%)

196 [227]

Argus Media Energy information provider Central London Jun 16 141.9 14% 43.1 33% 757 General Atlantic (>50%),

management & others (<50%)

197 Walkers Shortbread Shortbread & biscuit maker Banffshire Dec 15 139.4 2% 12.0 16% 1,463 Walker family (100%)

198 Clarion Events Events organiser West London Jan 16 139.1 56% 24.4 n.a% 614 Blackstone (>50%),

management (<50%)

199 EBB Paper Paper & board merchant Farnborough Dec 16 139.0 1% 3.4 33% 290 Jeremy Elliott (36%), Tim Elliott (36%),

Elliott family (28%)

200 Cartwright Group Commercial vehicle body manufacturer Altrincham Mar 17 *138.6 11% *5.7 26% 891 Cartwright family (100%)

Rank[2016 HQ location

CompanyActivity

Year end

Sales £m

Sales growth

OP £m






201 Altro Safety flooring manufacturer

Letchworth Garden City Dec 16 138.0 14% 11.3 3% 783 Kahn family (53%), other

management & family (47%)

202 [199]

Silentnight Group Bed manufacturer Lancashire Jan 16 137.5 10% 7.8 28% 1,018 HIG Capital (75%),

management (25%)

203 [239]

Castle View Leisure services manager Stirling Mar 16 137.1 14% 9.9 74% 4,746 Martin Bell (95%), Caroline Bell (5%)

204 The Right Fuelcard Company Fuel card provider Leeds Jun 16 136.9 -1% 3.3 44% 62 Rontec (45%), Jonathan Turner (41%),

Liz Slater (14%)

205 E W Beard Construction contractor Swindon Dec 16 136.9 23% 4.3 49% 276 Beard family (100%)

206 Stepnell Civil engineer Rugby Mar 16 136.7 23% 3.2 13% 422 Wakeford family (100%)

207 [220]

James Donaldson Group Timber merchant Fife Mar 17 136.6 7% 7.5 23% 694 Donaldson family (85%),

employees (15%)

208 [222]

Riviera Travel Tour operator Burton-on-Trent Nov 16 136.5 8% 15.1 11% 121 Phoenix Equity Partners (58%),

management (42%)

209 Regatta Outdoor clothing distributor Manchester Jan 16 134.8 6% 6.8 57% 712 Black family (100%)

210 Bayford Conglomerate West Yorkshire Jun 16 133.7 10% 3.2 39% 58 Jonathan Turner (100%)

211 [235]

Moneycorp International payment services Central London Dec 16 132.6 9% 17.3 38% 788 Bridgepoint (>50%),

management (<50%)

212 Wilson James Security & facilities manager Essex Jul 17 *132.5 10% *3.8 48% 3,227 Mark Dobson (56%), Gary Sullivan

(28%), Stuart Lowden (15%), others (1%)

213 Park Holidays Caravan park operator Bexhill-On-Sea Dec 16 131.5 14% 22.8 12% 909 Intermediate Capital Group (>50%),

management (<50%)

214 Adam Smith International Government reform consultancy Central London Dec 15 131.4 16% 14.2 -8% 187 Management (51%),

other individuals (49%)

215 Churchill Contract Services Facilities services provider Hertfordshire Jun 17 *131.0 11% *5.4 6% 11,987 Joel Briggs (29%), Philip Moxom (29%), Caroline Briggs

(18%), Sarah Moxom (18%), Employee benefit trust (6%)

216 Allied Vehicles Adapted vehicle distributor Glasgow Apr 17 *130.8 8% *7.5 26% 615 Facenna family (98%), others (2%)

217 Grange Hotels Hotelier Central London Mar 16 130.4 4% 42.8 22% 1,560 Matharu family (100%)

218 Cath Kidston Lifestyle retailer West London Mar 17 129.2 8% 6.8 561% 847 Baring Private Equity Asia,

Cath Kidston, management

219 Optal Payment services provider Central London Dec 16 *129.1 119% *9.8 31% 38 Management (45%),

other investors (55%)

220 Scottish Leather Group Leather manufacturer

Bridge of Weir, Renfrewshire Mar 16 128.6 -8% 8.1 203% 599 Muirhead & Lang families (95%),

employees (5%)

221 [237]

CLC Group Painting & maintenance contractor Southampton Dec 16 128.5 6% 10.2 16% 1,043 Hilbre Holdings Limited

222 [246]

Scott Group Industrial supplier Dunfermline Dec 16 *128.3 10% *5.5 22% 997 John Scott (76%),

Norman Scott (24%)

223 Hopkins Homes Housebuilder Suffolk Apr 16 128.1 34% 28.0 23% 136 James Hopkins (93%),

Selina Hopkins (7%)

224 Lindum Group Construction services provider Lincoln Nov 16 127.9 16% 4.4 51% 590 Chambers family (54%),

management & employees (46%)

225 Hadley Group Rolled metal manufacturer

Smethwick, Birmingham Apr 17 *127.7 16% *11.3 22% 594 Towe family (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






226 Frank Recruitment Group IT recruitment consultancy

Newcastle upon Tyne Nov 16 126.5 33% 15.5 13% 815 TPG (70%), management (30%)

227 [212]

Ecotricity Green energy supplier Gloucestershire Apr 16 126.5 15% 6.7 -9% 627 Dale Vince (100%)

228 Firmdale Hotels Hotelier Central London Jan 17 125.8 7% 15.3 135% 1,461 Tim & Kit Kemp (96%),

Midana Ltd (4%)

229 McGee Group Demolition contractor Wembley Nov 16 125.0 24% 9.3 23% 450 Brian McGee & family (94%),

Paul Hickey (6%)

230 [226]

Gray & Adams Trailer & vehicle manufacturer Aberdeenshire Apr 16 124.9 0% 8.1 23% 682 James Gray Jnr (43%), Peter Gray (43%),

Marie Gray (14%)

231 Global Tea Tea & coffee trader Central London Dec 15 123.3 24% 3.4 -16% 2,774 Structured International Investments Corp (59%), Ceres Investments

(16%), Victoria Park Holidays (14%), Nadeen Ahmed (11%)

232 [247]

Stanmore Specialist subcontractor Erith, Kent Mar 17 *123.3 14% *20.5 23% 216 Rajbir Manak (99%),

Harbhajan Manak (1%)

233 Branston Potato packager Lincoln Jul 16 123.2 23% 8.2 -10% 617 James Dean (23%), Chris Howard (20%),

James Truscott (10%), others (47%)

234 NextPharma Technologies Pharma/biotech manufacturer Woking, Surrey Dec 16 122.7 15% 21.4 24% 959 CapVest Partners (>50%),

management (<50%)

235 Ralawise.com Clothing distributor Flintshire Dec 16 122.7 17% 9.0 18% 527 Batson family (100%)

236 Newship Conglomerate

Southwest London Dec 15 122.0 12% 5.7 64% 528 J W Newman & family (95%),

others (5%)

237 [221]

Crown Oil Fuel & lubricant distributor Bury Aug 16 122.0 -4% 6.1 29% 224 Greensmith family (100%)

238 Millennium Group Food & drink distributor Essex May 16 121.9 -6% 5.6 53% 58 Panna Mashru (90%),

Rishi Lakhani (10%)

239 Côte Restaurants Restaurant operator Central London Jul 16 121.5 15% 11.4 -26% 2,727 BC Partners (>50%),

management (<50%)

240 Walters Group Civil engineering conglomerate Mid Glamorgan Feb 16 121.4 18% 24.6 48% 482 Trustees of the Walters family trust (100%)

241 Burnley Football Club Football club Burnley Jun 17 *120.0 200% *25.0 n.a% 220 Mike Garlick (49%), John

Banaszkiewicz (28%), others (23%)

242 [241]

Paperchase Products Stationery & card retailer Central London Jan 17 119.2 11% 4.9 42% 2,006 Primary Capital Partners (81%),

management (19%)

243 C.J. O'Shea Group Residential developer & contractor

Northwest London Mar 16 †119.1 43% †4.8 -29% 168 Anne O'Shea (50%),

Crohan O'Shea (50%)

244 Lakesmere Group Roofing & cladding services

Winnall, Winchester Jan 16 118.5 24% 3.6 43% 831 Management (100%)

245 Technetix Telecoms equipment maker West Sussex Dec 16 118.5 34% 4.8 120% 195 Paul Broadhurst (70%), Duncan

McIntyre (7%), others (23%)

246 Runwood Homes Residential homes operator Essex Sep 16 117.4 11% 20.3 4% 4,488 Gordon Sanders (100%)

247 Archant Newspaper, magazine publisher Norwich Dec 15 115.5 -5% 4.8 85% 1,459 Colman & Copeman families,

management & former staff (100%)

248 APS Group Marketing services provider Cheshire Jan 17 114.0 -1% 4.5 1193% 779 Nick Snelson (82%),

Erica Snelson (18%)

249 [248]

London City Airport Airport operator East London Dec 16 *113.7 7% *37.3 13% 516 Institutional investors (inc. Ontario Teachers’ pension fund,

AIMCo, OMERS & Wren House) (>50%), management (<50%)

250 Apogee Corporation Document handling services provider

Southwest London Dec 16 112.7 9% 12.5 305% 424 Equistone Private Equity (>50%),

management (<50%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m





ONES TO WATCHShowcased below are 10 private mid-market growth companies from a variety of industries that did not meet the financial criteria to rank in this year’s Top Track 250 league table, but whose sustained growth or plans for the future merit recognition.

Company HQ location Year end

Sales £m

Profits £m‡

Staff Founded Short profile

AKA Group Marketing communications network

Central London Mar 17 *80 *4 338 1995

This promoter of live entertainment such as West End and Broadway shows grew sales to £80m in its latest year, 40% of which are generated overseas; it expects further growth next year

Bill's Restaurants Restaurant operator Central London Jul 16 111 8 2,909 2004

This chain now has 80 restaurants on high streets nationwide, with sales boosted 23% by the opening of nine new sites last year; it expects sales to rise to £124m this year

Blatchford Prosthetics, orthotics manufacturer

Basingstoke Mar 16 75 6 781 1890

This manufacturer helps people regain their mobility after losing limbs, and expansion in the US and acquisitions in Norway helped sales grow 18% last year, with further, strong growth expected

Bullitt Group Consumer electronics designer

Reading Dec 16 100 -1 98 2009

Its rugged mobile phones made under license from brands like Caterpillar and Kodak are sold in more than 60 countries, and sales leapt 54% last year; Exponent invested in September

Deliveroo Online takeaway platform Central London Dec 16 129 -141 1,049 2013

Has built a distinctive brand in four years, and sales grew 611% last year to £129m. It remains heavily loss-making but has raised £650m in venture capital and was valued at £1.5bn last month

Jamie's Italian Restaurant operator Central London Jan 17 *113 *2 2,548 2008

After eight years of growth, this 60-strong restaurant chain saw sales fall in 2017 after it closed some sites; it is planning to open 22 more overseas and a return to growth in 2018

McMullen's Brewery Brewery & pub operator Hertford Oct 16 †78 †12 1,137 1827

Investment in its estate of 124 community pubs across Hertfordshire and London, and in its food offering, have helped this family-owned brewery grow sales & boost profit margins, to 15%

SHB Hire Vehicle hire & leasing Hampshire Dec 16 87 12 658 1968

Operating an extensive apprenticeship scheme, this family firm hires out 16,000+ vehicles, ranging from golf buggies to 32-tonne trucks, and maintains 14% margins in competitive industry

SLR Environmental consultancy Buckinghamshire Oct 16 113 5 1,138 1994

Has grown overseas through 20+ acquisitions, with projects including water-resilience testing for Coca-Cola in Namibia; it is planning further expansion in the US and elsewhere

The Binding Site Diagnostic tests manufacturer

Birmingham Sep 16 92 26 699 1983

Developing blood-tests for diagnosing bone marrow cancers, its profits almost doubled last year as sales rose 18% and sterling's value fell; exports represent 92% of the total

* supplied by company † annualised ‡ operating profit

Blatchford (Ones to Watch) designs and manufactures prosthetics using bio-mimetic design principles which work in sync with the human body



THE RULES OF ENGAGEMENT

The annual Top Track 250 league table, now in its 13th year, ranks Britain’s private mid-market growth companies by latest sales. It complements the Top Track 100 league table of Britain’s biggest private companies by listing the next 250 growth firms.

Criteria: Companies must have operating margins exceeding 2%. Sales must also be growing year-on-year by 10% or more for companies with the least sales, graduated to 5% for higher sales. If sales growth was insufficient we considered profit growth using the same procedure. Sales must be no more than £650m and are taken from the latest accounts, excluding shares from joint ventures and associates.

Profits are defined as operating profits before exceptional items, joint ventures and impairment of assets. At least 19 companies made a pre-tax loss in their latest accounts filed at Companies House.

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 on or after 31 December 2015 are included. Companies had to be registered in the UK and be independent, unquoted and ultimate holding companies. Sales for recruitment, marketing or travel agents include gross monies handled on behalf of clients. Companies that had sales below the 250th company, or did not meet the growth criteria, were considered for our Ones to Watch table (page 32).

Exclusions: Quoted companies, subsidiaries, joint ventures and consortia, entities majority-owned by quoted or other companies, or 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 excluded.

Data collection: Sources used included Bureau van Dijk’s Fame, Companies House and Experian’s MarketIQ. Some companies nominated themselves, others were identified through desk research and draft accounts. The research was concluded on July 21, 2017. Accounts filed later were not necessarily considered, though, where possible, updates are provided in the profiles.

Incomplete data: Private company information can be incomplete. Effort is made to include all qualifying companies, but there may be omissions.

Disclaimer: Featured companies are not endorsed or recommended by the sponsors or Fast Track. The league table is based on historical data and is not an indicator of present or future performance.

Some exceptions were made to the qualification criteria. The compiler’s decision is final and no correspondence will be entered into.

Nominations: For submissions see fasttrack.co.uk or [email protected]



Sacha RomanovitchChief executive

Sacha Romanovitch is CEO of Grant Thornton UK LLP and leads the development and implementation of its purpose-led strategy to shape a Vibrant Economy to deliver sustainable value for its clients, people and the communities it serves.

Grant Thornton UK LLP is part of one of the world's leading organisations of independent advisory, tax and audit firms. We help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Our underlying purpose is to build a vibrant economy, based on trust and integrity in markets, dynamic businesses, and communities where businesses and people thrive. We work with banks, regulators and the government to rebuild trust through corporate renewal reviews, advice on corporate governance, and remediation in financial services. We work with dynamic organisations to help them grow in the UK and internationally, and work with the public sector to build a business environment that supports growth, including national and local public services.

grantthornton.co.uk @GrantThorntonUK

SPONSORS & MEDIA PARTNER

Fast Track would particularly like to thank Grant Thornton for their eighth year of title sponsorship, Lloyds Banking Group for its second year of main sponsorship, and The Sunday Times for their continued support of the Top Track 250 league table and events programme for the last 13 years.

The sponsors do not endorse, guarantee or recommend investment in any of the companies.

Sponsor



Tim HintonManaging director, Mid Markets & SME Banking

Tim joined in 2013 following 27 years at Standard Chartered where he held a number of senior roles, including Global Head of Mid Markets & Commodities from 2005 to 2010 and Global Head of SME Banking from 2012 to 2013. He has broad international experience having worked in Europe, Asia and the Middle East.

Lloyds Banking Group has long supported businesses and the nation’s economic prosperity, primarily focused on UK businesses and those with strong links to the UK. Lloyds Bank and Bank of Scotland provide support to clients through the provision of core banking solutions, such as Lending, Deposits, Transaction Banking and Risk Management services while also offering expertise in Capital Markets, Financial Markets and Private Equity. This enables us to meet the varying and often complex needs of our business clients, regardless of their size, sector, location or objectives. Our commitment to putting our clients first is as relevant today as it’s ever been.

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Sponsor

Iain was appointed business editor last October, having spent two years as the paper’s New York correspondent. He was previously deputy business editor for four years, and was named Business & Finance Journalist of the Year at the 2010 British Press Awards. He has also worked for The Sunday Telegraph, Scotland on Sunday and The Scotsman.

The Sunday Times has published the Top Track 250 for all 13 years and has been Fast Track's media partner for all 20 years.

It is Britain’s 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.

thesundaytimes.co.uk @ST_Business

Media partner

Iain DeyBusiness editor



ABOUT FAST TRACKCompiler & publisher

Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone and ongoing sponsorship from Richard Branson and Virgin. He works closely with leading entrepreneurs, sponsors and media partners to try to ensure their expectations are exceeded, and that they remain engaged with the alumni network.

He is an asociate fellow 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.

The authors

Richard Tyler leads Fast Track’s 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.

Support was also provided by Fast Track researchers:

Ying Chen, Michael Cook, Malcolm Gilmour, Eva Gronbech, Laura Kebble, Chris Marshall, Dan Robinson and Claire Wheeler; and freelancers Ashley Cavers, Claire Harrington, Suzie Pilkington, Luke Purser, and Jerrin Joseph.



Fast TrackTop Track 250 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 20 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 less than £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 100 ranks Britain’s private companies with the biggest sales (£650m to £20bn)

Fast Track is based in Oxford with 25 staff, and a network of freelance researchers.

20th anniversary

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Documents

Research report 2017 - business.bankofscotland.co.uk · Brands: Retail and consumer brands include Aston Martin and Travelodge. Many have diversified away from the high street, whilst