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The Largest Family Businesses in the UK (Pdf) THE LARGEST FAMILY BUSINESSES IN THE UK RepGraph 2020 THE IFB RESEARCH FOUNDATION The IFB Research Foundation is a charity (no. 1134085) established to foster greater knowledge and understanding of family firms and their contribution to the economy and society, as well as the key challenges and opportunities that they face. The Foundation’s vision is to be the UK’s centre of excellence for family business research, and to this end its publications are designed to create a better understanding of family business for the benefit of all stakeholders. Alongside Family Business Research and White Papers, providing thought leadership on key family business characteristics and issues, its work covers a broad range of publications, including: • Family Business Sector Report – benchmarking the size and importance of the sector. • Family Business Challenges – offering practical guidance for family business owners on a broad range of topics, including family business dynamics, governance, performance, succession and wealth management. • Family Business Case Studies – showcasing family business exemplars. The Foundation disseminates knowledge and best practice guidance through printed publications, online media accessible via the IFB website and other activities. ifb.org.uk/ifb-research-foundation THE INSTITUTE FOR FAMILY BUSINESS The Foundation is independent of, but works closely with the Institute for Family Business (IFB), the not-for-profit UK family business organisation. With over 200 family business members, the IFB is also part of a global network of 4,000+ connected family companies (the Family Business Network international). Founded by a group of family business owners, the IFB has been supporting and championing family business since 2001. By bringing family businesses together to share experiences and ideas, the IFB is at the heart of a community that enables family businesses to thrive. As champions of family business, the IFB advocates for the sector and raises awareness of family businesses’ contribution to the UK economy and communities. ifb.org.uk CONTENTS Summary 1 1. Introduction 2 2 Defining Family Ownership 3 3. Results 4 3.1 Data Summary 4 3.2 Company Ownership 5 3.3 First Generation Entrepreneurs 6 3.4 Distribution of Family Companies 7 3.5 Changes in Family Business ownership 8 4. Conclusions and Recommendations 9 Appendix A: Identified Large Family Businesses 10 Appendix B:UK Large Family Businesses (Parent Companies) 22 Appendix C: Non-UK Large Family Businesses (Parent Companies) 26 Appendix D: Methodology 30 Part I Defining large family businesses 30 Part II Data cleansing 31 Part III Pilot Study: Identifying ultimate ownership using a random sample of large firms 31 EXECUTIVE SUMMARY This report presents the results of an investigation It was found that family businesses are less into the largest UK registered businesses, as prevalent among the largest firms with the measured by turnover greater than £500m (BEIS, proportion of companies that are family owned 2012) to identify the proportion of family-owned declining as the firm’s size increases. The firms. In this study, not only are the largest family proportion of family-owned businesses in the businesses identified, but their ultimate owning largest 200 companies is 15.5 per cent, and of entities or parent companies are distinguished the 182 UK family-owned firms identified, only 11 from wholly-owned subsidiaries. (5.5 per cent) of them occur in this largest cohort. These results suggest that if one assumes that Our analysis found that there are 1,551 UK the pattern of identified family ownership within registered companies with turnover more this study holds true across the population of all than £500m within the scope of this study. UK firms, then we would expect to see higher The proportion of family-owned businesses proportions of family businesses among smaller identified in this population is 19.8 per cent companies. This observation is supported by (using the greater than 25 per cent criterion for several studies (Franks et al., 2012, RepGraph family shareholding1) and 11.7 per cent of the 2016, and Kotlar et al., 2019). largest businesses are UK family-owned (i.e. by UK citizens), which is over one half of all family Just under three-quarters (N=143) of the 202 firms and is a similar proportion to that identified family businesses identified by RepGraph in previously by RepGraph (2016). 2016 were still family businesses in 2020 with a turnover of more than £500m. This indicates Removing wholly-owned subsidiaries from the that the majority of large family businesses have sample yielded 924 companies and marginally maintained their turnover, not sold out and are increased the percentage of family-owned firms likely to be resilient to fluctuating economic to 20.1 per cent. At the same time, the proportion conditions. of UK family-owned businesses fell slightly to 11.0 per cent. An analysis of UK family-owned This research highlights the nuances and issues businesses revealed 14 parent companies surrounding definitions of family business, which that could be classified as first-generation may be too restrictive and not capture the entire entrepreneur, and these were therefore not spread of family-owned firms. Further discussion defined as family-owned businesses. around what constitutes family involvement in the standard definitions for family businesses, may provide a greater understanding of the family business sector. In addition, methodological approaches to the classification of family businesses using surnames may underestimate the actual numbers of family firms since not all relatives have the same surname and family units exist without marriage. 1 1. INTRODUCTION This report outlines the prevalence of family In this study, not only are the largest family businesses among the largest UK registered businesses identified, but their ultimate owning companies. It builds on previous research entities or parent companies are distinguished by RepGraph (2016) where 202 large family from their wholly-owned subsidiaries. businesses were identified within the largest 1,000 UK firms of which 109 were UK family- The rest of this report is structured as follows. owned businesses. The research drew on the Section 2 defines different types of business methodology from previous investigations that ownership culminating in an operational explored the proportion of large listed and definition for family firms for the purpose of the unlisted family businesses in the UK (Franks current research. Section 3 presents the results et al., 2012). The current study addresses of the study and discusses the proportion of recommendations arising from the original large UK businesses owned by UK families. It RepGraph (2016) investigation and a more recent also presents an analysis of businesses owned or IFB Research Foundation study by Kotlar et al. started by First Generation Entrepreneurs (FGE) (2019). The largest UK businesses (family and non- with no other family member(s) involved in the family) were identified by turnover greater than firm and looks at the distribution of family-owned £500m (BEIS, 2012) using the FAME database2. businesses within the largest companies with a The ultimate owning entity was captured turnover greater than £500m. Section 4 presents using the DueDil3 and Orbis4 databases as well conclusions and recommendations from the as Companies House, company records and study. This is followed by Appendix A which lists internet searches (See Appendix D for detailed the family businesses identified and Appendices methodology). B and C which record the parent companies only, of UK owned and non-UK owned large family businesses, respectively. Finally, Appendix D describes the study’s methodology in detail. 2 2. DEFINING FAMILY OWNERSHIP This section outlines the criteria and definitions A “widely-held” company is defined as one where pertaining to different types of business there is no ultimate owner (or in the case of ownership with a focus on the operational families, no group of family members) with 25 definition for family firms used in the current percent or more of voting rights. This definition research. of a controlling stake was used by Franks et al. (2009, 2012) and RepGraph (2016), where a In our analysis, a company’s ultimate ownership controlling stake is defined by the ownership of was classified into four categories depending the voting rights of the ultimate owner. upon whether the company was (i) widely-held (ii) a family, (iii) the State, (iv) an FGE. FGE firms are those where one individual owns the majority of shares and there is no discernible The definition of family firms adopted by the involvement by another family member. Where European Commission (2009) classifies family such firms were found, they were not classified as firms according to the following criteria: family businesses (further details in Section 3.3). • 50 per cent family ownership (ultimate voting Wholly-owned subsidiaries are often identified rights) in private firms as separate companies even when consolidated • 25 per cent family ownership (ultimate voting into the accounts of the ultimate owning parent rights) in publicly quoted companies (PQC) company. To avoid double counting, the data were analysed a second time with wholly- Where family ownership was identified, we owned subsidiaries excluded, leaving just recorded whether the controlling stake was the parent companies. Removing the wholly- greater than 50 per cent or greater than 25 per owned subsidiaries reduced the sample size. cent (even if the company was private). The latter Appendix A lists all the large family-owned firms was used to classify family ownership in the identified, and ultimate owning entities or parent previous studies (Franks et al., 2012, RepGraph, companies. Appendices B and C separate the 2016) and the former is the IFB Research parent companies into UK owned and non-UK Foundation’s working definition for non-publicly owned, respectively. quoted firms (See Appendix A for a list of UK and non-UK family-owned companies).
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