THE LARGEST FAMILY BUSINESSES IN THE UK

RepGraph 2020 THE IFB RESEARCH FOUNDATION

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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).

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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).

3 3. RESULTS

This section presents the results of the 19.8 per cent (308) were family-owned, with investigation to identify the largest family firms in 11.7 per cent (182) UK family-owned (i.e. owned the UK. Specifically, we estimate the proportion by UK citizens). There were 627 wholly-owned of large UK businesses owned by UK families, subsidiaries identified. Once these had been and present an analysis of businesses owned or removed, this yielded 924 parent companies started by FGEs with no other family member(s) (Table 2). The number of family wholly-owned involved in the firm. This section also examines subsidiaries was 122 and once these had been the distribution of family-owned businesses removed, this increased the proportion of family- within the largest companies with a turnover owned businesses from 19.8 per cent to 20.1 per greater than £500m. cent (186 firms). The proportion of UK family- owned firms fell slightly from 11.7 per cent to 11.0 3.1 Data Summary per cent (102 firms).

Table 1 shows the number of large UK registered firms with a turnover greater than £500m and the proportion of family businesses therein. There was a total of 1,551 UK firms in scope, of which

Table 1. Ownership of largest UK companies Ownership Number Proportion UK family 182 11.7% Non-UK family 126 8.1% Non-family firms 1,243 80.2% All large firms 1,551 100.0%

Table 2. Ownership of largest UK parent companies

Ownership Number Proportion UK family parent 102 11.0% Non-UK family parent 84 9.1% Non-family parent 738 79.9% All large parent companies 924 100.0%

4 3.2 Company Ownership There were 25 firms that had a greater than 25 per cent family shareholding and, of these, four were Table 3 categorises the ownership for the entire owned by Peugeot S.A. The stake the Peugeot sample of large firms with a turnover greater family retains in Peugeot S.A. fluctuates and than £500m. For eight firms, the ultimate owner currently the family has 19.5 per cent of the voting could not be identified using FAME, DueDil, Orbis rights and 12.2 per cent of the shares (CBC, 2019). databases or company searches. There were 10 This firm may be regarded as a family business as it ‘other’ companies: one was employee-owned; one is one of the few where the founders’ descendants was a not-for-profit enterprise; and eight were are still shareholders and still hold managerial limited liability partnerships (LLPs). positions. Another business, Winvic Finance Ltd, has combined shares from three founding families of 70.6 per cent and so is classified as a family-owned business as the combined families own more than 50 per cent of the shareholding.

Table 3. Summary data by ownership category for the largest UK registered businesses Category Number of Firms % of Firms Family-owned (>50%) 267 17.2 Family-owned (>25%) 25 1.6 Family-owned (>25% PQC) 16 1.0 Widely held 1,103 71.2 State 74 4.8 FGE 48 3.1 Other 10 0.6 Unknown 8 0.5 All firms 1,551 100.0

5 3.3 First Generation Entrepreneurs

Table 4 lists the FGEs who are UK citizens. FGE firms are not considered family businesses if they adhere to the following definition:

• The firm is first generation • Majority shareholder does not have same surname as any other shareholder • Majority shareholder does not have same surname as any other director • Biographic evidence that the majority shareholder’s family are not involved in the running of the firm (or otherwise)

Table 4 UK First Generation Entrepreneur Companies (non-family businesses)

FGE Company Owner Daisy Group Holdings Matthew Robinson Riley Dart Group PLC Philip Hugh Meeson Fletcher Gray Group David John Gray Greenhous Group (Holdings) Limited Derek Robert Passant Imagination Industries Ltd Stephen Fitzpatrick Ineos AG Jim Ratcliffe J D Wetherspoon PLC Tim Martin Liberty Commodities Ltd Sanjeev Gupta Mash Holdings Limited Mike Ashley Radius Payment Solutions Limited William Stanley Holmes Redrow PLC Steve Morgan Regus PLC Mark Leslie James Dixon The West Group Malcolm Stanley Healey Utilita Group Limited William Bullen

6 3.4 Distribution of Family Companies

In order to compare the distribution of the occurrence for all large family-owned firms and UK family-owned firms, the results of the current study were grouped by turnover and plotted against frequency of occurrence or density (see Figure 1).

Figure 1. Distribution of family-owned firms with turnover greater than £500m

Figure 1 shows that the distribution of the majority supported by the findings of Kotlar et al. (2019) and of family firms tends towards the lower turnover RepGraph (2016) where only around 20 per cent rankings. Within the largest 200 companies, of the largest UK firms by turnover were family- 11 were found to be UK family-owned, which owned with around 11 per cent UK family-owned. represents just 5.5 per cent of all the UK family Other studies have used employee numbers as businesses identified (Table 5, see page 8). By the basis for business size (See Appendix D, Part contrast, 82 UK family-owned firms were found I for rationale). ONS’ Management Expectations in the lower 551 companies. This represents 45 Survey (ONS, 2017) found that around 1.9 per cent per cent of all the identified UK family-owned of family-owned companies were considered large companies and suggests that there may be a (more than 250 employees) while the UK Family higher proportion of UK family-owned firms Business Sector report (IFB Research Foundation beyond the threshold used in the present study. If and Oxford Economics, 2019) stated that medium this pattern of identified family ownership holds sized (with 50-249 employees) and large family across the population of all UK firms, then we businesses (with more than 250 employees) might expect to see a higher proportion of family account for just 0.3 per cent and 0.03 per cent of businesses among smaller companies. This is all family businesses in the UK, respectively.

7 There are several possible explanations for the lower prevalence of family businesses among the largest UK firms. For example, the identification of family firms differs according to the criteria used to define family businesses. In common with SMEs in general, there may also be less desire for rapid growth due to risk aversion, resistance to change, and a desire for long-term stability and sustainability, over short-term growth in profits (Braidford et al., 2014). Franks et al. (2012) argues that there is a “life-cycle” effect whereby owners of family firms issue shares or sell equity to raise external finance in order to facilitate business growth. This has the effect of diluting family ownership as wealth is diversified.

Table 5. Proportion of family businesses with a turnover greater than £500m Sub group* % UK Family % all Family Firms Firms Firms ranked in top 200 5.5 15.5 Firms ranked in top 1000 10.1 18.5 Firms ranked in top 1551 11.0 19.8 Firms ranked between 14.9 22.3 1000th and 1551th

*Base: N=1,551 UK companies greater than £500m turnover

3.5 Changes in Family Business the Benetton family sold its 50.1 per cent controlling stake to Switzerland’s Dufry. ownership • Sky PLC has a turnover of £13.6bn and was a UK family-owned business. Prior to November When family businesses identified by RepGraph 2018, the Murdoch family owned a 39.1 per in 2016 and those identified in the present study cent controlling stake in the company however are compared, 143 of the 202 firms identified Comcast acquired the entire company in 2018. as large family businesses in 2016 remained Comcast is considered a family business since large family businesses in 2020. This suggests the Roberts family has 33 per cent voting that the majority of large family businesses rights although only one per cent equity. have maintained turnover, have not been sold • Stemcor Holdings was a UK family-owned during this period and are likely to be resilient to business and had a reported turnover of fluctuating economic conditions. However, there around £4bn, but underwent restructuring were some notable changes: and the company was split into its steel and distribution businesses, which continued • World Duty Free Group (Wdfg) UK Limited, as Stemcor, and Moorgate Industries has a turnover of over £1bn and was a non- respectively. UK family-owned business. However, in 2015

8 4. CONCLUSIONS AND RECOMMENDATIONS

The findings from this study are in line with From a methodological perspective, there are previous investigations by Franks et al. (2012), three key learning points to arise from our study: RepGraph (2016) and Kotlar et al. (2019) into the prevalence of large family-owned businesses in The first is related to the identification of family the UK. The current research highlights the issues businesses using surnames. The surname based surrounding definitions of family business which method may underestimate the number of may be too restrictive and may not capture the family businesses as shareholders, directors and full spread of family-owned firms. The European those with significant control may be related definition of family business requires that, for without having the same surname or be a family private firms, the majority of decision-making without being married. A more flexible approach rights (greater than 50 per cent) are family to defining and capturing family businesses is controlled and 25 per cent for publicly quoted recommended. However, this would involve firms. This definition may be too stringent and a a trade-off between time taken to contact more lenient criterion (greater than 25 per cent businesses directly and the cost effectiveness of family control) was used in the current study and conducting such research. in previous studies by Franks et al. (2012) and RepGraph (2016). The greater than 25 per cent The second methodological learning point from ownership criterion applies to both listed and our analysis is that taking companies with over non-listed companies. The definitional issues £500 million turnover (the cut-off point between are particularly evident when there is active large and mid-sized businesses (BEIS, 2012)) did involvement of family members in the running not change the proportion of family businesses of the business; for example, SK Energy Europe from our earlier study (RepGraph, 2016) which Limited is 27.6 per cent owned by the Chey used the turnover of the 1,000th largest firm family where one of the family members is both as the threshold to define large UK firms. The chairman and CEO. Furthermore, in the case of number of UK family firms increases towards the Peugeot S.A., the company is considered to be lower turnover bracket. It may be useful to further a family business because although the voting investigate medium-sized businesses and include rights and shareholding fluctuate, the founders’ these firms in the analysis to form a broader view descendants remain shareholders and still hold of family businesses. managerial positions. For FGE companies where there is no public evidence of family involvement, Finally, a hybrid approach of using both turnover self-declaration may suffice as a basis for and number of employees may lead to a more family business classification if the owner can accurate portrayal of the proportion of family demonstrate that family members are involved in businesses identified. the running of the company. Further discussion around what constitutes family involvement and additions to the standard definitions for family businesses such as self-declaration might provide a greater understanding of the family business sector.

9 APPENDIX A: IDENTIFIED LARGE FAMILY BUSINESSES This section contains a full list of the 308 largest family-owned businesses identified, with a turnover greater than £500m. The table shows the ranking of each company within the 1,551 largest UK firms, company turnover, employee count (where reported), company name, ultimate parent company, whether owned by a UK family (N= 182) and whether the company is a parent (N=186) or a wholly-owned subsidiary (N=122).

Note: PQC = Publicly Quoted Company Key for final column P/S:

Parent company P Wholly-owned subsidiary S

Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 20 £24,214,000 38,583 Jaguar Automotive PLC Tata Motors Limited Family (>50%) P 23 £22,916,500 150,176 Asda Group Limited Walmart Inc/Wmt Windsor LLC Family (>50%) P 24 £22,842,800 145,997 Asda Stores Limited Walmart Inc/Wmt Windsor LLC Family (>50%) S 27 £20,870,000 32,939 Limited Tata Motors Limited Family (>50%) S 34 £16,025,000 139,570 Limited Wittington Investments Limited Family (>50%) YES P 39 £15,574,000 137,014 PLC Wittington Investments Limited Family (>50%) YES S 42 £13,585,000 28,927 Sky Limited Comcast Corporation Family (>25%) PQC P 52 £11,334,428 35,359 Aldi Stores Limited Hofer KG Family (>50%) P 53 £10,777,449 20,275 EG Midco Limited Optima Bidco (Jersey) Limited Family (>50%) YES P 54 £10,764,923 27,927 Vedanta Resources Limited Volcan Family (>50%) P 57 £10,580,000 92,256 John Swire & Sons Limited John Swire & Sons Limited Family (>50%) YES P 65 £9,921,900 1,033 Group Limited Volkswagen Aktiengesellschaft Family (>50%) P 75 £8,713,871 23,790 Chanel Limited Litor Ltd Family (>50%) P 80 £8,030,000 6,038 Sky UK Limited Comcast Corporation Family (>25%) PQC S 93 £7,070,000 21,400 Tata Steel UK Holdings Limited Tata Steel Limited Family (>50%) P 107 £6,385,000 14,751 Easyjet PLC Easyjet PLC Family (>25%) PQC P 109 £6,234,000 12,139 Easyjet Airline Company Limited Easyjet PLC Family (>25%) PQC S 118 5,953,756 10,403 Sytner Group Limited Penkse Automotive Group Inc Family (>50%) P

10 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 123 £5,575,469 425 BMW (UK) Limited Bayerische Motoren Werke Family (>25%) PQC P Aktiengesellschaft 136 £5,055,500 43,782 Pentland Group Limited Pentland Group Limited Family (>50%) YES P 141 £4,906,362 4,008 Martin-Brower UK Ltd Reyes Holdings LLC Family (>50%) P 149 £4,717,800 32,265 JD Sports Fashion PLC Pentland Group Limited Family (>50%) YES S 159 £4,401,000 11,774 Dyson James Group Limited Weybourne Group Limited Family (>50%) YES P 163 £4,271,016 1,975 Essar Energy Limited Essar Global Fund Ltd Family (>50%) P 167 £4,236,700 12,232 Limited Arnold Clark Automobiles Limited Family (>50%) YES P 172 £4,133,763 27,919 Bestway Group Limited Bestway Group Limited Family (>50%) YES P 174 £4,118,800 11,508 J.C.B. Service Transmissions & Engineering Services Net Family (>50%) YES P 175 £4,118,365 21 SK Energy Europe Limited SK Holdings Co Ltd. Family (>25%) P 186 £3,911,400 1,301 Nadezhda Limited BSV Holdings Ltd Family (>50%) P 187 £3,904,800 3,243 Dyson Technology Limited Weybourne Group Limited Family (>50%) YES S 190 £3,869,234 958 Essar Oil (UK) Limited Essar Global Fund Ltd Family (>50%) S 206 £3,709,326 5,611 Antofagasta PLC Antofagasta PLC Family (>50%) P 208 £3,635,554 22,153 Hinduja Automotive Limited Amas Holding SPF Family (>50%) P 221 £3,369,000 3,288 Ausurus Group Ltd Ausurus Group Ltd Family (>50%) YES P 222 £3,358,000 3,139 European Metal Recycling Limited Ausurus Group Ltd Family (>50%) YES S 225 £3,346,702 38,046 Stores Limited Wittington Investments Limited Family (>50%) YES S 227 £3,339,100 21,949 Boparan Holdco Limited Boparan Holdco Limited Family (>50%) YES P 231 £3,308,100 9,109 J.C. Bamford Excavators Limited Transmissions & Engineering Services Net Family (>50%) YES S 250 £3,084,700 25,181 Iceland Topco Limited Iceland Topco Limited Family (>25%) YES P 251 £3,080,456 4,329 BMW (UK) Manufacturing Limited Bayerische Motoren Werke Family (>25%) PQC S Aktiengesellschaft 252 £3,063,651 4,708 Bet365 Group Limited Coates Family Family (>50%) YES P 254 £3,022,800 24,528 Iceland Foods Limited Iceland Topco Limited Family (>25%) YES S 267 £2,895,452 357 State Oil Limited State Oil Limited Family (>50%) YES P 273 £2,780,600 8,571 Virgin Atlantic Limited Delta Air Lines, Inc/ Virgin Group Holdings Family (>50%) YES P Ltd 274 £2,771,746 7,865 Rigby Group (RG) PLC Rigby Group (RG) PLC Family (>50%) YES P 301 £2,487,461 121 Universal Studios Limited Comcast Corporation Family (>25%) PQC S

11 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 302 £2,483,942 5,797 Marshall of Cambridge (Holdings) Limited Marshall of Cambridge (Holdings) Limited Family (>50%) YES P 304 £2,481,101 12,858 Bestway Securities Limited Bestway Group Limited Family (>50%) YES S 307 £2,470,617 22,816 T. J. Morris Limited T. J. Morris Limited Family (>50%) YES P 308 £2,464,933 1,372 Westcoast (Holdings) Limited Westcoast (Holdings) Limited Family (>50%) YES P 316 £2,416,055 22,397 Chiquita Holdings Limited Burlingtown International BV/J Safra Food Family (>25%) P Holdings Sarl 320 £2,407,000 8,483 Tata Steel UK Limited Tata Steel Limited Family (>50%) S 322 £2,379,281 4,558 Hutchison 3G UK Limited CK Hutchison Holdings Limited Family (>50%) P 334 £2,302,700 7,629 Virgin Atlantic Airways Limited Delta Air Lines, Inc/ Virgin Group Holdings Family (>50%) YES S Ltd 337 £2,276,700 3,242 Impellam Group PLC Impellam Group PLC Family (>50%) YES P 345 £2,223,778 280 Toyota (G.B.) PLC Toyota Motor Corporation/Toyota Motor Family (>50%) P Corp 353 £2,190,657 10 Opet International Limited Opet Petrol Family (>25%) P 355 £2,186,887 3,749 Marshall Motor Holdings PLC Marshall Of Cambridge (Holdings) Limited Family (>50%) YES S 361 £2,153,853 5,776 SCC Emea Limited Rigby Group (RG) PLC Family (>50%) YES S 371 £2,100,807 8,150 Euro Garages Limited Optima Bidco (Jersey) Limited Family (>50%) YES S 378 £2,074,903 Prax Petroleum Limited State Oil Limited Family (>50%) YES S 391 £2,024,244 651 Westcoast Limited Westcoast (Holdings) Limited Family (>50%) YES S 395 £2,005,315 2,687 Toyota Motor Manufacturing (UK) Limited Toyota Motor Corporation/Toyota Motor Family (>50%) S Corp/Toyota Motor Europe Nv 397 £2,003,500 3,736 Shop Direct Holdings Limited LW Holdings Limited Family (>50%) YES P 401 £1,987,514 2,103 Yazaki Europe Limited Yazaki Corporation Family (>50%) P 407 £1,960,221 10,515 Ikea Limited Stichting Ingka Foundation Family (>50%) P 408 £1,958,800 3,719 The Very Group Limited LW Holdings Limited Family (>50%) YES S 415 £1,932,300 7,519 Laing O’Rourke PLC Suffolk Partners Corp Family (>50%) YES P 416 £1,931,989 7,476 Muller UK & Group LLP Unternehmensgruppe Theo Müller S.E.C.S. Family (>50%) P 443 £1,818,817 21,616 Taveta Investments Limited Taveta Ltd Family (>50%) YES P 468 £1,707,356 145 Peugeot Motor Company PLC Peugeot SA Family* P 471 £1,695,988 3,867 Bloor Investments Limited Bloor Investments Limited Family (>50%) YES P 472 1,694,000 13,772 Kaz Minerals PLC Kaz Minerals PLC Family (>25%) PQC P 473 £1,693,876 3,867 Bloor Holdings Limited Bloor Investments Limited Family (>50%) YES S 12 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 480 £1,682,892 NA Laing O’Rourke Construction Limited Suffolk Partners Corp Family (>50%) YES S 485 £1,676,000 9,836 Virgin Holdings Limited Virgin Group Holdings Ltd Family (>50%) YES P 488 1,670,000 9,836 Virgin UK Holdings Limited Virgin Group Holdings Ltd Family (>50%) YES S 489 £1,668,900 6,233 UK Power Networks Holdings Limited UK Power Networks Holdings Limited Family (>25%) P 492 £1,648,734 5,161 Fresnillo PLC Industrias Peñoles, S. A.B. De C. V. Family (>50%) P 509 £1,611,557 3,513 Bestway Wholesale Limited Bestway Group Limited Family (>50%) YES S 521 £1,581,663 9,084 Kuehne + Nagel Limited Kuehne & Nagel International Ag Family (>50%) P 525 £1,567,151 10,061 Moy Park Limited JBS S.A. Family (>25%) PQC P 528 £1,556,475 20,111 Amalgamated Holdings Wilkinson Limited Amalgamated Holdings Wilkinson Limited Family (>50%) YES P 529 £1,556,354 20,111 Wilkinson Hardware Stores, Limited Amalgamated Holdings Wilkinson Limited Family (>50%) YES S 534 £1,541,918 220 Hyundai Motor UK Limited Family (>50%) P 546 £1,508,690 19,611 Wilko Retail Limited Amalgamated Holdings Wilkinson Limited Family (>50%) YES S 549 £1,500,609 3,897 Wates Group Limited Wates Group Limited Family (>50%) YES P 550 £1,493,502 1,049 Frontier Limited A.B.F. Holdings Limited/ PLC Family (>50%) YES P 554 £1,479,966 52 Mabanaft Limited Marquard & Bahls Aktiengesellschaft Family (>50%) P 561 £1,468,800 13,218 C&J Clark Limited C&J Clark Limited Family (>50%) YES P 564 £1,467,030 3,567 Wates Construction Limited Wates Group Limited Family (>50%) YES S 566 £1,462,057 3,059 Hardwicke Investments Limited Hardwicke Investments Limited Family (>50%) YES P 570 £1,452,600 7,519 Shel Holdings Europe Limited Wittington Investments Limited Family (>50%) YES S 571 £1,450,200 2,599 Shop Direct Home Shopping Limited LW Holdings Limited Family (>50%) YES S 572 £1,449,268 2,035 Molson Coors Brewing Company (UK) Molson Coors Brewing Company Family (>25%) PQC P Limited 578 £1,435,598 21,677 Specsavers UK Holdings Limited Specsavers International Healthcare Ltd Family (>50%) YES P 579 £1,433,132 2,133 Sytner Limited Incorporated/ Family (>50%) S Penske Automotive Group Inc 585 £1,425,000 2,284 Heineken UK Limited Lac Lux Holdings S.À R.L. Family (>25%) P 590 £1,399,928 122 MSC Cruise Management (UK) Limited MSC Mediterranean Shipping Company S.A. Family (>50%) P 604 £1,350,856 289 Invista Textiles (U.K.) Limited Kosa Foreign Equity Sarl Family (>50%) P 610 £1,337,000 6,101 Daily Mail And General Trust P L C Rothermere Continuation Limited Family (>50%) YES P 616 £1,325,818 2,626 William Grant & Sons Group Limited William Grant & Sons Holdings Limited Family (>50%) YES P 617 £1,323,226 2,160 Willmott Dixon Holdings Limited Hardwicke Investments Limited Family (>50%) YES S

13 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 621 £1,306,671 612 Evergreen Marine (UK) Limited Evergreen Marine Corporation (Taiwan) Family (>50%) P Limited/Evergreen Marine Corporation 629 £1,283,161 13,036 Superdrug Stores PLC CK Hutchison Holdings Limited Family (>50%) S 630 £1,276,613 2,239 JCT600 Limited Jct600 Limited Family (>50%) YES P 635 £1,259,800 4,360 Motors Limited Volkswagen Aktiengesellschaft Family (>50%) S 636 £1,259,000 NA Sky Telecommunications Services Limited Comcast Corporation Family (>25%) PQC S 641 £1,252,601 116 GMR Capital Limited GMR Capital Limited Family (>50%) YES P 642 £1,251,371 116 Rontec Roadside Retail Limited GMR Capital Limited Family (>50%) YES S 643 £1,249,715 37,083 Sodexo Limited Bellon Family (>50%) P 646 £1,246,679 3,863 Bombardier Transportation UK Ltd Bombardier Inc Family (>50%) P 647 £1,244,373 3,350 Virgin Rail Group Holdings Limited Virgin Group Holdings Ltd Family (>50%) YES S 649 £1,243,166 3,350 West Coast Trains Limited Virgin Group Holdings Ltd Family (>50%) YES S 657 £1,231,621 1,567 W.& R. Barnett, Limited W.& R. Barnett, Limited Family (>50%) YES P 658 £1,230,358 716 Ecom Agrotrade Holdings Limited Ecom Agroindustrial Corp. Limited Family (>50%) P 659 £1,230,291 2,383 Listers Group Limited Listers Group Limited Family (>50%) YES P 669 £1,194,654 1,651 Willmott Dixon Construction Limited Hardwicke Investments Limited Family (>50%) YES S 673 £1,178,490 4,729 Grafton Merchanting Gb Limited Grafton Group Public Limited Company Family (>50%) P 674 £1,177,994 14,281 New Look Retailers Limited Top Gun Bidco Ltd Family (>50%) P 676 £1,175,559 4,780 Glen Electric Limited Kilkee Investments Unlimited Family (>50%) P 689 £1,156,727 382 Solai Holdings Limited Matel Ltd Family (>50%) YES P 700 £1,135,638 7,493 A.F.Blakemore and Son Limited A.F.Blakemore and Son Limited Family (>50%) YES P 706 £1,129,306 3 Bloor Homes Limited Bloor Investments Limited Family (>50%) YES S 708 £1,125,892 9 Hudson Contract Services Limited Hudson Contract Services Limited Family (>50%) YES P 709 £1,124,237 1,206 Phoenix Healthcare Distribution Limited Phoenix Pharma SE Family (>50%) P 710 £1,120,439 653 Cargill PLC Cargill Inc Family (>50%) P 717 £1,110,676 1,558 Mars Wrigley Confectionery UK Limited Mars Overseas Holdings, Inc Family (>50%) P 726 £1,103,900 13,378 Matalan Retail Ltd Missouri Topco Limited Family (>50%) P 728 £1,101,681 5,971 2 Sisters Food Group Limited Boparan Holdco Limited Family (>50%) YES S 735 £1,091,886 4,864 L’Oreal (U.K.) Limited L’Oreal SA Family (>25%) PQC P 751 £1,066,908 14,467 Reed Global Limited Reed Global Limited Family (>50%) YES P 753 £1,064,000 1,170 Sky CP Limited Comcast Corporation Family (>25%) PQC S 14 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 754 £1,063,684 9,300 Samworth Brothers (Holdings) Limited Samworth Brothers (Holdings) Limited Family (>50%) YES P 761 £1,060,500 6,884 Umv Global Foods Holding Company Ltd. Yildiz Holding Family (>50%) P 764 £1,057,797 14,028 Bourne Leisure Holdings Limited Bourne Leisure Holdings Limited Family (>50%) YES P 766 £1,054,860 8,128 H&M Hennes & Mauritz UK Limited Ramsbury Invest AB Family (>50%) P 772 £1,051,106 21,145 Nando’s Group Holdings Limited Nando’s Group Holdings Limited Family (>50%) P 788 £1,025,450 1,680 Lancaster Motor Company Limited Jardine Matheson Holdings Limited Family (>50%) P 791 £1,018,508 64 Baird & Co. Limited Baird Investments Ltd. Family (>50%) YES P 792 £1,018,484 65 Baird Investments Ltd. Baird Investments Ltd. Family (>50%) YES S 799 £1,010,400 5,318 UK Power Networks (Operations) Limited UK Power Networks Holdings Limited Family (>25%) S 803 £1,003,979 8,798 Samworth Brothers Limited Samworth Brothers (Holdings) Limited Family (>50%) YES S 805 £1,002,798 1,716 Scania (Great Britain) Limited United Kingdom Limited Family (>50%) S 811 £997,000 11,504 Millennium & Copthorne Hotels Limited Millennium & Copthorne Hotels Limited Family (>50%) P 812 £995,798 6,042 ABF Grain Products Limited Wittington Investments Limited Family (>50%) YES S 816 £990,999 256 LCC Group Limited LCC Group Limited Family (>50%) YES P 820 £984,048 2,925 Volkerwessels UK Limited Van Der Vegt Beheer B.V./Koninklijke Family (>50%) P Volkerwessels N.V. 822 £982,298 1,264 PSA Retail UK Limited Peugeot SA Family* S 823 £982,193 58 Ecom Agrotrade Limited Ecom Agroindustrial Corp. Limited Family (>50%) S 831 £971,177 12,723 City Facilities Management Holdings City Facilities Management Holdings Limited Family (>50%) YES P Limited 837 £961,213 79,117 O.C.S. Group Limited O.C.S. Group Limited Family (>50%) YES P 841 £957,006 1,217 Ab Agri Limited Wittington Investments Limited Family (>50%) YES S 843 £954,139 49 Citroen U.K. Limited Peugeot SA Family* S 850 £947,346 8,604 Sky Subscribers Services Limited Comcast Corporation Family (>25%) PQC S 852 £945,033 10,089 CDS (Superstores International) Limited Norton Group Holdings Limited Family (>50%) YES P 855 £942,679 10,089 Norton Group Holdings Limited Norton Group Holdings Limited Family (>50%) YES S 859 £937,573 1,489 Bowmer and Kirkland Limited Bowmer and Kirkland Limited Family (>50%) YES P 865 £934,236 6 Bunker One () Limited Selfinvest APS Family (>50%) P 869 £930,392 2,108 Reed Specialist Recruitment Limited Reed Global Ltd Family (>50%) YES S 874 £919,700 3,603 River Island Holdings Limited LFH International Ltd. Family (>50%) YES P 889 £907,600 3,295 Northumbrian Water Group Limited CK Hutchison Holdings Limited Family (>50%) S

15 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 892 £905,167 2 Harvest Energy Limited State Oil Limited Family (>50%) YES S 903 £896,256 1,842 Pertemps Network Group Limited Pertemps Network Group Limited Family (>25%) YES P 912 £887,020 2 Russneft (UK) Limited PJSC Oil and Gas Co Russneft Family (>50%) P 914 £883,497 2,157 Sir Robert McAlpine (Holdings) Limited T and I Limited Family (>50%) YES P 922 £877,700 9,283 River Island Clothing Co. Limited LFH International Ltd. Family (>50%) YES S 923 £876,604 2 Mabanaft Natural Gas Products Limited Marquard & Bahls Aktiengesellschaft Family (>50%) S 924 £876,490 5,015 Enterprise Rent-A- UK Limited Crawford Group Inc. Family (>50%) P 926 £873,981 5,025 Enterprise Rent-A-Car European Holdings Crawford Group Inc. Family (>50%) S Limited 931 £870,503 2,182 Newarthill Limited T and I Limited Family (>50%) YES S 938 £866,742 1,783 GGM Holdings Limited GGM Holdings Limited Family (>50%) YES P 939 £866,716 1,431 Roche Products Limited Roche Holding Ltd Family (>50%) P 944 £858,257 60 B.W.O.C. Limited Marquard & Bahls Aktiengesellschaft Family (>50%) S 949 £853,009 3,570 John Henderson (Holdings) Limited John Henderson (Holdings) Limited Family (>50%) YES P 955 £848,149 1,264 LBC Vehicles Limited Peugeot SA Family* S 956 £847,296 1,438 Marshall Motor Group Limited Marshall Of Cambridge (Holdings) Limited Family (>50%) YES S 957 £846,762 7,625 Top Shop/Top Man Limited Taveta Ltd Family (>50%) YES S 976 £827,700 4,256 United Biscuits (UK) Limited United Biscuits Bidco Limited/Yildiz Holding Family (>50%) S 979 £824,843 13 Koch Fertilizer International Limited Koch Industries Inc Family (>50%) P 983 £823,572 1,396 John Clark (Holdings) Limited John Clark (Holdings) Limited Family (>50%) YES P 984 £821,990 4,295 Bibby Line Group Limited Bibby Line Group Limited Family (>50%) YES P 988 £816,439 1,899 Collinson International Limited Parminder Limited Family (>50%) YES P 992 £813,509 1,106 Trailfinders Group Limited Trailfinders Group Limited Family (>50%) YES P 999 £809,900 3,102 Retail Limited Wittington Investments Limited Family (>50%) YES S 1005 £804,029 735 Fircroft Engineering Services Holdings Fircroft Engineering Services Holdings Family (>50%) YES P Limited Limited 1014 £797,182 1,957 Park’s of Hamilton (Holdings) Limited Park’s of Hamilton (Holdings) Limited Family (>50%) YES P 1019 £793,542 633 Dhamecha Foods Limited Dhamecha Holdco Limited Family (>50%) YES P 1025 £790,000 9,268 C. & J. Clark International Limited C&J Clark Limited Family (>50%) YES S 1027 £788,051 2,045 Sir Robert McAlpine Limited T and I Limited Family (>50%) YES S 1029 £786,302 2,369 Decidebloom Limited Stoneacre Limited Family (>50%) YES P

16 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 1036 £781,539 120 Great Britain Limited Volkswagen Aktiengesellschaft Family (>50%) S 1039 £779,421 16,109 Nando’s Chickenland Limited Nando’s Group Holdings Limited Family (>50%) S 1055 £766,096 770 Perenco UK Limited Perenco International Ltd Family (>50%) P 1057 £761,932 998 Hook 2 Sisters Limited Boparan Holdco Limited/P. D. Hook (Group) Family (>50%) YES S Limited 1058 £761,637 4,234 Langley Holdings PLC Langley Holdings PLC Family (>50%) YES P 1064 £759,500 2,957 Peel Ports Group Limited Tokenhouse Ltd Family (>50%) YES P 1074 £749,457 3,345 Hermes Parcelnet Limited Michael Otto Stiftung/Otto Family (>50%) P Aktiengesellschaft Fuer Beteiligung 1078 £747,508 1,267 Swansway Group Limited Swansway Group Limited Family (>50%) YES P 1087 £739,821 3,989 Drilton Limited Maryland Ltd Family (>50%) YES P 1093 £735,008 2,161 John Graham Holdings Limited John Graham Holdings Limited Family (>50%) YES P 1095 £734,342 1,308 Bechtel Holdings Limited Bechtel Group Inc Family (>50%) P 1103 £730,218 978 Trailfinders Limited Trailfinders Group Limited Family (>50%) YES S 1105 £729,500 7,627 Travelex Holdings Limited BRS Ventures & Holdings Ltd Family (>25%) P 1108 £727,631 7,516 Betfred Group Limited Betfred Group Limited Family (>50%) YES P 1113 £721,495 1,162 Pertemps Limited Pertemps Network Group Limited Family (>25%) YES S 1114 £721,332 1,151 BSH Home Appliances Limited Robert Bosch Gmbh Family (>50%) P 1124 £714,263 2,727 Hunting PLC Hunting PLC Family (>25%) PQC YES P 1125 £713,350 2,643 Newlands (Elgin) Holdings Limited Newlands (Elgin) Holdings Limited Family (>50%) YES P 1126 £711,910 375 Andrew Marr International Limited Andrew Marr International Limited Family (>50%) YES P 1128 £710,899 1,913 The Net-A-Porter Group Limited Compagnie Financiere Richemont Sa Family (>50%) P 1129 £710,036 9,392 Pret A Manger (Europe) Limited Jab Holding Company S.À.R.L. Family (>50%) P 1150 £699,547 1,538 Eastern Holdings Limited Eastern Holdings Limited Family (>50%) YES P 1151 £699,291 1,455 Eastern Western Motor Group Limited Eastern Holdings Limited Family (>50%) YES S 1156 £695,100 8,979 The Rank Group PLC Hong Leong Co (Malaysia) Berhad Family (>50%) P 1158 £694,500 3,321 BHL (UK) Holdings Ltd Reef Holdings Ltd Family (>50%) YES P 1159 £694,400 2,173 International Procurement and Logistics Walmart Inc/Wmt Windsor LLC Family (>50%) S Limited 1165 £692,500 1,667 British Sugar PLC Wittington Investments Limited Family (>50%) YES S 1186 £680,513 1,646 Specialist Computer Centres PLC Rigby Group (RG) PLC Family (>50%) YES S

17 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 1209 £667,265 11,768 IVC Acquisition Pikco Ltd IVC New Topholding S.A. Family (>50%) P 1210 £667,158 2,193 Specsavers Optical Superstores Limited Specsavers International Healthcare Ltd Family (>50%) YES S 1212 £666,564 3,799 Short Brothers PLC Bombardier Inc Family (>50%) S 1217 £663,811 633 Dhamecha Holdings Limited Dhamecha Holdco Limited Family (>50%) YES S 1220 £661,791 530 I.M. Group Limited I.M. Group Limited Family (>50%) YES P 1222 £660,961 NA Bestway National Chemists Limited Bestway Group Limited Family (>50%) YES S 1223 £660,900 2,684 BGL (Holdings) Limited Reef Holdings Ltd Family (>50%) YES S 1224 £660,304 3,864 Farmfoods Limited Farmfoods Limited Family (>50%) YES P 1225 £659,027 1,509 Motorline Holdings Limited Motorline Holdings Limited Family (>50%) YES P 1227 £655,793 1,398 John Graham Construction Limited John Graham Holdings Limited Family (>50%) YES S 1231 £651,851 1,691 Associated Newspapers Limited Rothermere Continuation Limited Family (>50%) YES S 1242 £645,225 1,591 Group Miki Holdings Limited H I S Co Ltd Family (>25%) P 1244 £645,000 2,959 Wessex Water Limited Yeoh Tiong Lay & Sons Holdings Sdn Bhd Family (>50%) P 1259 £637,186 6 Apioil UK Limited Apioil UK Limited Family (>50%) P 1270 £630,391 44 Onkar International Limited St Holdings Limited Family (>50%) YES P 1271 £630,065 1,160 Cambria Automobiles PLC Cambria Automobiles PLC Family (>25%) YES P 1274 £628,812 42 Southall Travel Limited St Holdings Limited Family (>50%) YES S 1275 £628,185 275 Winvic Group Limited Winvic Group Limited Family (>50%) YES P 1278 £627,122 940 Red Football Limited Manchester United PLC Family (>50%) P 1281 625,400 NA Eastern Power Networks PLC UK Power Networks Holdings Limited Family (>25%) S 1286 £621,790 1,264 Morson Human Resources Limited GGM Holdings Limited Family (>50%) YES S 1287 £621,390 126 William Grant & Sons Brands Limited William Grant & Sons Holdings Limited Family (>50%) YES S 1289 £620,448 1,130 Helston Garages Group Limited Helston Garages Group Limited Family (>50%) YES P 1290 £620,186 2,528 Ballyvesey Holdings Limited Ballyvesey Holdings Limited Family (>50%) YES P 1291 619,735 942 Virgin Holidays Limited Virgin Group Holdings Ltd Family (>50%) YES S 1302 £613,962 3,312 James Hall and Company (Holdings) Limited James Hall and Company (Holdings) Limited Family (>50%) YES P 1311 £609,370 933 Robertson Construction Group Limited Newlands (Elgin) Holdings Limited Family (>50%) YES S 1313 £608,355 241 Trillium Holdings Limited Field Nominees Ltd Family (>50%) YES P 1314 £608,330 241 London Wall Outsourcing Limited Field Nominees Ltd Family (>50%) YES S 1318 £606,520 1,845 Perrys Group Limited Perrys Group Limited Family (>50%) YES P 1322 £604,793 1,791 Amber Rei Holdings Limited Amber Rei Holdings Limited Family (>50%) YES P

18 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 1325 £602,514 930 Swansway Garages Limited Swansway Group Limited Family (>50%) YES S 1326 £601,935 816 Manchester United Football Club Limited Manchester United PLC Family (>50%) YES S 1333 £597,819 1,683 Renewable Energy Systems Holdings Renewable Energy Systems Holdings Limited Family (>50%) YES P Limited 1335 £596,260 1,070 Helston Garages Limited Helston Garages Group Limited Family (>50%) YES S 1337 £595,554 5,674 Paragon Group Limited Paragon Group Limited Family (>50%) P 1339 £594,397 3,277 Faccenda Foods Limited Avara Foods Holdings Limited Family (>25%) P 1343 £592,266 944 James Hall and Company Limited James Hall and Company (Holdings) Limited Family (>50%) YES S 1346 £590,990 1,289 Rolls-Royce Motor Cars Limited Bayerische Motoren Werke Family (>25%) PQC S Aktiengesellschaft 1352 £588,545 6,962 CP Holdings Limited CP Holdings Limited Family (>50%) YES P 1356 £586,700 9,440 Virgin Active International Limited Top Gun Bidco Ltd Family (>50%) S 1358 £585,592 691 McLaren Construction Group PLC McLaren Construction Group PLC Family (>50%) YES P 1360 £584,791 1,047 City Football Group Limited Abu Dhabi United Group Investment & Family (>50%) P Development/Abu Dhabi United Group Investment & Development 1363 £583,540 383 Carlisle Staffing PLC Impellam Group PLC Family (>50%) YES S 1367 £581,570 2,451 Smyths Toys UK Limited Smyths Toys Holding Unlimited Company Family (>50%) P 1378 £577,565 3,594 Aviagen International Finance Limited EW Group Gmbh Family (>50%) P 1380 £575,328 1,506 Carey Group PLC Carey Group PLC Family (>50%) YES P 1396 £569,015 2,806 CEF Holdings Limited Labora Holdings Limited Family (>50%) YES P 1410 £562,571 897 Dick Lovett Companies Limited Dick Lovett Companies Limited Family (>50%) YES P 1411 £562,020 966 Lloyd Motors Limited Lloyd Motors Limited Family (>50%) YES P 1424 £556,267 1,114 Hendy Automotive Limited Hendy Automotive Limited Family (>50%) YES P 1426 £556,000 2,442 Wessex Water Services Limited Yeoh Tiong Lay & Sons Holdings SDN BHD Family (>50%) S 1428 £555,700 3,224 NG Bailey Group Limited NG Bailey Group Limited Family (>50%) YES P 1431 £553,809 21,481 Lidl Great Britain Limited Schwarz Beteiligungs-KG Family (>50%) P 1434 £552,049 1,413 Volkerwessels Limited Van Der Vegt Beheer B.V./Koninklijke Family (>50%) S Volkerwessels N.V. 1435 £551,951 4,111 Hochschild Mining PLC Hochschild Mining PLC Family (>50%) P 1440 £550,321 382 Miki Travel Limited H I S Co Ltd Family (>25%) S 1445 £548,800 1,108 SHS Group Limited SHS Group Limited Family (>50%) YES P

19 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 1450 £547,010 357 Wave Ltd CK Hutchison Holdings Limited/Anglian Family (>25%) P Water Group Ltd 1459 £542,400 1,747 Bosch Thermotechnology Ltd Robert Bosch Gmbh/Robert Bosch Stiftung Family (>50%) S Gmbh 1466 £536,835 824 Pertemps Recruitment Partnership Limited Pertemps Network Group Limited Family (>25%) YES S 1467 £536,519 NA Trillium (Prime) Property Gp Limited Field Nominees Ltd Family (>50%) YES S 1471 £535,338 1,431 Accord Healthcare Limited INTAS Pharmaceuticals Limited Family (>50%) P 1472 £535,300 988 Western United Investment Company Western United Investment Company Family (>50%) YES P Limited Limited 1473 £535,251 988 Limited Western United Investment Company Family (>50%) YES S Limited 1476 £534,704 1,098 Park’s of Hamilton (Townhead Garage) Park’s of Hamilton (Holdings) Limited Family (>50%) YES S Limited 1479 £533,539 2,610 City Electrical Factors Limited Labora Holdings Limited Family (>50%) YES S 1481 £532,434 25,553 Zara UK Midco Limited Zara Holdings S.À R.L. Family (>25%) P 1483 £531,215 550 Henderson Wholesale Limited John Henderson (Holdings) Limited Family (>50%) YES S 1487 £528,311 5 Trillium (Prime) Limited Field Nominees Ltd Family (>50%) YES S 1490 £525,947 241 Lorien Resourcing Limited Impellam Group PLC Family (>50%) YES S 1495 £524,450 12,371 Lush Cosmetics Limited Lush Cosmetics Limited Family (>50%) YES P 1498 £523,107 1,027 Mars Petcare UK Mars Overseas Holdings, Inc Family (>50%) S 1504 £518,881 1,038 Volkerfitzpatrick Limited Van Der Vegt Beheer B.V./Koninklijke Family (>50%) S Volkerwessels N.V. 1508 £517,665 4,742 Warburtons 1876 Limited Warburtons 1876 Limited Family (>50%) YES P 1511 £515,079 1,700 FCC Environment (UK) Limited Fomento De Construcciones Y Contratas Sa Family (>25%) P 1516 £512,885 3,130 Selco Trade Centres Limited Grafton Group Public Limited Company Family (>50%) S 1518 £512,613 42 Sanctuary Partners Limited Sanctuary Partners Limited Family (>50%) YES P 1522 £511,574 1,560 McCain Foods (G.B.) Limited McCain Foods Group Inc Family (>50%) P 1526 £509,706 1,217 Tennants Consolidated Limited Tennants Consolidated Limited Family (>50%) YES P 1529 £509,160 3,547 2 Sisters Poultry Limited Boparan Holdco Limited Family (>50%) YES S 1530 £507,226 4,514 Savers Health and Beauty Limited CK Hutchison Holdings Limited Family (>50%) S 1531 £507,034 534 Buckingham Group Contracting Limited Buckingham Group Contracting Limited Family (>50%) YES P 1534 £506,726 838 Arnold Clark Finance Limited. Arnold Clark Automobiles Limited Family (>50%) YES S

20 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of UK Family P/S (thousands) Count Ultimate Parent Business 1536 £506,446 4,592 Warburtons Limited Warburtons 1876 Limited Family (>50%) YES S 1540 £504,177 7,476 Laing O’Rourke Services Limited Suffolk Partners Corp Family (>50%) YES S 1545 £501,542 503 Hill Holdings Limited Hill Holdings Limited Family (>50%) YES P 1548 £501,117 776 Williams Motor Co. (Holdings)Limited Williams Motor Co. (Holdings)Limited Family (>25%) YES P 1550 £500,456 449 Manchester City Football Club Limited Abu Dhabi United Group Investment & Family (>50%) S Development/Abu Dhabi United Group Investment & Development *Peugeot SA is considered a family business, despite the family owning less than 25% of shares, for reasons outlined in Section 3.2 of this report.

21 APPENDIX B: UK LARGE FAMILY BUSINESSES (PARENT COMPANIES) This section lists the 102 largest UK family-owned businesses parent companies, with a turnover greater than £500m. The table shows the ranking of each company within the 1,551 largest UK firms, company turnover, employee count (where reported), company name and ultimate parent company.

Note: PQC = Publicly Quoted Company

Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 34 £16,025,000 139,570 Wittington Investments Limited Wittington Investments Limited Family (>50%) 53 £10,777,449 20,275 EG Midco Limited Optima Bidco (Jersey) Limited Family (>50%) 57 £10,580,000 92,256 John Swire & Sons Limited John Swire & Sons Limited Family (>50%) 136 £5,055,500 43,782 Pentland Group Limited Pentland Group Limited Family (>50%) 159 £4,401,000 11,774 Dyson James Group Limited Weybourne Group Limited Family (>50%) 167 £4,236,700 12,232 Arnold Clark Automobiles Limited Arnold Clark Automobiles Limited Family (>50%) 172 £4,133,763 27,919 Bestway Group Limited Bestway Group Limited Family (>50%) 174 £4,118,800 11,508 J.C.B. Service Transmissions & Engineering Services Net Family (>50%) 221 £3,369,000 3,288 Ausurus Group Ltd Ausurus Group Ltd Family (>50%) 227 £3,339,100 21,949 Boparan Holdco Limited Boparan Holdco Limited Family (>50%) 250 £3,084,700 25,181 Iceland Topco Limited Iceland Topco Limited Family (>25%) 252 £3,063,651 4,708 Bet365 Group Limited Coates Family Family (>50%) 267 £2,895,452 357 State Oil Limited State Oil Limited Family (>50%) 273 £2,780,600 8,571 Virgin Atlantic Limited Delta Air Lines, Inc/ Virgin Group Holdings Ltd Family (>50%) 274 £2,771,746 7,865 Rigby Group (RG) PLC Rigby Group (RG) PLC Family (>50%) 302 £2,483,942 5,797 Marshall Of Cambridge (Holdings) Limited Marshall Of Cambridge (Holdings) Limited Family (>50%) 307 £2,470,617 22,816 T. J. Morris Limited T. J. Morris Limited Family (>50%) 308 £2,464,933 1,372 Westcoast (Holdings) Limited Westcoast (Holdings) Limited Family (>50%) 337 £2,276,700 3,242 Impellam Group PLC Impellam Group PLC Family (>50%) 397 £2,003,500 3,736 Shop Direct Holdings Limited LW Holdings Limited Family (>50%) 415 £1,932,300 7,519 Laing O'Rourke PLC Suffolk Partners Corp Family (>50%) 443 £1,818,817 21,616 Taveta Investments Limited Taveta Ltd Family (>50%)

22 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 471 £1,695,988 3,867 Bloor Investments Limited Bloor Investments Limited Family (>50%) 485 £1,676,000 9,836 Virgin Holdings Limited Virgin Group Holdings Ltd Family (>50%) 528 £1,556,475 20,111 Amalgamated Holdings Wilkinson Limited Amalgamated Holdings Wilkinson Limited Family (>50%) 549 £1,500,609 3,897 Wates Group Limited Wates Group Limited Family (>50%) 550 £1,493,502 1,049 Limited A.B.F. Holdings Limited/Cargill PLC Family (>50%) 561 £1,468,800 13,218 C&J Clark Limited C&J Clark Limited Family (>50%) 566 £1,462,057 3,059 Hardwicke Investments Limited Hardwicke Investments Limited Family (>50%) 578 £1,435,598 21,677 Specsavers UK Holdings Limited Specsavers International Healthcare Ltd Family (>50%) 610 £1,337,000 6,101 Daily Mail And General Trust P L C Rothermere Continuation Limited Family (>50%) 616 £1,325,818 2,626 William Grant & Sons Group Limited William Grant & Sons Holdings Limited Family (>50%) 630 £1,276,613 2,239 JCT600 Limited Jct600 Limited Family (>50%) 641 £1,252,601 116 GMR Capital Limited GMR Capital Limited Family (>50%) 657 £1,231,621 1,567 W.& R. Barnett, Limited W.& R. Barnett, Limited Family (>50%) 659 £1,230,291 2,383 Listers Group Limited Listers Group Limited Family (>50%) 689 £1,156,727 382 Solai Holdings Limited Matel Ltd Family (>50%) 700 £1,135,638 7,493 A.F.Blakemore and Son Limited A.F.Blakemore and Son Limited Family (>50%) 708 £1,125,892 9 Hudson Contract Services Limited Hudson Contract Services Limited Family (>50%) 751 £1,066,908 14,467 Reed Global Limited Reed Global Limited Family (>50%) 754 £1,063,684 9,300 Samworth Brothers (Holdings) Limited Samworth Brothers (Holdings) Limited Family (>50%) 764 £1,057,797 14,028 Bourne Leisure Holdings Limited Bourne Leisure Holdings Limited Family (>50%) 791 £1,018,508 64 Baird & Co. Limited Baird Investments Ltd. Family (>50%) 816 £990,999 256 LCC Group Limited LCC Group Limited Family (>50%) 831 £971,177 12,723 City Facilities Management Holdings Limited City Facilities Management Holdings Limited Family (>50%) 837 £961,213 79,117 O.C.S. Group Limited O.C.S. Group Limited Family (>50%) 852 £945,033 10,089 CDS (Superstores International) Limited Norton Group Holdings Limited Family (>50%) 859 £937,573 1,489 Bowmer and Kirkland Limited Bowmer and Kirkland Limited Family (>50%) 874 £919,700 3,603 River Island Holdings Limited LFH International Ltd. Family (>50%) 903 £896,256 1,842 Pertemps Network Group Limited Pertemps Network Group Limited Family (>25%) 914 £883,497 2,157 Sir Robert McAlpine (Holdings) Limited T and I Limited Family (>50%) 938 £866,742 1,783 GGM Holdings Limited GGM Holdings Limited Family (>50%)

23 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 949 £853,009 3,570 John Henderson (Holdings) Limited John Henderson (Holdings) Limited Family (>50%) 983 £823,572 1,396 John Clark (Holdings) Limited John Clark (Holdings) Limited Family (>50%) 984 £821,990 4,295 Bibby Line Group Limited Bibby Line Group Limited Family (>50%) 988 £816,439 1,899 Collinson International Limited Parminder Limited Family (>50%) 992 £813,509 1,106 Trailfinders Group Limited Trailfinders Group Limited Family (>50%) 1005 £804,029 735 Fircroft Engineering Services Holdings Limited Fircroft Engineering Services Holdings Limited Family (>50%) 1014 £797,182 1,957 Park's of Hamilton (Holdings) Limited Park's of Hamilton (Holdings) Limited Family (>50%) 1019 £793,542 633 Dhamecha Foods Limited Dhamecha Holdco Limited Family (>50%) 1029 £786,302 2,369 Decidebloom Limited Stoneacre Limited Family (>50%) 1058 £761,637 4,234 Langley Holdings PLC Langley Holdings PLC Family (>50%) 1064 £759,500 2,957 Peel Ports Group Limited Tokenhouse Ltd Family (>50%) 1078 £747,508 1,267 Swansway Group Limited Swansway Group Limited Family (>50%) 1087 £739,821 3,989 Drilton Limited Maryland Ltd Family (>50%) 1093 £735,008 2,161 John Graham Holdings Limited John Graham Holdings Limited Family (>50%) 1108 £727,631 7,516 Betfred Group Limited Betfred Group Limited Family (>50%) 1124 £714,263 2,727 Hunting PLC Hunting PLC Family (>25%) PQC 1125 £713,350 2,643 Newlands (Elgin) Holdings Limited Newlands (Elgin) Holdings Limited Family (>50%) 1126 £711,910 375 Andrew Marr International Limited Andrew Marr International Limited Family (>50%) 1150 £699,547 1,538 Eastern Holdings Limited Eastern Holdings Limited Family (>50%) 1158 £694,500 3,321 BHL (UK) Holdings Ltd Reef Holdings Ltd Family (>50%) 1220 £661,791 530 I.M. Group Limited I.M. Group Limited Family (>50%) 1224 £660,304 3,864 Farmfoods Limited Farmfoods Limited Family (>50%) 1225 £659,027 1,509 Motorline Holdings Limited Motorline Holdings Limited Family (>50%) 1270 £630,391 44 Onkar International Limited St Holdings Limited Family (>50%) 1271 £630,065 1,160 Cambria Automobiles PLC Cambria Automobiles PLC Family (>25%) 1275 £628,185 275 Winvic Group Limited Winvic Group Limited Family (>50%) 1289 £620,448 1,130 Helston Garages Group Limited Helston Garages Group Limited Family (>50%) 1290 £620,186 2,528 Ballyvesey Holdings Limited Ballyvesey Holdings Limited Family (>50%) 1302 £613,962 3,312 James Hall and Company (Holdings) Limited James Hall and Company (Holdings) Limited Family (>50%) 1313 £608,355 241 Trillium Holdings Limited Field Nominees Ltd Family (>50%) 1318 £606,520 1,845 Perrys Group Limited Perrys Group Limited Family (>50%)

24 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 1322 £604,793 1,791 Amber Rei Holdings Limited Amber Rei Holdings Limited Family (>50%) 1333 £597,819 1,683 Renewable Energy Systems Holdings Limited Renewable Energy Systems Holdings Limited Family (>50%) 1352 £588,545 6,962 CP Holdings Limited CP Holdings Limited Family (>50%) 1358 £585,592 691 McLaren Construction Group PLC McLaren Construction Group PLC Family (>50%) 1380 £575,328 1,506 Carey Group PLC Carey Group PLC Family (>50%) 1396 £569,015 2,806 CEF Holdings Limited Labora Holdings Limited Family (>50%) 1410 £562,571 897 Dick Lovett Companies Limited Dick Lovett Companies Limited Family (>50%) 1411 £562,020 966 Lloyd Motors Limited Lloyd Motors Limited Family (>50%) 1424 £556,267 1,114 Hendy Automotive Limited Hendy Automotive Limited Family (>50%) 1428 £555,700 3,224 NG Bailey Group Limited NG Bailey Group Limited Family (>50%) 1445 £548,800 1,108 SHS Group Limited SHS Group Limited Family (>50%) 1472 £535,300 988 Western United Investment Company Limited Western United Investment Company Limited Family (>50%) 1495 £524,450 12,371 Lush Cosmetics Limited Lush Cosmetics Limited Family (>50%) 1508 £517,665 4,742 Warburtons 1876 Limited Warburtons 1876 Limited Family (>50%) 1518 £512,613 42 Sanctuary Partners Limited Sanctuary Partners Limited Family (>50%) 1526 £509,706 1,217 Tennants Consolidated Limited Tennants Consolidated Limited Family (>50%) 1531 £507,034 534 Buckingham Group Contracting Limited Buckingham Group Contracting Limited Family (>50%) 1545 £501,542 503 Hill Holdings Limited Hill Holdings Limited Family (>50%) 1548 £501,117 776 Williams Motor Co. (Holdings)Limited Williams Motor Co. (Holdings)Limited Family (>25%)

25 APPENDIX C: NON-UK LARGE FAMILY BUSINESSES (PARENT COMPANIES) This section lists the 84 largest non-UK family-owned businesses parent companies, with a turnover greater than £500m. The table shows the ranking of each company within the 1,551 largest UK firms, company turnover, employee count (where reported), company name and ultimate parent company.

Note: PQC = Publicly Quoted Company

Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 20 £24,214,000 38,583 Jaguar Land Rover Automotive PLC Tata Motors Limited Family (>50%) 23 £22,916,500 150,176 Asda Group Limited Walmart Inc/Wmt Windsor LLC Family (>50%) 42 £13,585,000 28,927 Sky Limited Comcast Corporation Family (>25%) PQC 52 £11,334,428 35,359 Aldi Stores Limited Hofer KG Family (>50%) 54 £10,764,923 27,927 Vedanta Resources Limited Volcan Family (>50%) 65 £9,921,900 1,033 Volkswagen Group United Kingdom Limited Volkswagen Aktiengesellschaft Family (>50%) 75 £8,713,871 23,790 Chanel Limited Litor Ltd Family (>50%) 93 £7,070,000 21,400 Tata Steel UK Holdings Limited Tata Steel Limited Family (>50%) 107 £6,385,000 14,751 Easyjet PLC Easyjet PLC Family (>25%) PQC 118 5,953,756 10,403 Sytner Group Limited Penkse Automotive Group Inc Family (>50%) 123 £5,575,469 425 BMW (UK) Limited Bayerische Motoren Werke Aktiengesellschaft Family (>25%) PQC 141 £4,906,362 4,008 Martin-Brower UK Ltd Reyes Holdings LLC Family (>50%) 163 £4,271,016 1,975 Essar Energy Limited Essar Global Fund Ltd Family (>50%) 175 £4,118,365 21 SK Energy Europe Limited SK Holdings Co Ltd. Family (>25%) 186 £3,911,400 1,301 Nadezhda Limited BSV Holdings Ltd Family (>50%) 206 £3,709,326 5,611 Antofagasta PLC Antofagasta PLC Family (>50%) 208 £3,635,554 22,153 Hinduja Automotive Limited Amas Holding SPF Family (>50%) 316 £2,416,055 22,397 Chiquita Holdings Limited Burlingtown International BV/J Safra Food Family (>25%) Holdings Sarl 322 £2,379,281 4,558 Hutchison 3G UK Limited CK Hutchison Holdings Limited Family (>50%) 345 £2,223,778 280 Toyota (G.B.) PLC Toyota Motor Corporation/Toyota Motor Corp Family (>50%) 353 £2,190,657 10 Opet International Limited Opet Petrol Family (>25%)

26 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 401 £1,987,514 2,103 Yazaki Europe Limited Yazaki Corporation Family (>50%) 407 £1,960,221 10,515 Ikea Limited Stichting Ingka Foundation Family (>50%) 416 £1,931,989 7,476 Muller UK & Ireland Group LLP Unternehmensgruppe Theo Müller S.E.C.S. Family (>50%) 468 £1,707,356 145 Peugeot Motor Company PLC Peugeot SA Family* 472 1,694,000 13,772 Kaz Minerals PLC Kaz Minerals PLC Family (>25%) PQC 489 £1,668,900 6,233 UK Power Networks Holdings Limited UK Power Networks Holdings Limited Family (>25%) 492 £1,648,734 5,161 Fresnillo PLC Industrias Peñoles, S. A.B. De C. V. Family (>50%) 521 £1,581,663 9,084 Kuehne + Nagel Limited Kuehne & Nagel International Ag Family (>50%) 525 £1,567,151 10,061 Moy Park Limited JBS S.A. Family (>25%) PQC 534 £1,541,918 220 Hyundai Motor UK Limited Hyundai Motor Company Family (>50%) 554 £1,479,966 52 Mabanaft Limited Marquard & Bahls Aktiengesellschaft Family (>50%) 572 £1,449,268 2,035 Molson Coors Brewing Company (UK) Limited Molson Coors Brewing Company Family (>25%) PQC 585 £1,425,000 2,284 Heineken UK Limited Lac Lux Holdings S.À R.L. Family (>25%) 590 £1,399,928 122 MSC Cruise Management (UK) Limited MSC Mediterranean Shipping Company S.A. Family (>50%) 604 £1,350,856 289 Invista Textiles (U.K.) Limited Kosa Foreign Equity Sarl Family (>50%) 621 £1,306,671 612 Evergreen Marine (UK) Limited Evergreen Marine Corporation (Taiwan) Family (>50%) Limited/Evergreen Marine Corporation 643 £1,249,715 37,083 Sodexo Limited Bellon Family (>50%) 646 £1,246,679 3,863 Bombardier Transportation UK Ltd Bombardier Inc Family (>50%) 658 £1,230,358 716 Ecom Agrotrade Holdings Limited Ecom Agroindustrial Corp. Limited Family (>50%) 673 £1,178,490 4,729 Grafton Merchanting Gb Limited Grafton Group Public Limited Company Family (>50%) 674 £1,177,994 14,281 New Look Retailers Limited Top Gun Bidco Ltd Family (>50%) 676 £1,175,559 4,780 Glen Electric Limited Kilkee Investments Unlimited Family (>50%) 709 £1,124,237 1,206 Phoenix Healthcare Distribution Limited Phoenix Pharma SE Family (>50%) 710 £1,120,439 653 Cargill PLC Cargill Inc Family (>50%) 717 £1,110,676 1,558 Mars Wrigley Confectionery UK Limited Mars Overseas Holdings, Inc Family (>50%) 726 £1,103,900 13,378 Matalan Retail Ltd Missouri Topco Limited Family (>50%) 735 £1,091,886 4,864 L'Oreal (U.K.) Limited L'Oreal SA Family (>25%) PQC 761 £1,060,500 6,884 Umv Global Foods Holding Company Ltd. Yildiz Holding Family (>50%) 766 £1,054,860 8,128 H&M Hennes & Mauritz UK Limited Ramsbury Invest AB Family (>50%) 772 £1,051,106 21,145 Nando's Group Holdings Limited Nando's Group Holdings Limited Family (>50%)

27 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 788 £1,025,450 1,680 Lancaster Motor Company Limited Jardine Matheson Holdings Limited Family (>50%) 811 £997,000 11,504 Millennium & Copthorne Hotels Limited Millennium & Copthorne Hotels Limited Family (>50%) 820 £984,048 2,925 Volkerwessels UK Limited Van Der Vegt Beheer B.V./Koninklijke Family (>50%) Volkerwessels N.V. 865 £934,236 6 Bunker One (London) Limited Selfinvest APS Family (>50%) 912 £887,020 2 Russneft (UK) Limited PJSC Oil and Gas Co Russneft Family (>50%) 924 £876,490 5,015 Enterprise Rent-A-Car UK Limited Crawford Group Inc. Family (>50%) 939 £866,716 1,431 Roche Products Limited Roche Holding Ltd Family (>50%) 979 £824,843 13 Koch Fertilizer International Limited Koch Industries Inc Family (>50%) 1055 £766,096 770 Perenco UK Limited Perenco International Ltd Family (>50%) 1074 £749,457 3,345 Hermes Parcelnet Limited Michael Otto Stiftung/Otto Aktiengesellschaft Family (>50%) Fuer Beteiligung 1095 £734,342 1,308 Bechtel Holdings Limited Bechtel Group Inc Family (>50%) 1105 £729,500 7,627 Travelex Holdings Limited BRS Ventures & Holdings Ltd Family (>25%) 1114 £721,332 1,151 BSH Home Appliances Limited Robert Bosch Gmbh Family (>50%) 1128 £710,899 1,913 The Net-A-Porter Group Limited Compagnie Financiere Richemont Sa Family (>50%) 1129 £710,036 9,392 Pret A Manger (Europe) Limited Jab Holding Company S.À.R.L. Family (>50%) 1156 £695,100 8,979 The Rank Group PLC Hong Leong Co (Malaysia) Berhad Family (>50%) 1209 £667,265 11,768 IVC Acquisition Pikco Ltd IVC New Topholding S.A. Family (>50%) 1242 £645,225 1,591 Group Miki Holdings Limited H I S Co Ltd Family (>25%) 1244 £645,000 2,959 Wessex Water Limited Yeoh Tiong Lay & Sons Holdings Sdn Bhd Family (>50%) 1259 £637,186 6 Apioil UK Limited Apioil UK Limited Family (>50%) 1278 £627,122 940 Red Football Limited Manchester United PLC Family (>50%) 1337 £595,554 5,674 Paragon Group Limited Paragon Group Limited Family (>50%) 1339 £594,397 3,277 Faccenda Foods Limited Avara Foods Holdings Limited Family (>25%) 1360 £584,791 1,047 City Football Group Limited Abu Dhabi United Group Investment & Family (>50%) Development/Abu Dhabi United Group Investment & Development 1367 £581,570 2,451 Smyths Toys UK Limited Smyths Toys Holding Unlimited Company Family (>50%) 1378 £577,565 3,594 Aviagen International Finance Limited EW Group Gmbh Family (>50%) 1431 £553,809 21,481 Lidl Great Britain Limited Schwarz Beteiligungs-KG Family (>50%) 1435 £551,951 4,111 Hochschild Mining PLC Hochschild Mining PLC Family (>50%)

28 Ranking Turnover £ Employee Company Name Ultimate Parent Ownership of (thousands) Count Ultimate Parent 1450 £547,010 357 Wave Ltd CK Hutchison Holdings Limited/Anglian Water Family (>25%) Group Ltd 1471 £535,338 1,431 Accord Healthcare Limited INTAS Pharmaceuticals Limited Family (>50%) 1481 £532,434 25,553 Zara UK Midco Limited Zara Holdings S.À R.L. Family (>25%) 1511 £515,079 1,700 FCC Environment (UK) Limited Fomento De Construcciones Y Contratas Sa Family (>25%) 1522 £511,574 1,560 McCain Foods (G.B.) Limited McCain Foods Group Inc Family (>50%)

*Peugeot SA is considered a family business, despite the family owning less than 25% of shares, for reasons outlined in Section 3.2 of this report.

29 APPENDIX D: METHODOLOGY Appendix D sets out the methodology used in this A limitation of ranking companies by turnover study in more detail. This is divided into three parts: is that it is biased towards volume businesses such as wholesalers and retailers. Alternative Part I Identification of UK companies with turnover rankings were considered in our analysis, namely greater than £500m employee numbers. Number of employees is a Part II Pilot study: Identification of the ultimate limited indicator of company size and introduces ownership of 10 per cent of companies selected at a bias toward labour-intensive sectors (retail and random from the filtered companies with turnover services) as not all companies report the number greater than £500m of employees. Moreover, some companies are Part III Main study structured such that they have relatively few employees but very large turnover. Part I Defining large family The definition of family firms adopted by the businesses European Commission (2009) classifies family firms according to the following criteria: In the 2016 study, RepGraph recommended using £500m turnover as the cut-off point for the 50 per cent family ownership (ultimate voting identification of medium to large sized family rights) in private firms businesses. The rationale for employing this figure 25 per cent family ownership (ultimate voting was that this was used in a UK Government study rights) in publicly quoted firms (PQC) (BEIS, 2012) and also it appeared that family businesses in the 2016 study clustered below the In this study, where family ownership was identified, 1,000 arbitrary cut-off. we recorded whether the controlling stake was greater than 50 per cent or greater than 25 per Companies were ranked by turnover figures cent (even if the company was private). The latter obtained from the FAME database. The turnover was used to classify family ownership in the earlier approach was used because: studies (Franks et al, 2012, RepGraph 2016). The former is the IFB Research Foundation’s working 1. This replicates the approach taken in Franks et definition for non-publicly quoted family firms (See al.’s study (2012) which used 2006 data and the Appendix A for a complete list of UK and non-UK 2016 RepGraph study, which used data from family-owned companies). 2015. 2. Other publications such as the Sunday Times: Top Using the same approach as Franks et al. (2012) and 5 Track 100 have compiled similar league tables RepGraph 2016, where there were multiple stakes based on turnover. held by individuals (or investment vehicles traced 3. Turnover is a relatively simple measure that is to individuals), those stakes were aggregated easy to understand and usually unambiguous. across individuals within the same family. If there 4. Turnover is a reasonable indication of size, even is more than one family aggregation was across all if it does not always reflect the performance of families. The methodology distinguishes firms that companies. are widely held from family controlled firms where individual family members hold non-controlling Turnover data may provide a better reflection stakes but the aggregate stake constitutes a of company size than employee numbers, since controlling stake. it is sometimes unclear whether the employee numbers reported refer to the entity or the parent, Widely-held companies or both. For example, Laing O’Rourke PLC lists A widely held company is defined as one where employees whereas Laing O’Rourke Construction there is no ultimate owner (or in the case of limited does not list any. families, no group of family members) with 25 percent or more of voting rights. This definition of a controlling stake was used by Franks et al (2012)

30 and RepGraph (2016), where a controlling stake is holding companies and trusts. This reduced the defined by the ownership of the voting rights of the size of the dataset from 1,878 to 1,705 (173 financial ultimate owner. companies removed).

First Generation Entrepreneurs The 2020 FAME result dataset was also found The definition used to identify potential FGE firms to contain examples of duplication of reported was: turnover for parent companies and one or more of its subsidiaries. In order to avoid double counting, • The firm is first generation the subsidiary companies were removed by way of • Majority shareholder does not have same consistency. Where two subsidiaries and a single surname as any other shareholder common parent all reported the same turnover, • Majority shareholder does not have same it was found in all cases that there was a vertical surname as any other director ownership structure and all but the ultimate • Biographic evidence that the majority parent company were removed in these situations. shareholder’s family are not involved in the Removal of identical turnover reduced the resulting running of the firm (or otherwise) dataset size from 1,705 to 1,617 (88 duplicates removed).

Part II Data cleansing The main study reported here used the same approach used in the pilot study for identifying The previous study undertaken by RepGraph utilised ownership as outlined in Part I above i.e. according Bureau van Dijk’s FAME and Orbis databases of UK to voting rights rather than shareholding alone. and global companies as well as other data sources. Where family ownership was identified, we FAME is a database of detailed information on recorded whether the controlling stake was greater approximately two million UK and Irish registered than 50 per cent or greater than 25 per cent (the companies (including those registered in UK crown latter was used to classify family ownership in the dependencies). Orbis is a database which provides previous study). The FAME and Duedil databases financial and ownership information for around were used for this exercise. 360 million companies worldwide. DueDil data does not include information for All UK companies (including crown dependencies companies registered in UK crown dependencies and Gibraltar; excluding ) with or indeed for any companies outside of the UK and turnover exceeding £500 million were downloaded Ireland. Where ultimate parent companies were from the FAME database on 16 January 2020. This outside the geographical scope of DueDil, Orbis and yielded 1,878 companies. Data for the following FAME were used to identify their ownership. variables were downloaded for each of the 1,878 companies: Company name, Registered number, In addition, firms where ownership was difficult Primary UK SIC (2007) code, Latest accounts to discern were checked on Companies House’s database to identify persons with significant date, Operating revenue (Turnover), Number of 6 employees, Global Ultimate Owner (GUO). control and, where necessary, company websites and business news articles were checked. In line with Kotlar et al’s (2019) study, a two-year filing date was specified. This was done in order to FGEs were also identified and any likely family capture the most recent information available. This businesses that did not fit the strict criteria for approach has the disadvantage that the snapshot it ownership were highlighted for further discussion provides is not reproducible at a later time as the with IFB Research Foundation. data in FAME dynamically changes and so, while methodological approaches may be similar, the same data cannot be recaptured. Part III Pilot Study: Identifying ultimate ownership using a random In order to ensure that the FAME-obtained results were as comparable as possible to those from sample of large firms previous studies; firms from the FAME search with UK SIC codes corresponding with financial activities Our methodology was tested on a sample of firms (64*-66*) were removed with the exception of in the first instance. The sample was chosen at

31 random and ownership was identified. There were companies were removed for various reasons 1,617 large UK firms in the population and 10 per cent including administration, incorrect reporting of of these companies were selected at random for turnover, filing dates not within the two-year cut the pilot investigation. Of these 163 firms included off etc. The final target population for the study size in the pilot, 18 per cent (29 companies) were found included 1,551 UK companies with turnover greater to be family-owned. Of these 29 companies, only £500m. three were found to be less than 50 per cent family Thirty companies were found to have near controlled and around 13 per cent of the companies duplication of turnover (e.g. Asda Group Limited (21 companies) were owned by UK families, with reported a turnover of £22.92bn whereas Asda four of the ultimate parents registered outside Stores Limited stated a turnover of £22.84bn). of the UK. One company was in administration However, these were not removed due to their small and one company was under Company Voluntary number and the consequential methodological Arrangement (CVA), while nine companies were bias. As discussed in the main body of this report, considered FGEs. Two companies were controlled when wholly-owned subsidiaries were removed, by a combination of families, but no one family had the percentage of family firms alters very little a greater than 25 per cent shareholding. However, (from 19.8 per cent to 20.1 per cent). these were included because, as a combination, the families’ shareholdings was greater than 25 per In all, 308 family businesses were identified among cent. this population and a detailed examination of company websites, news articles, Companies House The results of the pilot study were broadly consistent records, annual reports, DueDil and Orbis databases with those of previous studies (Franks et al., 2012 for each of the family businesses was conducted and RepGraph, 2016), where family businesses in order to identify the name and nationality of account for around 20 per cent of all firms. Among the ultimate owning family and shareholding of our sample, 18 per cent were identified as family the family, as well as any other information that businesses. was deemed useful such as the nature of the family relationship or partial ownership of other It is likely that family businesses and UK owned companies. family businesses are not randomly dispersed in the population of large firms. Some evidence for this is the finding that 13 per cent of the firms included in the pilot study were identified as UK family businesses. This compares with 11 per cent in the previous study (RepGraph, 2016).

The total number of companies with turnover greater than £500m of 1,617 was 317 more than anticipated (in 2016 the number was estimated at around 1,300). This is probably due to a seven per cent growth in the number of large companies in the UK over this time-period7 and an estimated compound growth in turnover.

In conclusion, the pilot study validated our approach and gave us confidence that data sources used were likely to yield results broadly comparable with the previous study (RepGraph, 2016).

The complete cleansed dataset consisted of 1,617 companies of which 163 were investigated in the pilot study. The remaining data (1,454 firms) were explored and family businesses identified using the same approach as in the pilot study. Following further analysis of the dataset, an additional 66

32 ENDNOTES

1 Where family ownership was identified, we recorded whether the controlling stake was greater than 50 per cent or greater than 25 per cent. The latter was used to classify family ownership in the previous studies (Franks et al, 2012, RepGraph 2016) and the former is the IFB Research Foundation’s working definition for non-publicly quoted firms.

2 FAME is a database of detailed information on approximately two million UK and Irish registered companies (including those registered in UK crown dependencies). Available at https://www.bvdinfo. com/en-gb/our-products/data/national/fame

3 DueDil is a company intelligence platform covering the SME economy. DueDil uses proprietary matching technology to link billions of company data points from authoritative sources, providing unique insight through its Business Information Graph.

4 Orbis is a database which provides financial and ownership information for around 360 million companies worldwide. Available at https://www.bvdinfo.com/en-gb/our-products/data/international/ orbis

5 https://www.fasttrack.co.uk/league-tables/top-track-100/

6 A person of significant control is someone that holds more than 25 per cent of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors or otherwise exercises significant influence or control.

7 https://www.gov.uk/government/statistics/business-population-estimates-2019

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