Fast Track 250 Report

Research report 2017

Britain's private mid-market growth companies

Sponsored by

years 13 2005-2017 Top Track 250 research report 2017 i

CONTENTS

INTRODUCTION 1 The Top 10 companies on the league table 1

EXECUTIVE SUMMARY 2

KEY STATISTICS 3 Sales breakdown 3 Biggest sales movement 3 Staff and job creation 4 Profitability 5 Highest profits 5 Profit margin 5 Ownership 6 Debt 7 Sector breakdown 8 Industry breakdown 8 Regional breakdown 9 International activity 10 Mergers and acquisitions 11 Private equity 12 Companies 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

INTRODUCTION

This 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

McLaren Automotive (No 1) was spun out of McLaren ranks the next-biggest private companies, provided their sales or Technology Group in 2010, but in July this year the companies operating profits growth meet our criteria (graduated between a were brought back together under the McLaren Group 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

Rank Company Year Sales Sales OP OP [2015] Activity HQ location end £m growth £m growth Staff Main shareholders 1 McLaren Automotive Bahrain Mumtalakat (57%), TAG Group Woking, Surrey Dec 16 649.8 44% 65.8 179% 1,606 [19] Sports car maker (12%), Ron Dennis (10%), others (21%) 2 IM Group Coleshill, nr. Dec 16 626.9 10% 96.0 -17% 460 Lord Edmiston (100%) [7] Car distributor Birmingham City Facilities Management Lord William, Lady Susan & Kenny 3 Glasgow Dec 16 617.7 33% 15.4 115% 11,844 Facilities maintenance provider Haughey (99%), others (1%) Telereal Trillium 4 Central London Mar 17 *616.2 -6% *189.2 67% 270 Pears family & management (100%) Property investor & developer Murphy Group 5 Central London Dec 16 *613.9 -2% *15.4 512% 3,206 Murphy family (100%) Civil engineering contractor 6 Harwoods West Sussex Dec 16 612.6 11% 12.7 -16% 864 Guy Harwood & family (100%) [11] Car retailer Holland & Barrett LetterOne (>50%), 7 Warwickshire Sep 16 612.0 7% 150.0 13% 6,726 Health food & supplements retailer management (<50%) 8 Travelodge Institutional investors (>50%), Oxfordshire Dec 16 597.8 7% 61.0 -3% 10,350 [10] Budget hotel operator management (<50%) Aston Martin 9 Warwickshire Dec 16 593.5 16% 16.4 -192% 1,609 Investindustrial (59%), others (41%) Sports car maker 10 CALA Group Legal & General & Patron Haut LP Edinburgh Jun 16 587.1 15% 83.7 15% 810 [15] Housebuilder (93%), management (7%)

* supplied by the company

Levels of sales EXECUTIVE SUMMARY Number of companies in each range Overview >£600m 7 • This year’s Top Track 250 companies generated combined £500m-£600m 20 sales of £62.4bn, up 16% from £53.9bn in their prior year £400m–£500m 10 • Companies had record combined operating profits of £300m–£400m 26 £5.4bn, up 34% from £4.0bn, and almost two thirds (158) of £200m–£300m 55 companies increased their margin <£200m 132 • 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 Levels of profit entrepreneur, 75 are family-owned, and 71 by private equity Number of companies in each range • The highest number of companies on the league table are headquartered in London (68), followed by the north of >£100m 6 England (53) £80m–£100m 5

£60m–£80m 7

£40m–£60m 13 Key themes

£20m–£40m 47 International markets: There is an opportunity to capitalise on £10m–£20m 88 non-EU markets following Brexit with more than half (126) already trading overseas. On average, these companies grew international £0–£10m 83 sales by 36% in their latest year. [Page 16]

Latest OP not available: 1 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, Characteristics of a typical and the majority of this year's table have one or more female Top Track 250 company directors. However, only 14% (208) of all board members are women. [Page 18] Sales Average sales in latest year £249.6m Future of work: The nature of work is changing with advances in Average sales in prior year £215.8m artificial intelligence, the internet of things and big data all set to power a wave of digital transformation. [Page 19] Operating profit Average profit in latest year £21.6m Culture: Success in the workplace is not just measured in Average profit in prior year £16.2m financial terms – some companies are setting up charitable foundations to benefit the wider community, and putting ethical Staff objectives at the heart of their business plans [Page 20] Typical headcount in latest year 500-2,000 Typical headcount in prior year 450-1,750 Brands: Retail and consumer brands include Aston Martin and Travelodge. Many have diversified away from the high street, whilst Company characteristics others are tapping into overseas markets for growth. [Page 21] Region London (27%) Sector Services (33%) Industry Building-related (21%) Ownership Entrepreneur and/or founder (32%)

10 biggest sales increases KEY STATISTICS Company Year Sales Sales Rank Activity end £m increase Sales breakdown Burnley Football Club 241 Jun 17 *120.0 200% Football club Buoyed by a British economy that continues to grow, and league GreenTech Distribution 152 Feb 17 168.4 162% table criteria that places an emphasis on sales or profit growth, Mobile phone recycler & distributor most companies (215) reported sales that increased by at least 5% Optal 219 Dec 16 *129.1 119% Payment services provider in their latest financial year. Fairview 64 Dec 16 298.1 67% Housebuilder This year’s companies generated combined sales of £62.4bn Matchesfashion.com 115 Jan 17 203.7 61% compared with £53.9bn in their prior year, an increase of 16%. Luxury fashion retailer Sports car maker McLaren Automotive (No 1) had the highest Caddick Group 188 Aug 16 147.5 60% Civil engineer sales on the league table at £649.8m. Document handling services Clarion Events provider Apogee Corporation (No 250) had the lowest sales at 198 Jan 16 139.1 56% Events organiser £112.7m. Principle 186 Dec 16 149.5 51% Brand implementation agency The Hut Group 26 Dec 16 501.4 50% Online retailer Biggest sales movement ED & F Man 30 Sep 16 481.1 50% The biggest sales increase was reported by English Premier Commodities & logistics manager League football team Burnley FC (No 241), which tripled sales to * supplied by the company £120m this year under the stewardship of chairman Mike Garlick, 10 biggest sales decreases 53. The club is benefiting from a return to the Premier League, All of these companies increased operating profit by more than 10% to qualify and the resulting increase in broadcast revenue. for the league table

Company Year Sales Sales Acquisitions have also helped to increase top line performance. Rank Activity end £m decrease Examples include IT services provider Claranet (No 178), which United Living 135 Mar 17 180.7 -18% has made a series of acquisitions since 2014 lifting sales 14% to Building contractor £152m in 2016; and online retailer The Hut Group (No 26), which Scottish Leather Group 220 Mar 16 128.6 -8% last year acquired beauty brands Grow Gorgeous and Skinstore, Leather manufacturer as well as US-based dieting and sports nutrition company Ideal Telereal Trillium 4 Mar 17 *616.2 -6% Property investor & developer Shape, helping lift sales 50% to £501.4m. Millennium Group 238 May 16 121.9 -6% Food & drink distributor Archant 247 Dec 15 115.5 -5% Newspaper, magazine publisher Yeo Valley 75 May 16 273.2 -4% Yoghurt & dairy maker Crown Oil 237 Aug 16 122.0 -4% Fuel & lubricant distributor Murphy 5 Dec 16 *613.9 -2% Civil engineering contractor Imagination 111 Aug 16 210.4 -2% Creative agency telent 39 Mar 17 391.5 -1% Infrastructure services provider

* supplied by the company

Number of employees Staff and job creation Number of companies in each range Companies employed a total of 384,200 staff in their latest financial year, an increase of 36,400, or 10%, compared to their 10,001-15,000 4 prior year. 5,001-10,000 10

2,001-5,000 41 In total, 223 companies grew their headcount. The biggest

1,001-2,000 53 percentage increase was at aggregate distributor GRS Roadstone Group (No 145), which expanded geographically 501-1,000 67 and acquired supplier Aggbag last year, increasing its workforce 1-500 75 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.

Biggest operating profits Profitability

Rank Company Year Sales Profit Top Track 250 companies are required to have a profit margin Activity end £m £m of more than 2% in their most recent financial period. Profit is Telereal Trillium 4 Mar 17 616.2 189.2 Property investor & developer defined as operating profit (OP) before exceptional items, joint Holland & Barrett ventures and impairment of assets; although some exceptions 7 Sep 16 612.0 150.0 Health food & supplements retailer were made. The companies generated record combined profits of BGL Group 12 Jun 17 585.2 129.5 £5.4bn, an increase of 34% on their previous year. Insurance/price comparison provider ED & F Man 30 Sep 16 481.1 126.9 Commodities & logistics manager Arora Group Highest profits 81 Mar 17 260.0 115.0 Hotel operator Together Property investor and developer Telereal Trillium (No 4) reported 107 Jun 16 215.2 104.1 Specialist lender the biggest operating profit: £189m on sales of £616m in 2016. Miller Homes 17 Dec 16 565.3 99.0 Housebuilder Housebuilders have some of the biggest profits on the table, with IM Group 2 Dec 16 626.9 96.0 Car distributor Edinburgh-based CALA Group (No 10) reporting profits of £83.7m in The Emerson Group 2016 on sales of £587.1m; Miller Homes (No 17), also in Edinburgh, 90 Apr 17 240.3 85.0 Builder, property developer reporting profits of £99m in 2016 on sales of £565.3m; and CALA Group The Emerson Group (No 90) in Cheshire reporting profits of £85m 10 Jun 16 587.1 83.7 Housebuilder 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.

Biggest operating profit margins Profit margin

Rank Company Year Sales Profit Almost two thirds of the companies (158) increased their Activity end £m margin operating margin in the latest year. Examples include brand Together 107 Jun 16 215.2 48% Specialist lender implementation agency Principle (No 186), where margins widened Arora Group from 6% to 11%; and Firmdale Hotels (No 228), which doubled its 81 Mar 17 260.0 44% Hotel operator margin from 6% to 12%. Edinburgh Airport 157 Dec 16 164.1 38% Airport operator There are three airports on this year’s league table – all are in The Emerson Group 90 Apr 17 240.3 35% the top ten list of companies with the biggest profit margins. Builder, property developer Edinburgh Airport (No 157) reported a margin of 38% on sales of Sabre 123 Dec 16 191.3 34% Insurance underwriter £164.1m in 2016; London City Airport (No 249) reported a margin Grange Hotels of 33% on sales of £113.7m in 2016; and Birmingham Airport (No 217 Mar 16 130.4 33% Hotelier 193) reported a margin of 32% on sales of £145.8m in 2017. London City Airport 249 Dec 16 113.7 33% Airport operator More than half of the companies (141) have an operating margin Birmingham Airport 193 Mar 17 145.8 32% Airport operator between 2% (the minimum threshold) and 7%. Four had profits Telereal Trillium equalling the minimum threshold, including laptop and appliance 4 Mar 17 616.2 31% Property investor & developer reseller Buy It Direct (No 192) with profits of £2.9m on sales of Argus Media 196 Jun 16 141.9 30% £146m in 2017; and fruit importer and distributor Richard Hochfeld Energy information provider (No 170) with profits of £3.2m on sales of £157.7m in 2016.

Majority ownership types Ownership

Number of companies by ownership type Founder or entrepreneur-owned 80 companies are majority-owned by entrepreneurs or founders. Employees 5 Examples include bookmaker Betfred (No 15) and employment Management 19 law consultancy Peninsula (No 138), both of which are majority- PE and/or VC 71 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-owned 75 companies are family-owned. Examples include pharmaceuticals Family 75 manufacturer Norbrook Laboratories (No 91), which is owned by Entrepreneur the Ballyedmond family; wine and spirit merchant Berry Bros. & and/or founder 80 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-owned 71 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-owned 19 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-owned Five 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.

Companies with the highest debt Debt

Rank Company Year Debt Sales Mid-market companies continue to have extensive borrowings Activity end £m £m from banks and private equity shareholders. The combined long ED & F Man 30 Sep 16 2,021 481.1 Commodities & logistics manager and short-term debt of the 250 companies is £24.7bn, compared Together to £22.3bn owed the year before. 107 Jun 16 1,454 215.2 Specialist lender Parkdean Resorts There are two companies owing more than £1bn, including 36 Dec 16 961 431.5 Holiday parks operator specialist lender Together (No 107), which reported it had Zenith 42 Mar 16 863 383.0 borrowings of £1.5bn in 2016 and operating profits of £104.1m. Vehicle lessor The company with the most debt is commodities and logistics Virgin Active 22 Dec 16 814 535.0 Health club operator manager ED & F Man (No 30) with borrowings of about £2bn, 16 Aston Martin times its operating profits of £126.9m in 2016. 9 Dec 16 701 593.5 Sports car maker Civica The company with the biggest debt-to-profit ratio is Civica (No 78 Sep 16 626 267.7 Software & IT services 78), which reported £626.4m of debt in 2016, 51 times operating Ambassador Theatre Group 100 Mar 16 611 226.4 profits of £12.4m. The software & IT services firm deals with Theatre operator everything from council tax processing to the government of digital IM Group 2 Dec 16 574 626.9 Car distributor services, and provides software and IT services to more than Edinburgh Airport 2m professionals, supporting 4,000 public sector and regulated 157 Dec 16 570 164.1 Airport operator organisations in 10 countries. In July 2017, Partners Group, a Canadian investment manager, acquired it from OMERS Private Equity for £1.1bn.

Companies with the biggest debt/profit ratio

Debt/ Company Year profit Profit Debt Rank Activity end ratio £m £m Civica 78 Sep 16 51 12.4 626.4 Software & IT services Ambassador Theatre Group 100 Mar 16 43 14.1 611.2 Theatre operator Aston Martin 9 Dec 16 43 16.4 701.2 Sports car maker Zenith 42 Mar 16 29 30.2 863.3 Vehicle lessor PureGym 165 Dec 16 25 15.4 381.8 Gym operator Big Motoring World 143 Feb 16 24 7.2 168.6 Car dealer Dorchester Collection 53 Dec 15 23 24.3 569.8 Luxury hotel operator Busy Bees 86 Dec 16 22 11.9 265.7 Nurseries operator Cath Kidston 218 Mar 17 21 6.8 144.8 Lifestyle retailer Firmdale Hotels 228 Jan 17 18 15.3 280.9 Hotelier

Sector breakdown Sector breakdown

Number of companies in each sector The two largest sectors are services, with 83 companies (down from 96 in 2016), and retail with 64. Together these sectors Wholesale 33 comprise 59% of the league table.

Service businesses encompass a wide range of industries, from Construction 39 outdoor advertiser Exterion Media (No 43), to commodities and futures broker Marex Sprectron (No 88) and sports marketing agency Pitch International (No 151).

Manufacturing 39 Retailers include bed manufacturer and retailer Dreams (No 77), value retailer The Works (No 182) and furniture retailer Oak Retail 64 Furniture Land (No 73).

Services 83 The 39 manufacturers include ventilation systems provider Colt Note: where companies operate in more than one sector, (No 168), mobile home maker Willerby (No 189) and leather a second sector is chosen. In total, 8 companies operate in two sectors. Each sector is given an equal weighting in the manufacturer Scottish Leather Group (No 220). above analysis. The 39 construction companies include mechanical and electrical contractor NG Bailey (No 27), civil engineering contractor Buckingham Group Contracting (No 37) and housebuilder Industry breakdown 250 Hopkins Homes (No 223).

There are 33 wholesalers in the league table including meat distributor Randall Parker Food Group (No 62), insulation

Building-related 53 distributor Encon (No 95), and toiletry products distributor DCS Group (UK) (No 110).

200

Industry breakdown Consumer goods 36 The top industries represented on the league table are building- related and consumer goods. 150 Food and drink 27 The building industry provides 53 companies, including construction services provider Robertson (No 14), builders' merchant MKM Building Supplies (No 69), and wood panel Automotive 25 distributor Hadleigh Timber Group (No 150).

100 There are 36 consumer goods companies including book, film Business services 25 and music wholesaler The Little Group (No 61), outdoor clothing retailer Mountain Warehouse (No 131), and stationery and card retailer Paperchase Products (No 242). Leisure 25 The food and drink industry is the third biggest with 27 companies, 50 Healthcare 11 including alcoholic drinks distributor Kingsland Drinks (No 97), fresh salad producer Natures Way Foods (No 181), and Côte Restaurants Computers & electronics 10 (No 239). Engineering 9 Finance 6 Media 5 Oil & gas 4 0 Other 14

Regional breakdown of HQ in UK 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 Scotland home to 53 companies, down from 55 last year. 22

–– The southeast stayed about the same at 46 companies (2016: 47).

Northern Northeast These include sports car maker McLaren Automotive (No 1), Ireland 32 Southampton Football Club (No 134), ejection seat manufacturer 7 Martin-Baker (No 89) and caravan park operator Park Holidays (No 213)

Northwest Midlands –– The Midlands decreased from 33 to 25 companies. These 25 21 include IT recruitment consultancy LA International (No 98), fuel forecourt operator HKS Retail (No 103) and tour operator Riviera Travel (No 208) Wales East 3 15 –– 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 Southwest London Vehicles (No 216) 11 68 Southeast 46 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.

Location of foreign subsidiaries International activity Number of companies with at least one known subsidiary in the region More than half the companies (128) on this year's league table have international operations. Western Europe 70 Top-performing private companies are continuing to expand North America 63 beyond the UK. This is demonstrated by the 29% increase in East Asia 40 international sales, reported in their latest year*. Australasia 31

South East Asia 28 The company with the biggest increase was mobile phone recycler and distributor GreenTech Distribution (No 152), Eastern Europe 28 which recycles mobile phones and provides services such as C & S America 18 repairing, reselling and wiping data. International sales rose ten- Africa 18 fold to £106.7m in 2017, reflecting a group restructuring that incorporated its export business Melon Telecom. Middle East 16

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 10 companies with the fastest machinery, logistics, serviced offices and brownfield regeneration. growing international sales International sales, which account for 93% of its total turnover, increased 12% to £489.9m in 2016. Company Year Exports Export Rank † Activity end £m growth The company with the most overseas subsidiaries was GreenTech Distribution 152 Feb 17 106.7 935% commodities and logistics manager ED & F Man (No 30) with Mobile phone recycler & distributor 191 based on foreign soil (68 in central & south America, 37 in CCS Media 176 Dec 16 10.9 325% IT & services reseller western Europe, 22 in southeast Asia, 18 in Africa, 17 in North FP McCann America, 15 in eastern & central Europe, 9 in East Asia, 4 in the 99 Dec 16 3.8 297% Civil engineering contractor Middle East, and 1 in Australasia). Ambassador Theatre Group 100 Mar 16 59.2 285% Theatre operator Foreign subsidiaries are most commonly located in Western telent 39 Mar 17 10.4 206% Europe, with 70 companies having at least one subsidiary in Infrastructure services provider countries that include Germany (33), Republic of Ireland (28), Footasylum 190 Feb 17 4.3 186% Footwear & fashion retailer France (28), Spain (26), the Netherlands (25), Italy (17), Sweden Wilson James (11) and Belgium (11). 212 Jul 17 8.7 168% Security & facilities manager Allied Vehicles 216 Apr 17 5.9 145% 52 companies have at least one subsidiary in an emerging Adapted vehicle distributor market, including risk management consultancy Control Risks Whitworth Bros 82 Mar 17 16.0 135% Flour miller (No 128), with subsidiaries in Brazil, China, Colombia, India, Mexico, Pakistan and South Africa. Buckingham Group Contracting 37 Dec 16 11.0 131% Civil engineering contractor

† Growth measured over one year for companies where data is available. Table excludes companies with prior year international sales <£1m. * where available from publicly filed accounts or provided by the companies.

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

Date of Company Sales Operating Rank Notes transaction Activity £m profit £m The Hut Group Acquired skincare brand ESPA for a reported £100m; in August also Sep 17 26 501.4 30.4 Online retailer bought beauty retailer RY and beauty-box firm Glossybox

T.O.M. Vehicle Rental Aug 17 94 *235.5 *16.1 Acquired Transflex for an undisclosed sum, adding 3,500 vehicles to its fleet Commercial vehicle hire

McLaren Automotive Brought together with McLaren Technology Group under the McLaren Jul 17 1 649.8 65.8 Sports car maker Group to raise a £564m bond offering

Day Lewis Jul 17 49 *362.7 *21.1 Acquired 18 pharmacies, expanding its chain to more than 300 branches Pharmaceuticals retailer

Busy Bees Acquired Treetops Nurseries for £137m and Canadian group Brightpath Jul 17 86 249.0 11.9 Nurseries operator for an undisclosed sum

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

Callcredit Information Group Acquired Spanish fraud prevention specialist Confirma Group for an Jun 17 117 *201.0 *41.8 Consumer data analyst undisclosed sum

Spark Energy May 17 169 *158.0 *7.0 Acquired Sussex-based Home Telecom for an undisclosed sum Energy supplier

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

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

LGC Made 19 acquisitions since 2011, including German firm Axolabs for an Apr 17 63 *302.7 *53.2 Life science tools provider undisclosed sum

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

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

GRS Roadstone Group Acquired Cornish company Maen Karne, and two aggregate bagging Feb 17 145 173.6 6.5 Aggregate distributor & waste removal plants in Staffordshire and Devon

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

John Cotton Group In Acquired Australian pillow and duvet manufacturer Tontine for an Jan 17 148 171.9 15.0 Bedding & bed-fillings manufacturer undisclosed sum.

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

* supplied by the company

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 Company Sales Operating Rank Deal detail date Activity £m profit £m Matchesfashion.com Aug 17 115 203.7 15.9 Apax Partners acquired a majority stake, valuing the group at £800m Luxury fashion retailer

The Hut Group Asset management firm Old Mutual acquired a 5% stake, valuing the Aug 17 26 501.4 30.4 Online retailer group at £2.5bn

Southampton Football Club Chinese investor Gao Jisheng acquired an 80% stake, valuing the Aug 17 134 *182.7 *34.8 Football club company at £250m

Miller Homes Bridgepoint acquired GSO Capital Partners' majority shareholding in Aug 17 17 565.3 99.0 Housebuilder a £655m deal

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

Clarion Events Blackstone acquired the group from Providence Equity Partners in a Jul 17 198 139.1 24.4 Events organiser £600m deal

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

Nextpharma Technologies CapVest Partners acquired the group from Sun European Partners for Jun 17 234 122.7 21.4 Pharma/biotech manufacturer an undisclosed sum

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

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

Parkdean Resorts Canadian private equity firm Onex Corporation acquired the group for Mar 17 36 431.5 82.1 Holiday parks operator £1.35bn

Karro Food Group Mar 17 25 †514.8 †22.8 CapVest acquired a majority shareholding for £180m Pork processor

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

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

† 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

Chief executive and co-founder of Skyscanner, Gareth operating loss in the most recent financial period. Williams, led its £1.4bn sale to China's Ctrip in November last year 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. Reason for exit Thirteen companies on last year’s table have been acquired, Number of including: Reason for exit companies • travel search engine Skyscanner, which was bought in Failed growth criteria 80 November last year by China’s Ctrip in a £1.4bn deal

Failed margin criteria 15 • aerospace components manufacturer Gardner Aerospace, which was acquired in June by China’s SLMR for £326m Acquired 13 • contract research provider Chiltern International Group, which Made a loss 7 was sold to US healthcare diagnostics company Labcorp in August for £930m Sales increase to Top Track 100 level 3 Only one of last year's companies listed on a stock exchange. th Sales less than 250 company 1 Housebuilder Nexus floated on AIM in July with a £70m market capitalisation. Listed 1

Total 120

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 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 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. How Top Track 250 has changed The greeting card retailer floated in May 2014 with a market capitalisation of £716m, and is valued at £1.2bn 2005 2017 • Markit first featured in 2010 with sales of £305m. The financial information services provider floated on Nasdaq in

Total sales June 2014 with a £2.6bn ($4.5bn) market capitalisation. Last year, the company merged with IHS in a £9bn ($13bn) deal

£49.9bn £62.4bn • Gamma first featured in 2010 with sales of £141.3m. The telecoms network operator floated in October 2014 with a

Total proﬁts market capitalisation of £165m, and is valued at £550m

£2.3bn £5.4bn • 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 Total employees

Acquisitions and mergers 401,000 384,200 Past stars include aerospace manufacturer Firth Rixon, which was Top company bought by American mining giant Alcoa for £1.7bn in 2014; food producer Quorn, which was acquired by Philippino firm Monde Sales £336.8m £649.8m 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.

Companies with the most appearances Sustained growth stars

Latest No. of Helston Garages (No 11) is the only company to have featured in Company sales times Activity £m ranked all thirteen years of Top Track 250. The Cornwall-based car dealer was founded in 1960 as a filling station and workshop, and has Helston Garages 586.0 13 Car dealer expanded to 37 dealerships selling everything from Volkswagens Travelodge to Ferraris. Budget hotel operator Travelodge (No 8) features for 597.8 12 Budget hotel operator the twelfth time; 4 companies have featured 11 times – all are car Car Giant dealers; and 4 companies, including health club operator Virgin 552.3 11 Car dealer Active (No 22), have featured 10 times. Dick Lovett Companies 475.5 11 Car dealer Harwoods 612.6 11 Car dealer The first Top Track 250 IM Group 626.9 11 Companies that featured on the first Top Track 250 league table Car distributor in 2005 include: BGL Group *585.2 10 Insurance/price comparison provider • Dyson, which was first showcased with sales of £277.3m, but Randall Parker Food Group *303.0 10 Meat distributor this year featured at No 15 on Top Track 100 with sales of Tennants Consolidated £2.5bn, and profits of £631m 387.3 10 Chemicals conglomerate • Cinema operator Odeon & UCI Cinemas Group, which was Virgin Active 535.0 10 acquired by US chain AMC Group for £921m in 2016 Health club operator

* supplied by the company • 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

Top Track 250 alumni

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 Aston Martin (No 9) plans to open new offices in Japan, continuing to look beyond the UK for growth. Those already driving exports to the country to £400m over the next five years 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.

Plans to open new offices in Japan, driving exports to the 9 Aston Martin Sports car maker country to £400m over the next five years

FYE Dec 16 Aston Martin launched the much-anticipated DB11 and limited Latest sales £593.5m editions of its Vantage and Vanquish luxury sports car models last year to critical acclaim. To fuel further product expansion, Prior sales £510.2m the Warwickshire business started work this year on a second Profit £16.4m manufacturing site in South Wales, which is expected to create Staff 1,609 750 jobs. The group successfully completed the issuance of a £550m bond in April, refinancing its existing debt. Chief Location Warwickshire 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.

Has more than 80 stores around the world, and offices in 55 Kurt Geiger Shoe retailer France, Germany and Australia

FYE Dec 16 Ed Sheeran, Kendall Jenner and Angelina Jolie are all fans of Latest sales £330.0m* this London-headquartered footwear and accessories retailer. Established in 1963 on Bond Street, the group now has more Prior sales £292.3m than 80 stores around the world and 240 concessions in Profit £33.9m*‡ department stores. Kurt Geiger’s portfolio of brands include Staff 2,291 Kurt Geiger London, Carvela and Miss KG. Last year, chief executive Neil Clifford, 50, led a £245m buyout, backed by Location Central London private equity firm Cinven. Profits of £33.9m in 2016 are presented before depreciation and amortisation.

Has exported its model to countries such as Ireland, Australia, 125 Travel Counsellors Travel services provider South Africa and the UAE

FYE Oct 16 This Manchester business has more than 1,600 self-employed Latest sales £188.3m “travel counsellors” offering tailor-made holidays and business trips. Bookings via overseas franchisees have grown as the firm Prior sales £162.7m has exported its model to countries such as Ireland, Australia, Profit £12.1m South Africa and the UAE. In 2014, chief executive Steve Byrne, Staff 284 52, led a buyout backed by private equity firm Equistone for an undisclosed sum. Location Manchester

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.

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

Its digital innovations include 'Busybot', which crowdsources 177 trainline Train ticket retailer mobile data to show the busiest train carriages

FYE Feb 16 Rail passengers used this company’s website and mobile app Latest sales £152.8m* to book £1.9bn worth of tickets last year. The group records more than a billion cloud interactions a year, and is developing Prior sales £134.0m products, using AI and machine learning, to make passengers' Profit £17.7m* lives a bit easier. For example, its recently-launched BusyBot Staff 450 crowdsources passengers' messages to pinpoint empty seats. It was acquired by private-equity firm KKR in 2015 for £450m Location Central London and in March last year, chief executive Clare Gilmartin, 42, led the acquisition of French counterpart, Captain Train, for an undisclosed sum.

Says it develops patented technology for almost all wet and dry 180 AESSEAL Seal manufacturer gas seal applications

FYE Dec 16 This Rotherham-headquartered firm is led by founder and Latest sales £151.7m managing director Chris Rea, 63, who says the group is developing enhanced, patented technology for almost all Prior sales £142.9m wet and dry gas seal applications. The group operates in 230 Profit £20.7m locations worldwide, supplying customers in 104 countries. Staff 1,656 Despite a weak gas exploration market, the group grew its sales by 6%, and increased profits 14% to £20.7m in 2016. Location Rotherham

Designs patented broadband technology, and delivers more 245 Technetix Telecoms equipment maker than 135m products a year from nine international warehouses

FYE Dec 16 Technetix designs and builds broadband technology for its Latest sales £118.5m customers, delivering 135m products a year from nine global warehouses. The 2015 acquisition of the supplies division Prior sales £88.2m of US technology firm ARRIS, and strong organic growth saw Profit £4.8m latest sales jump 34% to £118.5m, and profits more than Staff 195 doubled to £4.8m. To build on this growth, founder and chief executive Paul Broadhurst, 57, raised £7.5m in funding last Location West Sussex year from the investment arm of television and broadband company Liberty Global.

* supplied by company

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.

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

The White Company 132 Founded by Chrissie Rucker and run by chief executive Mary Homer Home accessories retailer

FYE Mar 16 Selling predominantly white bed and bathroom linen, fashion Latest sales £184.3m and accessories, The White Company was founded in 1994 by Chrissie Rucker, 48, after she struggled to find high-quality, Prior sales £163.6m affordable linen and tableware. The retailer opened its first US Profit £17.3m store in New York in June. Mary Homer, 59, was appointed chief Staff 1,437 executive of the London business earlier this year after 11 years as managing director of Topshop. Location Central London

Chief executive Victoria Woodings rose from a junior role to 186 Principle Brand implementation agency board-level director in 6 years

FYE Dec 16 Companies such as BMW, AT&T and HSBC turn to this international Latest sales £149.5m agency to ensure their branding is consistent across the globe – for everything from digital media, signs and graphics to furniture and Prior sales £99.2m fittings. Celebrating 30 years in business this year, Principle recently Profit £15.1m appointed Victoria Woodings, 33, as group chief executive in July. Staff 454 Headquartered in Huddersfield, the agency opened offices in Mexico in 2015, and China and India in 2016, helping profits triple Location Huddersfield to £15.1m on turnover of £149.5m.

Led by chief executive Clare Nesbitt, the youngest chief 190 Footasylum Footwear & fashion retailer executive on the league table at 29

FYE Feb 17 Footasylum trades online and from 59 high-street stores across Latest sales £147.0m* the UK, selling sports and fashion footwear and branded leisurewear. Established in 2005 by JD Sports co-founders John Prior sales £110.4m Wardle, 72, and David Makin, 53, new store openings at the Profit £8.4m* Rochdale business helped lift sales by 33% to £147m this year. Staff 1,075 The group is led Makin's daughter Clare Nesbitt, 29, who is chief executive. The Makin and Wardle families are reported to have Location Rochdale put a significant minority stake up for sale, valuing the business

† Annualised sales at more than £100m.

* supplied by the company

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. 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

Hires STEM graduates direct from university, and trains them at 26 The Hut Group Online retailer its in-house academy

FYE Dec 16 This Cheshire-based online retailer sells premium goods in the Latest sales £501.4m health and beauty sector, via more than 140 group websites backed by its proprietary technology. It was highly acquisitive Prior sales £333.5m last year and sales rose by 50% to £501.4m as a result. This Profit £30.4m year co-founder and chief executive Matthew Moulding, 45, has Staff 1,833 bought internet services and web hosting business UK2, beauty subscription firm Glossybox, online beauty retailer RY and spa Location Cheshire and skincare brand Espa. In August, asset management firm Old Mutual Global Investors acquired a 5% stake, valuing the group at £2.5bn.

Has appointed a CTO and chief data officer as well as 43 Exterion Media Outdoor advertiser transitioning its talent pool to focus on digital media

FYE Dec 16 Exterion is an out-of-home media company that reaches more Latest sales £381.3m than 185m people across the UK, Ireland, France, Spain and the Netherlands. The group specialises in transport audiences, Prior sales £354.1m and last year was selected to partner with Transport for London Profit £14.7m for its £2bn advertising contract. Led by chief executive Shaun Staff 890 Gregory, 47, the London firm acquired Netherlands rival Centercom last February, helping grow sales to £381.3m in Location Central London 2016. Majority shareholder Platinum Equity is reported to have put the company up for sale, with a rumoured £1bn price tag.

Integrates its digital and e-commerce employees alongside its 115 Matchesfashion.com Luxury fashion retailer fashion buyers and marketeers

FYE Jan 17 Husband and wife Tom, 54, and Ruth Chapman, 55, started Latest sales £203.7m this business as a single boutique in Wimbledon in 1987. It now sells more than 400 brands of luxury men’s and women’s Prior sales £126.9m fashion online and in five London stores and a private shopping Profit £15.9m townhouse. Led by chief executive Ulric Jerome, 39, turnover Staff 527 grew 61% to £203.7m; helped by international expansion across America, Asia and Europe and the success of its website, which Location Central London 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 Dale Vince, founder of Ecotricity (No 227), has introduced an eco-project acquiring agricultural land and transforming have the skills they need to apply for roles. it back into woodland

Lobbies on environmental and animal rights issues, and has a 38 Lush Cosmetics manufacturer & retailer powerful social media voice outside its retail environment

FYE Jun 16 Lush is a common sight – and smell – on Britain’s high streets, Latest sales £394.9m thanks to the handmade bath and beauty products sold in its shops. The Poole business has 932 outlets in 49 countries, and Prior sales £326.5m has been growing fast, with last year's group sales increasing Profit £16.5m 21% to £394.9m. With a fifth of its employees not holding Staff 7,498 British citizenship, the company has offered new roles at a German factory for those wishing to leave the UK following Location Poole the EU referendum. Mark Constantine, 65, is co-founder and managing director.

Founder Julian Richer has bequeathed the company to its 171 Richer Sounds Audio-visual retailer employees to secure its long-term future

FYE Apr 16 This hi-fi retailer has held the Guinness World Record for Latest sales £154.8m most sales per square foot of any retail outlet since 1994. The record-breaking London Bridge store was opened by Julian Prior sales £149.1m Richer, 58, when he was just 19. The London-based company Profit £6.5m has since expanded to 53 stores, which also sell home cinema Staff 508 and television equipment. It is run by founder and managing director Julian Richer, 58. Location Central London

Owns vegan football club Forest Green Rovers, and has an eco- 227 Ecotricity Green energy supplier project turning agricultural land into woodland

FYE Aug 16 Ecotricity supplies electricity and gas to more than 200,000 UK Latest sales £126.5m customers, with most of its energy generated from renewable sources – some 40% is derived from wind turbines and solar Prior sales £109.8m 'sun parks' owned by the company. Managing director Dale Profit £6.7m Vince, 56, founded the firm in 1995, and is rolling out electric Staff 627 car charging points across the motorway network, at which its customers can recharge their cars for free. He also owns Location Gloucestershire 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.

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).

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

Yeo Valley 75 Supplies almost 30% of yogurts sold in the UK Yoghurt & dairy maker

FYE May 16 Yeo Valley was founded in the 1970s, when Roger and Mary Latest sales £273.2m Mead began selling clotted cream from their Somerset farm. Today it supplies almost 30% of yogurts sold in the UK – under Prior sales £284.2m its Yeo Valley brand and for supermarket brands including Profit £11.9m Waitrose, Asda and Co-op. The business is run by managing Staff 1,709 director Karl Tucker, 49, and executive chairman Adrian Carne, 51. Operational efficiencies and a full-year’s trading from Location Somerset Coombe Farm Fruits, acquired in 2015, helped profits grow 66% to £11.9m.

Operates 230 stores in 20 countries including South Korea and 83 allsaints Fashion retailer the US

FYE Jan 16 Known for its leather jackets, this fashion retailer was bought Latest sales £252.5m by private equity firm Lion Capital in 2011 for £105m. Chief executive William Kim, 45, has since invested in the brand’s Prior sales £231.3m online presence, with its website now receiving 30m visits each Profit £16.6m year. AllSaints operates 230 stores in 20 countries, with more Staff 2,714 than half its revenue now generated from its international operations. Location East London

Ever popular with its Asian customers, 133 of its 219 shops are 218 Cath Kidston Lifestyle retailer based in this part of the world

FYE Mar 17 Cath Kidston’s range of homeware, bags and clothing in Latest sales £129.2m distinctive signature prints are favourites with Asian customers; and 133 of the retailer’s 219 shops are in Asia. Last year, chief Prior sales £119.7m executive Kenny Wilson, 51, led a buyout backed by Baring Profit £6.8m Private Equity valuing the group at £250m. The lifestyle retailer Staff 847 plans to open an additional 10 Japanese stores in the next year, as well as to improve its e-commerce operation, with 35% of Location West London customers now choosing to buy online. * Pro-forma, draft, or not yet filed at Companies House † Annualised sales

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders 1 McLaren Automotive Bahrain Mumtalakat Holding Company (57%), Woking, Surrey Dec 16 649.8 44% 65.8 179% 1,606 [19] Sports & supercar maker TAG Group (12%), other investors (31%) 2 IM Group Coleshill, nr. Dec 16 626.9 10% 96.0 -17% 460 Lord Edmiston (100%) [7] Car distributor Birmingham City Facilities Management Lord William, Lady Susan & Kenny 3 Glasgow Dec 16 617.7 33% 15.4 115% 11,844 Facilities maintenance provider Haughey (99%), others (1%) Telereal Trillium 4 Central London Mar 17 *616.2 -6% *189.2 67% 270 Pears family & management (100%) Property investor & developer Murphy 5 Central London Dec 16 *613.9 -2% *15.4 512% 3,206 Murphy family (100%) Civil engineering contractor 6 Harwoods West Sussex Dec 16 612.6 11% 12.7 -16% 864 Guy Harwood & family (100%) [11] Car dealer Holland & Barrett LetterOne (>50%), 7 Warwickshire Sep 16 612.0 7% 150.0 13% 6,726 Health food & supplements retailer management (<50%) 8 Travelodge Institutional investors (>50%), Oxfordshire Dec 16 597.8 7% 61.0 -3% 10,350 [10] Budget hotel operator management (<50%) Aston Martin Institutional investors (>50%), 9 Warwickshire Dec 16 593.5 16% 16.4 n.a% 1,609 Sports car maker management (<50%) 10 CALA Group Legal & General & Patron Haut LP Edinburgh Jun 16 587.1 15% 83.7 15% 810 [15] Housebuilder (93%), management (7%) 11 Helston Garages David & Betty Carr (90%), Cornwall Dec 16 586.0 13% 15.4 -11% 1,033 [14] Car dealer Andy Barrett (10%) BGL Group Family trusts (90.5%), 12 Peterborough Jun 17 *585.2 1% *129.5 24% 2,667 Insurance/price comparison provider management (9.5%) LCC Group 13 Co Tyrone Sep 16 584.7 8% 21.0 44% 233 Loughran family (100%) Energy distributor 14 Robertson Stirling Mar 17 *579.0 32% *25.1 30% 1,943 Robertson family (100%) [21] Construction services provider Betfred 15 Warrington Sep 16 578.7 10% 40.0 458% 6,124 Fred & Peter Done & family (100%) Bookmaker GRAHAM Michael Graham (29%), Colin Graham (27%), Robin 16 Co Down Mar 17 565.9 11% 15.9 -6% 1,844 Construction contractor Graham (26%), Alan Bill (9%), Andrew Bill (9%) 17 Miller Homes Bridgepoint (55%), Shackleton Capital Partners Edinburgh Dec 16 565.3 8% 99.0 31% 740 [13] Housebuilder (22%), Lloyds Banking Group (9%), others (14%) 18 Southall Travel Kuljinder Bahia (54%), Raybon (28%) West London Mar 17 *564.3 15% *22.2 4% 43 [17] Travel agency & tour operator & Geomex Holding (18%) 19 Car Giant West London Dec 15 552.3 19% 50.7 27% 740 Geoffrey Warren (100%) [18] Car dealer Eastern Western Motor Group 20 West Lothian Dec 16 550.0 8% 11.5 6% 1,129 Douglas Brown (100%) Car dealer Careys John Carey (40%), Patrick Carey 21 Wembley Mar 17 549.2 28% 20.0 10% 1,463 Specialist construction (30%), Thomas Carey (30%) 22 Virgin Active Brait (80%), Central London Dec 16 535.0 9% 53.9 2% 12,555 [1] Health club operator Sir Richard Branson (20%) West Retail Group North 23 Dec 16 524.4 18% 11.9 53% 3,302 VIDA Capital Partners (100%) Kitchens/electronics retailer Lincolnshire CP Holdings 24 Watford Dec 16 524.2 12% 26.7 9% 7,285 Schreier family trusts (100%) Conglomerate Karro Food Group CapVest (>50%), 25 North Yorkshire Dec 16 †514.8 12% †22.8 17% 3,780 Pork processor management (<50%)

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders 26 The Hut Group Founders & management (40%), private Cheshire Dec 16 501.4 50% 30.4 67% 1,833 [40} Online retailer equity consortium & others (60%) NG Bailey 27 West Yorkshire Feb 17 500.3 23% 12.0 100% 2,776 Bailey family (100%) Mechanical, electrical contractor James Hall & Co 28 Preston Mar 16 485.7 -1% 10.3 22% 2,622 Hall family (100%) Grocery wholesaler 29 Turner & Townsend Vincent Clancy (6%), other Leeds Apr 17 *†482.2 18% *†45.6 18% 4,674 [26] Construction consultancy members of staff (94%) 30 ED & F Man Employees (65%), Central London Sep 16 481.1 50% 126.9 73% 6,885 [44] Commodities & logistics manager Südzucker AG (35%) 31 Dick Lovett Companies Swindon Dec 16 475.5 18% 9.5 -2% 717 Peter Lovett (100%) [28] Car dealer Winvic Construction David Ward (27%), Simon Girardier 32 Northampton Jan 17 *462.0 11% *28.7 32% 175 Construction contractor (27%), Simon Hunt (27%), others (19%) 33 Glyn Hopkin Glyn Hopkin (61%), Romford Dec 16 455.6 9% 10.0 13% 850 [24] Car dealer other management (39%) 34 Almac Co Armagh Sep 16 447.2 14% 27.1 -7% 3,975 McClay Foundation (100%) [31] Pharmaceuticals manufacturer 35 Hyperion Insurance Group Management & staff (65%), Central London Sep 16 433.9 45% 65.3 95% 3,587 [52] Insurance broker & underwriter General Atlantic (35%) 36 Parkdean Resorts Newcastle upon Onex Corp + co investors (80%), Dec 16 431.5 9% 82.1 21% 5,248 [29] Holiday parks operator Tyne management & others (<20%) Buckingham Group Contracting Paul Wheeler & family (50%), Kevin Underwood (14%), 37 Stowe, Bucks Dec 16 408.3 3% 13.0 81% 427 Civil engineering contractor Michael Kempley (14%), Timothy Brown (14%), others (8%) 38 Lush Mark Constantine (38%), Mo Constantine Poole Jun 16 394.9 21% 16.5 33% 7,498 [43] Cosmetics manufacturer & retailer (24%), Andrew Gerrie (22%), others (16%) 39 telent Warwick Mar 17 391.5 -1% 24.5 12% 1,805 Tusk Investments (100%) [30] Infrastructure services provider 40 Tennants Consolidated Alexander family (78%), Central London Dec 16 387.3 4% 29.8 25% 1,185 [36] Chemicals conglomerate others (22%) Waterstones A&NN Capital Fund Management 41 Central London Apr 16 †387.3 2% †18.7 258% 2,922 Book retailer (100%) 42 Zenith Bridgepoint (>50%), Leeds Mar 16 383.0 16% 30.2 51% 497 [33] Vehicle contract hire & leasing management (<50%) Exterion Media Platinum Equity (>50%), 43 Central London Dec 16 381.3 8% 14.7 -41% 890 Outdoor advertiser management (<50%) 44 Robinsons Motor Group Robinson family (90%), Norwich Dec 16 *378.2 11% *8.9 19% 670 [38] Car dealer management (10%) 45 Keltbray Group Surrey Oct 16 369.4 36% 24.2 109% 1,323 Brendan Kerr & family trust (100%) [62] Specialist engineering contractor Avant Homes Alchemy Special Opportunities, Angelo 46 Chesterfield Apr 17 369.0 45% 45.0 107% 588 Housebuilder Gordon & Avenue Capital (100%) 47 Hill Waltham Abbey, Hill family (95.5%), employee trust Dec 16 367.3 21% 36.0 17% 381 [51] Housebuilder Essex & management (4.5%) 48 Sky Betting and Gaming CVC Capital Partners (80%), Leeds Jun 16 *363.6 47% n.a. n.a. 818 [74] Bookmaker Sky plc (20%) 49 Day Lewis Croydon Mar 17 *362.7 18% *21.1 7% 2,388 Patel family (100%) [50] Pharmaceuticals retailer 50 AvailableCar Castle Dec 16 340.8 21% 7.7 -9% 717 Graham & Alison Bell (100%) [58] Car dealer Donington

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders 51 Study Group Providence Equity Partners, Bromlee Central London Dec 16 *340.3 11% *16.6 -27% 3,325 [47] Education service provider Superannuation Pty, management David Lloyd Leisure TDR Capital (>50%), 52 Hertfordshire Jan 16 335.5 21% 43.9 1% 4,161 Health club operator management (<50%) Dorchester Collection 53 Central London Dec 15 335.5 12% 24.3 1748% 3,082 Brunei Investment Agency (100%) Luxury hotel operator 54 Westover Group Bournemouth Dec 16 333.0 19% 7.9 26% 806 Peter Wood & family trust (100%) [59] Car dealer 55 Kurt Geiger Cinven (>50%), Central London Dec 16 *330.0 13% *‡33.9 11% 2,291 [55] Shoe retailer management (<50%) Chelsea Football Club Southwest 56 Jun 16 329.1 5% 24.9 340% 785 Roman Abramovich (100%) Football club London 57 Caffè Nero Paladin Partners, Gerry Ford, Central London May 17 *328.9 10% *26.2 3% 5,500 [63] Coffee house operator employees 58 Nisbets Andrew Nisbet (96%), Bristol Dec 16 328.3 26% 36.1 25% 1,643 [66] Catering equipment supplier management (4%) Turners (Soham) 59 Newmarket Dec 16 322.6 26% 27.6 16% 2,979 Paul Day (60%), Winifred Day (40%) Distribution & warehousing 60 William Jackson Food Group Jackson (Oughtred) family (89%), East Yorkshire Apr 16 315.3 14% 18.3 4% 2,094 [60] Food producer former employees (11%) The Little Group Jonathan Little (30%), Andrew Little (30%), 61 Eastbourne Feb 17 306.1 30% 17.2 120% 1,207 Book, film & music wholesaler Yvette Stafford (30%), Alan & Jean Little (10%) 62 Randall Parker Food Group Ron Randall & family (67%), Northamptonshire Sep 16 *303.3 0% *6.4 15% 830 [133] Meat distributor W & J Parker (33%) 63 LGC Southwest Mar 17 *302.7 22% *53.2 9% 2,613 KKR (>50%), management (<50%) [109] Life science tools provider London 64 Fairview North London Dec 16 298.1 67% 76.7 60% 218 Employee benefit trust (100%) [145] Housebuilder 65 Baxters Audrey Baxter (38%), Andrew Baxter (25%), Baxter family Moray Firth Apr 16 †293.8 30% †17.6 51% 1,539 [93] Food producer trust (18%), Catherine Baxter (18%), James Baxter (1%) Soho House Yucaipa Companies (60%), Richard 66 Central London Jan 17 *293.4 5% *‡31.7 25% 4,046 Private members' clubs Caring (30%), Nick Jones (10%) 67 JRL Group John Reddington (34%), Peter Hertfordshire Dec 16 288.5 15% 17.5 213% 706 [71] Construction contractor Moran (33%), Kevin Keegan (33%) RG Carter 68 Norwich Dec 16 286.4 7% 6.7 26% 1,116 Robert Carter & family (100%) Building contractor 69 MKM Building Supplies Hull Sep 16 284.3 13% 20.8 33% 1,023 Management, Bain Capital [70] Builders' merchant 70 Morris Group Management (62%), Quayle Munro Cheshire Mar 17 283.7 6% 50.3 20% 249 [63] Housebuilder (23%), GSO (15%) 71 CNG Jacqui Hall (25.01%), Chris England (25.01%), Harrogate Apr 16 282.4 17% 10.9 22% 114 [76] Gas & electricity supplier other management & employees (49.98%) 72 Voicevale Edgeware, Roby Danon (76%), Toyota Tsusho Dec 16 280.5 7% 10.9 28% 85 [65] Dried foods importer Middlesex Corporation (24%) 73 Oak Furniture Land Swindon Sep 16 279.7 17% 15.9 89% 1,175 Jason Bannister (100%) [81] Furniture retailer 74 Wrights Group Ballymena, Co Dec 15 276.1 16% 13.6 5% 1,745 Jeffrey Wright (100%) [83] Bus manufacturer Antrim 75 Yeo Valley Somerset May 16 273.2 -4% 11.9 66% 1,709 Mead family (100%) [57] Yoghurt & dairy maker

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

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders 76 Hatfields Wakefield Jan 17 270.1 30% 10.9 61% 440 Williams family (100%) [113] Car dealer 77 Dreams Sun Capital (94%), High Wycombe Dec 16 269.5 19% 32.6 119% 1,734 [95] Bed manufacturer & retailer management (6%) 78 Civica Southwest Partners Group (>50%), Sep 16 267.7 14% 12.4 3% 2,912 [87] Software & IT services London management (<50%) 79 Resource Solutions Group Keith Dawe (89%), Sanderson Computer Recruitment Bristol Jun 16 267.0 12% 12.8 10% 222 [82] Recruitment consultancy Executive Scheme (10%), Joanna Dawe (1%) HH Global Robert MacMillan (60%), 80 Leatherhead Mar 17 266.8 32% 11.2 92% 827 Marketing services provider Sanne Trust (25%), others (15%) 81 Arora Group West London Mar 17 *260.0 48% *115.0 206% 2,000 Surinder Arora (100%) [154] Hotel operator 82 Whitworth Bros Wellingborough Mar 17 258.7 24% 10.6 21% 520 Martin George & family (100%) [111] Flour miller AllSaints 83 East London Jan 16 252.5 9% 16.6 82% 2,714 Lion Capital (100%) Fashion retailer 84 FM Conway Michael Conway (95%), Sevenoaks, Kent Mar 17 *252.5 2% *24.7 34% 1,360 [72] Infrastructure services provider Kim Conway (5%) 85 The Swift Group Management (59%), East Yorkshire Aug 16 252.0 19% 17.5 104% 1,088 [107] Caravan & motorhome manufacturer Smith family (33%), others (8%) 86 Busy Bees Ontario teachers Pension Plan Staffordshire Dec 16 249.0 15% 11.9 -23% 7,585 [100] Nurseries operator (80%), management (20%) 87 O'Halloran & O'Brien Surrey Mar 17 247.8 21% 21.6 19% 139 O'Brien Family (100%) [116] Construction contractor 88 Marex Spectron JRJ Group (>50%), Central London Dec 16 244.6 7% 19.5 31% 500 [92] Commodities & futures broker management (<50%) 89 Martin-Baker James Martin (18%), John Martin Nr. Uxbridge Mar 16 241.6 4% 67.4 11% 870 [89] Ejection seat manufacturer (16%), Martin family (66%) 90 The Emerson Group Cheshire Apr 17 *240.3 -1% *85.0 13% 606 Jones family trusts (100%) [80] Builder, property developer 91 Norbrook Laboratories The Lord Ballyedmond family trust Co Down Jul 16 238.7 11% 38.5 13% 2,224 [102] Pharmaceuticals manufacturer (100%) Addo Food Group 92 Nottingham Mar 16 236.4 49% 10.4 74% 2,564 LDC (>50%), management (<50%) Food producer 93 ProCam Europe Tony White (67%), Ian Beswick (18%), Chris Cambridgeshire Dec 16 235.7 9% 6.7 -13% 544 [99] Crop protection specialist Butt (11%), White discretionary trust (4%) 94 T.O.M. Vehicle Rental North Equistone Partners Europe (>50%), Mar 17 *235.5 9% *16.1 14% 574 [106] Commercial vehicle hire Lanarkshire Rafferty family & management (<50%) 95 Encon Stuart Moore (73%), West Yorkshire Jul 17 *230.0 3% *12.0 11% 600 [94] Insulation distributor management (27%) 96 Wagamama Duke Street Capital & Hutton Collins (69%, Duke Street Central London Apr 16 229.9 19% 17.7 62% 4,483 [90] Noodle bar operator majority partner), management & other shareholders (31%) 97 Kingsland Drinks Manchester Jun 16 229.1 41% 4.9 29% 329 Management (100%) [166] Alcoholic drinks distributor 98 LA International Paul Luckic (93%), Stoke-on-Trent Jun 17 *228.2 9% *12.2 14% 106 [108] IT recruitment consultancy other management (7%) 99 FP McCann Londonderry Dec 16 227.0 24% 19.6 41% 1,319 McCann family (100%) [138] Civil engineering contractor Ambassador Theatre Group Providence Equity Partners (> 50%), 100 Woking, Surrey Mar 16 226.4 23% 14.1 -33% 3,860 Theatre operator Exponent (18%), management (< 32%)

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders Maritime Group 101 Suffolk Dec 16 226.1 14% 10.7 5% 2,036 John Williams (100%) Container transport & logistics Lagan Construction Group 102 Belfast Mar 16 225.6 12% 6.8 119% 527 The Lagan family (100%) Builder & civil engineer HKS Retail 103 Leicester May 17 *225.0 43% *6.5 71% 653 Thakrar family (100%) Fuel forecourt operator Fat Face Bridgepoint (65%), founders & 104 Hampshire May 16 220.7 7% 23.7 15% 2,814 Clothing retailer management (35%) Lucy Group 105 Oxford Dec 15 217.1 35% 15.7 -22% 1,322 Dick Family (100%) Electrical control technology LWC Robin Gray (88%), 106 Manchester Sep 16 215.3 16% 10.3 18% 669 Drinks distributor Ebrahim Mukadam (12%) 107 Together Cheshire Jun 16 215.2 27% 104.1 27% 424 Henry Moser (100%) [163] Specialist lender 108 Element Bridgepoint (>50%), Central London Dec 16 212.8 18% 47.2 57% 1,832 [144] Testing & certification services provider management (<50%) 109 Charles Tyrwhitt Nick Wheeler & family (95%), Central London Jul 17 *211.5 12% *‡12.3 -19% 1,048 [135] Clothing retailer Peter Higgins (5%) 110 DCS Group (UK) Denys Shortt (85%), Lydia Shortt (5%), Banbury Dec 16 *211.0 14% *5.0 -2% 298 [134] Toiletry products distributor Charles Shortt (5%), Deborah Shortt (5%) 111 Imagination Gary Withers, founder & chairman, Central London Aug 16 210.4 -2% 7.1 14% 675 [104] Creative agency other management & employees (100%) 112 QA CVC Capital (85%), Central London Jun 17 *†210.1 18% *†37.9 32% 1,778 [148] Training & education provider management (15%) 113 TGI Friday's Electra Private Equity (78%), Luton Jan 17 †207.0 9% †20.6 1% 5,239 [125] Restaurant operator Sentinel (5%), management (17%) Seddon Solutions Jonathan Seddon (34%), Nicola 114 Bolton Dec 16 204.8 20% 5.2 93% 720 Housebuilding & construction Hodkinson (33%), James Seddon (33%) Matchesfashion.com Apax Partners (>50%), 115 Central London Jan 17 203.7 61% 15.9 1526% 527 Luxury fashion retailer management (<50%) 116 Timpson Manchester Oct 16 †201.3 3% †19.0 33% 3,774 John Timpson & family trusts (100%) [124] Retail services provider 117 Callcredit Information Group GTCR & co-investors (75%), Leeds Dec 16 *201.0 18% *41.8 52% 1,177 [156] Consumer data analyst management (25%) 118 Lexon Sodha family (77%), Redditch Apr 16 200.0 34% 13.3 62% 820 [184] Pharmaceuticals supplier Sonpal family (23%) 119 Yeomans Worthing Dec 16 199.1 9% 4.5 -25% 401 Smith family (100%) [140] Car dealer 120 Symphony Barnsley Dec 16 199.0 9% 19.6 57% 1,569 Douglas Gregory (100%) [139] Furniture supplier 121 Lanes Group Wayne Earnshaw (47%), Leeds Jul 17 197.0 19% 7.7 -5% 2,084 [218] Wastewater services provider management & other (53%) Rocco Forte Hotels Sir Rocco Forte, family & trusts (75%), CDP 122 Central London Apr 17 193.8 12% 16.4 1% 2,240 Luxury hotel owner & manager Equity (23%), third-party investors (2%) Sabre BC European Capital (72%), Angus 123 Surrey Dec 16 191.3 22% 65.6 47% 153 Insurance underwriter Ball (19%), other management (9%) CH&Co Group Management (>60%), 124 Reading Dec 16 191.2 13% 6.4 n.a% 4,688 Catering group MML Capital (<40%) 125 Travel Counsellors Equistone Partners (>50%), Speakman Manchester Oct 16 188.3 16% 12.1 11% 284 [162] Travel services provider family & management (<50%)

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

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders

Converse Pharma Andrew Wilson (40%), Mark Gulliford (40%), 126 Doncaster Mar 16 187.0 13% 4.1 0% 495 Pharmaceuticals distributor Mawdsleys Group Investments (20%) Michael J Lonsdale Michael Hoodless (60%), 127 Slough Sep 16 186.9 9% 6.5 232% 154 Engineering contractor Gary Herbert (40%) 128 Control Risks Management, employees & Central London Mar 16 186.5 1% 10.9 20% 2,544 [132] Risk management consultancy ex-employees (100%) 129 Howarth Timber Leeds Mar 17 186.3 10% 10.1 8% 980 Howard family (100%) [158] Builders' merchant 130 Brett Group Canterbury Dec 16 184.8 2% 11.0 14% 711 Brett family & trusts (100%) [143] Building materials supplier 131 Mountain Warehouse Mark Neale (85%), Central London Feb 17 *184.8 31% *17.6 39% 1,850 [193] Outdoor clothing brand management (15%) 132 The White Company Chrissie Rucker (99%), Central London Mar 16 184.3 13% 17.3 51% 1,437 [136] Lifestyle retailer Nick Wheeler (1%) 133 Steven Eagell Steven Eagell (85%), Milton Keynes Dec 16 *183.0 27% *4.0 6% 458 [100] Car dealer management (15%) Southampton Football Club Gao Jisheng (80%), 134 Southampton Jun 17 *182.7 47% *34.8 172% 388 Football club Katharina Liebherr (20%) United Living 135 Kent Mar 17 180.7 -18% 8.8 90% 506 LDC (68%), management (32%) Building contractor 136 The Car People Carnell family (76%), Wakefield Apr 16 178.7 6% 6.5 19% 440 [152] Car dealer other management (24%) 137 Acorn Stairlifts West Yorkshire Sep 16 177.2 19% 18.9 11% 1,307 John Jakes (100%) [183] Stairlift manufacturer 138 Peninsula Manchester Mar 17 *177.2 32% *24.8 77% 2,148 Fred & Peter Done (100%) [207] Employment law consultancy Ethigen 139 East Kilbride May 16 176.6 14% 4.0 9% 261 Andrea Kelly (50%), Nigel Kelly (50%) Pharmaceuticals supplier 140 Country Style Foods Leeds Apr 16 175.8 10% 8.0 10% 1,866 Wood family (100%) [169] Baker John Grose Ian Twinley (31%), John Grose (20%), 141 Ipswich Dec 16 175.7 12% 3.6 12% 404 Motor dealer Allison Twinley (20%), other family (29%) 142 GAP Group Douglas Anderson (37.5%), Iain Anderson (37.5%), Glasgow Mar 17 175.0 11% 20.0 9% 1,566 [170] Plant & tool hire Maureen Smith (20%), other family & management (5%) Big Motoring World Pete Waddell (80%), Trustees of 143 Addington, Kent Feb 16 174.6 26% 7.2 26% 171 Car dealer Jack Waddell estate (20%) Story Homes 144 Carlisle Mar 17 173.8 44% 26.2 18% 354 Story family (94.5%), others (5.5%) Housebuilder 145 GRS Roadstone Group Management (75%), Nuneaton Dec 16 173.6 38% 6.5 -8% 369 [205] Aggregate distributor & waste removal Tarmac Trading (25%) 146 Audley Travel Oxfordshire Dec 16 173.5 14% 20.6 9% 402 3i (>50%), management (<50%) [178] Tour operator Bridgetown Holdings 147 Birmingham May 16 173.2 27% 18.1 32% 90 John Kelly (51%), Martin Kelly (49%) Civil engineer & plant hire 148 John Cotton Group West Yorkshire Mar 16 171.9 7% 15.0 17% 1,158 Cotton family (100%) [168] Bedding & bed-fillings manufacturer Berry Bros. & Rudd 149 Central London Mar 17 *170.5 16% *6.3 170% 352 Rudd & Berry families (100%) Wine & spirit merchant 150 Hadleigh Timber Group Blythe Bridge, Hadleigh PVT Ltd (80%), Dec 16 169.4 9% 11.4 35% 345 [173] Wood panel distributor Stoke-on-Trent Chris Rudd (20%)

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders

Pitch International Paul McGrath (38%), Jonathan Owen 151 West London Mar 16 168.8 26% 14.8 3% 51 Sports marketing agency (37%), Hans Duikersloot (25%) GreenTech Distribution Richard Crawley (50%), 152 High Wycombe Feb 17 168.4 162% 4.4 58% 28 Mobile phone recycler & distributor Lucky Anand (50%) 153 Wain Group Carrington, Jun 16 168.0 10% 40.6 5% 223 Bill & Will Ainscough (100%) [177] Housebuilder Manchester Croudace Homes 154 Surrey Dec 16 167.9 20% 19.9 15% 266 Brotherton-Ratcliffe family (100%) Housebuilder RJ McLeod Clarke family (48%), management 155 Glasgow Nov 16 165.7 42% 17.0 41% 459 Building contractor (14%), others (38%) 156 James Walker Walker family (70%), John Campbell West Lothian Mar 17 *164.6 9% *13.5 10% 640 [181] Timber merchant (24%), employees (6%) 157 Edinburgh Airport Global Infrastructure Partners Edinburgh Dec 16 164.1 13% 61.6 37% 602 [187] Airport operator (>50%), management (<50%) Click Travel Simon McLean (53%), 158 Birmingham Mar 17 *164.0 36% *3.4 0% 176 Corporate travel management James McLean (40%), others (7%) Morrisroe Group Borehamwood, 159 Oct 16 162.8 42% 14.2 44% 177 Brian Morrisroe (100%) Groundworks & construction Herts 160 Belfield Furnishings NorthEdge (>60%), Derbyshire Dec 16 *161.9 22% *8.4 38% 1,888 [211] Furniture & furnishings manufacturer management (<40%) Myriad Healthcare Paul Jeffery (60%), Craig Griffin (15%), 161 Colchester Mar 16 161.5 6% 5.8 407% 5,828 Care home operator Helena Jeffery (15%), others (10%) Brewers 162 Eastbourne Dec 16 161.3 1% 7.9 14% 1,124 Brewer family (100%) Decorating materials retailer Sun Mark 163 West London Aug 16 161.1 15% 6.3 171% 73 Ranger family (100%) Consumer products wholesaler Ridgeons 164 Cambridge Dec 16 160.3 10% 4.9 1% 841 Ridgeon family (99%), others (1%) Timber & builders' merchant 165 PureGym Leeds Dec 16 159.9 28% 15.4 14% 676 CCMP (>50%), management (<50%) [225] Gym operator Fourfront Group Clive Lucking (22%), Aki Stamatis (19%), 166 Surrey Apr 16 158.6 35% 5.3 24% 263 Workplace consultants James Cornwell (9%), others (50%) Endava Management & staff (72%), 167 Central London Jun 17 *158.5 37% *22.0 10% 3,471 IT services provider others (28%) 168 Colt O'Hea family (78%), Hampshire Dec 16 158.2 12% 7.5 9% 994 [192] Ventilation systems provider Colt Foundation (22%) 169 Spark Energy Limerston Capital (>50%), Selkirk Jun 17 *158.0 25% *7.0 21% 400 [244] Energy supplier management (<50%) Richard Hochfeld Borough Green, Alan Guindi (40%), Jonathan Jones 170 Jun 16 157.7 31% 3.2 438% 46 Fruit importer & distributor Kent (40%), Christian Guindi (20%) Richer Sounds Julian Richer (95%), 171 Central London Apr 16 154.8 4% 6.5 37% 508 Audio-visual retailer Rosie Richer (5%) 172 Advance Construction Group Bellshill, North Seamus Shields (50%), Mar 16 154.7 16% 7.9 -3% 1,134 [209] Construction services provider Lanarkshire Daniella Shields (50%) 173 Weston Group Bob Weston (40%), management & Essex Jul 16 154.1 11% 17.2 8% 346 [197] Housebuilder others (60%) Dobbies Garden Centres Lasswade, Midlothian Capital Partners & Hattington 174 Mar 16 153.7 2% 9.9 13% 2,766 Garden centre operator Midlothian Capital (>50%), management (<50%) St Austell Brewery Hicks family, management & 175 Cornwall Dec 16 153.2 14% 14.0 5% 1,381 Brewery, pub-owner & hotelier employees (100%)

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016 Activity HQ location end £m growth £m growth Staff Main shareholders 176 CCS Media Robert Tomlinson (80%), Alan Chesterfield Dec 16 153.0 24% 4.1 58% 380 [230] IT & services reseller Honarmand (10%), Terry Betts (10%) 177 Trainline Central London Feb 17 *152.8 14% *17.7 45% 450 KKR (>50%), management (<50%) [245] Train ticket retailer 178 Claranet Nasser family (>50%), Central London Jun 16 152.5 14% 13.4 14% 980 [120] IT services provider other shareholders (<50%) Tangerine Confectionery 179 Pontefract Dec 15 151.9 -1% 13.2 46% 1,499 Blackstone (75%), management (25%) Confectionery manufacturer AESSEAL 180 Rotherham Dec 16 151.7 6% 20.7 14% 1,656 Christopher Rea (57%), 3i (43%) Seal manufacturer 181 Natures Way Foods Langmead family (88%), West Sussex Apr 16 †151.7 11% †10.0 66% 1,206 [201] Fresh salad producer Susan Barratt (5%), others (7%) 182 The Works Coleshill, nr. Endless (>50%), Dean Hoyle (>30%), May 16 †151.5 7% †9.0 31% 1,259 [179] Value retailer Birmingham management (<20%) 183 John Guest West London Dec 16 150.4 11% 31.1 28% 1,276 Guest family (100%) [219] Tubing & pipe manufacturer 184 Tusker ECI Partners (76%), Watford Dec 16 150.4 21% 3.6 -51% 155 [216] Car benefit specialists management (24%) Erith Group 185 Erith, Kent Sep 16 150.0 31% 10.0 45% 472 Darsey family & trusts (100%) Demolition contractor Principle Management, incl Richard 186 Huddersfield Dec 16 149.5 51% 15.1 174% 454 Brand implementation agency Butterfield (100%) Medequip Assistive Technology A Siddall (40%), Jeremy Siddall (18%), Peter 187 Middlesex Dec 16 149.3 16% 5.2 -18% 631 Homecare medical equipment supplier Siddall (18%), Clive Siddall (11%), others (13%) Caddick Group 188 West Yorkshire Aug 16 147.5 60% 20.0 449% 447 Paul Caddick (100%) Civil engineer & property developer 189 Willerby Equistone Partners (75%), Hull Oct 16 147.1 20% 9.9 60% 925 [234] Mobile home maker management (25%) Footasylum Makin family (90%), John Wardle & 190 Rochdale Feb 17 *147.0 33% *8.4 131% 1,075 Footwear & fashion retailer David Makin (10%) 191 WP Group David Fairchild & management (52%), Southampton Dec 16 146.5 3% 3.7 22% 145 [191] Fuel & lubricant distributor Barry Fairchild (24%), Sylvia Fairchild (24%) Buy It Direct Nick Glynne & family (88%), 192 Huddersfield Mar 17 *146.0 21% *2.9 12% 276 Laptop & appliance reseller Simon Barnett (12%) Birmingham Airport West Midland District Councils (49%), Airport 193 Birmingham Mar 17 145.8 12% 46.3 23% 703 Airport operator Group Investments Ltd (48%), airport staff (3%) 194 Reiss Warburg Pincus (>50%), Central London Jan 16 145.2 13% 19.8 46% 1,401 [188] Fashion retailer David Reiss & family (<50%) Notemachine Corsair Capital (>50%), 195 Powys Jun 16 142.7 31% 26.3 55% 987 Cash machine operator management (<50%) 196 Argus Media General Atlantic (>50%), Central London Jun 16 141.9 14% 43.1 33% 757 [227] Energy information provider management & others (<50%) Walkers Shortbread 197 Banffshire Dec 15 139.4 2% 12.0 16% 1,463 Walker family (100%) Shortbread & biscuit maker Clarion Events Blackstone (>50%), 198 West London Jan 16 139.1 56% 24.4 n.a% 614 Events organiser management (<50%) EBB Paper Jeremy Elliott (36%), Tim Elliott (36%), 199 Farnborough Dec 16 139.0 1% 3.4 33% 290 Paper & board merchant Elliott family (28%) Cartwright Group 200 Altrincham Mar 17 *138.6 11% *5.7 26% 891 Cartwright family (100%) Commercial vehicle body manufacturer

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders

Altro Letchworth Kahn family (53%), other 201 Dec 16 138.0 14% 11.3 3% 783 Safety flooring manufacturer Garden City management & family (47%) 202 Silentnight Group HIG Capital (75%), Lancashire Jan 16 137.5 10% 7.8 28% 1,018 [199] Bed manufacturer management (25%) 203 Castle View Stirling Mar 16 137.1 14% 9.9 74% 4,746 Martin Bell (95%), Caroline Bell (5%) [239] Leisure services manager The Right Fuelcard Company Rontec (45%), Jonathan Turner (41%), 204 Leeds Jun 16 136.9 -1% 3.3 44% 62 Fuel card provider Liz Slater (14%) E W Beard 205 Swindon Dec 16 136.9 23% 4.3 49% 276 Beard family (100%) Construction contractor Stepnell 206 Rugby Mar 16 136.7 23% 3.2 13% 422 Wakeford family (100%) Civil engineer 207 James Donaldson Group Donaldson family (85%), Fife Mar 17 136.6 7% 7.5 23% 694 [220] Timber merchant employees (15%) 208 Riviera Travel Phoenix Equity Partners (58%), Burton-on-Trent Nov 16 136.5 8% 15.1 11% 121 [222] Tour operator management (42%) Regatta 209 Manchester Jan 16 134.8 6% 6.8 57% 712 Black family (100%) Outdoor clothing distributor Bayford 210 West Yorkshire Jun 16 133.7 10% 3.2 39% 58 Jonathan Turner (100%) Conglomerate 211 Moneycorp Bridgepoint (>50%), Central London Dec 16 132.6 9% 17.3 38% 788 [235] International payment services management (<50%) Wilson James Mark Dobson (56%), Gary Sullivan 212 Essex Jul 17 *132.5 10% *3.8 48% 3,227 Security & facilities manager (28%), Stuart Lowden (15%), others (1%) Park Holidays Intermediate Capital Group (>50%), 213 Bexhill-On-Sea Dec 16 131.5 14% 22.8 12% 909 Caravan park operator management (<50%) Adam Smith International Management (51%), 214 Central London Dec 15 131.4 16% 14.2 -8% 187 Government reform consultancy other individuals (49%) Churchill Contract Services Joel Briggs (29%), Philip Moxom (29%), Caroline Briggs 215 Hertfordshire Jun 17 *131.0 11% *5.4 6% 11,987 Facilities services provider (18%), Sarah Moxom (18%), Employee benefit trust (6%) Allied Vehicles 216 Glasgow Apr 17 *130.8 8% *7.5 26% 615 Facenna family (98%), others (2%) Adapted vehicle distributor Grange Hotels 217 Central London Mar 16 130.4 4% 42.8 22% 1,560 Matharu family (100%) Hotelier Cath Kidston Baring Private Equity Asia, 218 West London Mar 17 129.2 8% 6.8 561% 847 Lifestyle retailer Cath Kidston, management Optal Management (45%), 219 Central London Dec 16 *129.1 119% *9.8 31% 38 Payment services provider other investors (55%) Scottish Leather Group Bridge of Weir, Muirhead & Lang families (95%), 220 Mar 16 128.6 -8% 8.1 203% 599 Leather manufacturer Renfrewshire employees (5%) 221 CLC Group Southampton Dec 16 128.5 6% 10.2 16% 1,043 Hilbre Holdings Limited [237] Painting & maintenance contractor 222 Scott Group John Scott (76%), Dunfermline Dec 16 *128.3 10% *5.5 22% 997 [246] Industrial supplier Norman Scott (24%) Hopkins Homes James Hopkins (93%), 223 Suffolk Apr 16 128.1 34% 28.0 23% 136 Housebuilder Selina Hopkins (7%) Lindum Group Chambers family (54%), 224 Lincoln Nov 16 127.9 16% 4.4 51% 590 Construction services provider management & employees (46%) Hadley Group Smethwick, 225 Apr 17 *127.7 16% *11.3 22% 594 Towe family (100%) Rolled metal manufacturer Birmingham

* Supplied by the company † Annualised figure

2017 TOP TRACK 250 LEAGUE TABLE

Rank Company Year Sales Sales OP OP [2016] Activity HQ location end £m growth £m growth Staff Main shareholders Frank Recruitment Group Newcastle upon 226 Nov 16 126.5 33% 15.5 13% 815 TPG (70%), management (30%) IT recruitment consultancy Tyne 227 Ecotricity Gloucestershire Apr 16 126.5 15% 6.7 -9% 627 Dale Vince (100%) [212] Green energy supplier Firmdale Hotels Tim & Kit Kemp (96%), 228 Central London Jan 17 125.8 7% 15.3 135% 1,461 Hotelier Midana Ltd (4%) McGee Group Brian McGee & family (94%), 229 Wembley Nov 16 125.0 24% 9.3 23% 450 Demolition contractor Paul Hickey (6%) 230 Gray & Adams James Gray Jnr (43%), Peter Gray (43%), Aberdeenshire Apr 16 124.9 0% 8.1 23% 682 [226] Trailer & vehicle manufacturer Marie Gray (14%) Global Tea Structured International Investments Corp (59%), Ceres Investments 231 Central London Dec 15 123.3 24% 3.4 -16% 2,774 Tea & coffee trader (16%), Victoria Park Holidays (14%), Nadeen Ahmed (11%) 232 Stanmore Rajbir Manak (99%), Erith, Kent Mar 17 *123.3 14% *20.5 23% 216 [247] Specialist subcontractor Harbhajan Manak (1%) Branston James Dean (23%), Chris Howard (20%), 233 Lincoln Jul 16 123.2 23% 8.2 -10% 617 Potato packager James Truscott (10%), others (47%) NextPharma Technologies CapVest Partners (>50%), 234 Woking, Surrey Dec 16 122.7 15% 21.4 24% 959 Pharma/biotech manufacturer management (<50%) Ralawise.com 235 Flintshire Dec 16 122.7 17% 9.0 18% 527 Batson family (100%) Clothing distributor Newship Southwest J W Newman & family (95%), 236 Dec 15 122.0 12% 5.7 64% 528 Conglomerate London others (5%) 237 Crown Oil Bury Aug 16 122.0 -4% 6.1 29% 224 Greensmith family (100%) [221] Fuel & lubricant distributor Millennium Group Panna Mashru (90%), 238 Essex May 16 121.9 -6% 5.6 53% 58 Food & drink distributor Rishi Lakhani (10%) Côte Restaurants BC Partners (>50%), 239 Central London Jul 16 121.5 15% 11.4 -26% 2,727 Restaurant operator management (<50%) Walters Group 240 Mid Glamorgan Feb 16 121.4 18% 24.6 48% 482 Trustees of the Walters family trust (100%) Civil engineering conglomerate Burnley Football Club Mike Garlick (49%), John 241 Burnley Jun 17 *120.0 200% *25.0 n.a% 220 Football club Banaszkiewicz (28%), others (23%) 242 Paperchase Products Primary Capital Partners (81%), Central London Jan 17 119.2 11% 4.9 42% 2,006 [241] Stationery & card retailer management (19%) C.J. O'Shea Group Northwest Anne O'Shea (50%), 243 Mar 16 †119.1 43% †4.8 -29% 168 Residential developer & contractor London Crohan O'Shea (50%) Lakesmere Group Winnall, 244 Jan 16 118.5 24% 3.6 43% 831 Management (100%) Roofing & cladding services Winchester Technetix Paul Broadhurst (70%), Duncan 245 West Sussex Dec 16 118.5 34% 4.8 120% 195 Telecoms equipment maker McIntyre (7%), others (23%) Runwood Homes 246 Essex Sep 16 117.4 11% 20.3 4% 4,488 Gordon Sanders (100%) Residential homes operator Archant Colman & Copeman families, 247 Norwich Dec 15 115.5 -5% 4.8 85% 1,459 Newspaper, magazine publisher management & former staff (100%) APS Group Nick Snelson (82%), 248 Cheshire Jan 17 114.0 -1% 4.5 1193% 779 Marketing services provider Erica Snelson (18%) 249 London City Airport Institutional investors (inc. Ontario Teachers’ pension fund, East London Dec 16 *113.7 7% *37.3 13% 516 [248] Airport operator AIMCo, OMERS & Wren House) (>50%), management (<50%) Apogee Corporation Southwest Equistone Private Equity (>50%), 250 Dec 16 112.7 9% 12.5 305% 424 Document handling services provider London management (<50%)

* Supplied by the company † Annualised figure

ONES TO WATCH Showcased 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.

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

Company HQ location Year Sales Profits Staff Founded Short profile end £m £m‡ This promoter of live entertainment such as West End AKA Group and Broadway shows grew sales to £80m in its latest Marketing communications Central London Mar 17 *80 *4 338 1995 year, 40% of which are generated overseas; it expects network further growth next year

This chain now has 80 restaurants on high streets Bill's Restaurants nationwide, with sales boosted 23% by the opening Central London Jul 16 111 8 2,909 2004 Restaurant operator of nine new sites last year; it expects sales to rise to £124m this year

This manufacturer helps people regain their mobility Blatchford after losing limbs, and expansion in the US and Prosthetics, orthotics Basingstoke Mar 16 75 6 781 1890 acquisitions in Norway helped sales grow 18% last year, manufacturer with further, strong growth expected

Its rugged mobile phones made under license from Bullitt Group brands like Caterpillar and Kodak are sold in more than Consumer electronics Reading Dec 16 100 -1 98 2009 60 countries, and sales leapt 54% last year; Exponent designer invested in September

Has built a distinctive brand in four years, and sales Deliveroo grew 611% last year to £129m. It remains heavily loss- Central London Dec 16 129 -141 1,049 2013 Online takeaway platform making but has raised £650m in venture capital and was valued at £1.5bn last month

After eight years of growth, this 60-strong restaurant Jamie's Italian chain saw sales fall in 2017 after it closed some sites; it Central London Jan 17 *113 *2 2,548 2008 Restaurant operator is planning to open 22 more overseas and a return to growth in 2018

Investment in its estate of 124 community pubs across McMullen's Brewery Hertfordshire and London, and in its food offering, have Hertford Oct 16 †78 †12 1,137 1827 Brewery & pub operator helped this family-owned brewery grow sales & boost profit margins, to 15%

Operating an extensive apprenticeship scheme, this SHB Hire family firm hires out 16,000+ vehicles, ranging from golf Hampshire Dec 16 87 12 658 1968 Vehicle hire & leasing buggies to 32-tonne trucks, and maintains 14% margins in competitive industry

Has grown overseas through 20+ acquisitions, with SLR projects including water-resilience testing for Coca-Cola Buckinghamshire Oct 16 113 5 1,138 1994 Environmental consultancy in Namibia; it is planning further expansion in the US and elsewhere

Developing blood-tests for diagnosing bone marrow The Binding Site cancers, its profits almost doubled last year as sales Diagnostic tests Birmingham Sep 16 92 26 699 1983 rose 18% and sterling's value fell; exports represent manufacturer 92% of the total

* supplied by company † annualised ‡ operating profit

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]

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

Sacha Romanovitch is CEO of Grant Thornton UK LLP and leads the development and implementation of its purpose-led strategy

Sacha Romanovitch to shape a Vibrant Economy to deliver sustainable value for its Chief executive 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

Sponsor

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 Tim Hinton Managing director, experience having worked in Europe, Asia and the Middle East. Mid Markets & SME Banking 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.

lloydsbank.com/business @lloydsbankbiz bankofscotland.co.uk/business @bankofscotbiz

Media partner

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 Iain Dey has also worked for The Sunday Telegraph, Scotland on Sunday and Business editor 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

ABOUT FAST TRACK Compiler & 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.

20th anniversary Fast Track Top 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.

CONTACT DETAILS

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

Tel: 01865 297100

Email: [email protected] Web: fasttrack.co.uk @ST_FastTrack

The Sunday Times Fast Track