THE GROWTH REPORT MAY 2019

2019 EDITION A CLOSER LOOK TRACKING THE GROWTH OF THE LEADING PERFORMERS IN THE COUNTY

A new economy 2 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

CONTENTS WELCOME 3 ANALYSING THE COUNTY’S TOP 50 GROWTH STARS 4 THE SOUTH LOCAL ENTERPRISE PARTNERSHIPS VIEW 9 A UNIVERSITY WITH BUSINESS IN MIND 10 GROWTH GOES UP A GEAR AT MCE INSURANCE 11 IN ONE OF THE SHIRE’S MOST WELL-HEELED BUSINESSES 12 WHERE EVEN THE SKY ISN’T A LIMIT 13 NENE’S RACKS TO RICHES STORY 14 MATRIX’S MYSTERY GROWTH INGREDIENT 15 FREIGHTROUTE’S BREXIT BONUS 16 HAVE WE GOT WHAT CYGNIA NEEDS? 18 ALL SMILES AT RODERICKS DENTAL 20 THE TOP 50 LIST 21 YOUR BDO NORTHAMPTONSHIRE CONTACTS 23

A MEASURE OF GROWTH

How vibrant is This inaugural Northamptonshire Growth Report aims to better understand these companies by analysing the performance of the 50 businesses that have posted the highest Northamptonshire’s business average growth over the last three years. community? One way to What follows is a snapshot of Northamptonshire’s business growth heroes, along with find out is to look at the commentary from key public and private sector figures who play an important role in companies that are growing supporting the corporate community. TOP 50 COMPANIES BY SECTOR the fastest: those that are Professional services 2% already influencing the Tech & media 2% Primary activities & utilities 4% Manufacturing & industrial markets 38% business scene and bringing Healthcare 4% riches and employment to Financial services 4% the shire. Real estate &construction 12% 50 op t

o w e v50e r v i

Retail 14%

Support services & transport 20%

ACKNOWLEDGEMENTS BDO would like to thank the Northamptonshire private and public sector leaders who generously gave their time to provide views and comments used in the production of this report. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 3

A WORD FROM CHRIS BOND PARTNER

Uncertainty isn’t something most business leaders relish. But thanks to Brexit, it’s been a fairly constant feature of corporate life in 2018 and 2019. And in Northamptonshire we have an extra helping.

After the County Council’s well publicised financial problems in 2018, we have been waiting to see what kind of local authority support, if any, would be available to the business community. Plans to create two new unitary authorities have been revealed, but we still lack clarity on the details. In an ‘up-in-the-air’ situation like this, there could be a temptation to ignore the bigger picture and focus on taking care of business. Focusing on the task in hand is never a bad thing, but at the same time it might not be prudent to lose sight of wider issues. Elsewhere across the country, regional business communities are shaping up for what will likely be a tougher commercial environment outside the European Union. Being part of a recognised centre of excellence could help a lot. Northamptonshire businesses know this. For many years, the region was famous for its footwear. Now its expertise is turning heads. But such reputations can vanish quickly if they are not nurtured. And right now, with local government support in limbo, who will bang the drum for the shire? Significant help will no doubt come from the Local Enterprise Partnership. But bear in mind that this organisation also has the job of cheerleading a wide geographical area not just Northamptonshire. And while other regions can often rely on university- based innovation centres to power excellence in particular industries, in Northamptonshire our university is still in a sense finding its feet after gaining its current status in 2005. All this makes it more imperative for Northamptonshire business leaders to think about how they can work with each other to create a sense of what makes our area special. The companies listed in this report, which need to attract customers and staff in support of rapid growth, have the most to gain.

CHRIS BOND Partner BDO 4 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 ANALYSIS BUSINESSES ON THE MOVE

TOTAL TURNOVER GROWTH ACROSS THE TOP 50 50 Northamptonshire’s op t business community o w 2,500 v50i e has motion in the blood. e r v In the past, that motion was mostly on foot: 2,000 2,104 shoemakers dominated 1,875 the local industry. Even today, the iconic footwear 1,500 1,665 brand Dr Martens still has its base in Wollaston. But 1,000 elsewhere, the motion has £000,000 Turnover moved up a gear. 500 The county’s fastest-growing company, J.A.P.S Holdings, owns the Motorvogue brand of car dealerships. At number two, RML Group makes motor racing cars as 0 part of the Valley industry Year 2 Year 1 Last available year community. The third-fastest growing business, Sloane Helicopters, is an It’s clearly something that works well in For example, family-owned Virani Food aerospace manufacturer. the county. The top five companies in our Products has managed to grow by an No fewer than 11 out of the top 50 fastest- report, which also include a homebuilder average of almost 21% over the last three growing companies in Northamptonshire and a warehousing business, all have three- years by adding a bit of spice to life. The deal with vehicles, either making them, year growth rates of more than 40%. company is the largest miller of gram flour in Europe and also provides herbs and selling them or having a focus on logistics Elsewhere across the top 50, there is an spices for producers of readymade meals, to move things around. One other business, average three-year growth rate of around sauces and snacks. Barton Petroleum, supplies fuel. 16% which sits well in comparison to other And in a nod to Northamptonshire’s areas in the East Midlands. Virani is one of a number of food-related companies on the list, with others including shoemaking past, two companies in the Business services providers such as MCE grain specialist Charles Jackson & Co, top 50 are dedicated to footwear. It’s Insurance or construction firms such as fruit salad maker Blue Skies Holdings and safe to say that few other places in the Jeakins Weir could be expected in any catering industry supplier Central Foods. UK could boast such a high proportion of random selection of UK companies, but Elsewhere, the list also features a dental fast-growing businesses that are based on Northamptonshire also boasts fast-growing practice and an agricultural group. getting from A to B. businesses dedicated to somewhat more exotic pursuits. Overall, the companies in the top 50 delivered revenues of £2.1bn in the last 12 months under review, up from almost £1.9bn the year before and close to £1.7bn two years previous. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 5

WHO’S TOP OF THE CHARTS?

The five fastest- J.A.P.S HOLDINGS LIMITED RML GROUP LIMITED LOCATION LOCATION growing companies Northampton Wellingborough in Northamptonshire SECTOR SECTOR generated turnover of Retail Manufacturing & industrial markets GROWTH GROWTH almost £183m between 58% 51% them in the last year under J.A.P.S Holdings is better known locally RML Group is a leading high-performance review and averaged a as Motorvogue, the multi-franchise auto engineering company delivering world-class three-year growth rate retailer that entrepreneurs Jon Pochin and motorsport and automotive components. Peter Norman bought in 2008. From a The company is also looking to position of just over 48%. These are single site back then, the duo has expanded itself for success in the growing electric the business into Bedfordshire and Norfolk, the county’s undisputed vehicle sector, delivering technology piling on revenues in the process. growth stars. for road and race applications built at a As well as extending the business state-of-the-art energy storage design and geographically, the directors have looked to manufacturing facility. expand the portfolio of automotive brands they sell under one roof. In Northampton,the company holds Abarth, Alfa Romeo, Fiat and Seat franchises. Other locations also work with Citroen, Dacia, Hyundai, Jeep and Renault.

SLOANE HELICOPTERS LIMITED BARWOOD HOMES HOLDINGS LIMITED PANTHER WAREHOUSING LIMITED LOCATION LOCATION LOCATION Northampton Northampton Northampton SECTOR SECTOR SECTOR Manufacturing & industrial markets Real estate & construction Support services & transport GROWTH GROWTH GROWTH 46% 46% 41%

Founded more than 48 years ago, Sloane Since its founding in 2010, quality Panther Warehousing is one of the UK’s Helicopters claims to be the most housebuilder Barwood homes has built leading premium two-man white-glove accomplished onshore helicopter company a solid portfolio now comprising 14 home delivery companies, claiming best-in- in Europe and remains within the same residential developments spread across class service for a rapidly growing number private ownership of its founder and central England. of online and multi-channel retailers and chairman, David George. manufacturers. The company has three developments Located at Sywell Aerodrome and with in Warwickshire and two each in Headquartered in Northampton, Panther bases at Northolt and Enniskillen, Sloane Buckinghamshire, Leicestershire, provides services including next-day and is an authorised distributor for Leonardo Northamptonshire and Oxfordshire. This nominated day delivery seven days a week, Helicopters and the Robinson Helicopter year it aims to add new developments which has helped the business remain at Company. Along with helicopter sales, in Leicestershire, Lutterworth and the forefront of the industry. The business the company offers engineering, flight Staffordshire to the list. operates a nationwide network supported operations and training services. by a fleet of 350 vehicles. 6 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 ANALYSIS WHICH SECTOR LEADS GROWTH?

AVERAGE GROWTH BY TURNOVER 50 op t

30% o w e v50e r v i 25% 24.78% 22.56% 20%

15% 14.80% 15.03% 14.10% 14.26% 13.81% 13.16% 10%

9.07% 5%

0% Financial Healthcare Manufacturing Primary Professional Real estate & Retail Support Tech & services & industrial activities services construction services & media markets & utilities transport

Dig into the data on our At the other end of the spectrum, the Online Direct and agricultural player professional services and technology and Harrowden Farms Group, averaged almost top 50 fastest-growing media sectors had a more modest presence 25% growth between them over the last Northamptonshire in the top 50, with just one company each. three years. businesses and it becomes The IT consultancy Total Computer Close behind was retail, with seven Networks flew the flag for the technology companies averaging nearly 23% growth. apparent that some sectors and media sector, earning a slot at number Retail and primary activities and utilities are contributing more to 22 in our report thanks to average three- performed significantly better than any year growth of more than 13%. other sectors in the list, with the next- growth than others. best-performing industry, real estate and Representing professional services, construction, posting 15% growth. The biggest sector for fast-growing meanwhile, was law firm Howes Percival, businesses in Northamptonshire is with growth of just over 9%. Despite In fact, growth rates in the low teens seem manufacturing, which accounted for 38% manufacturing’s predominance as a to have been the standard for most sectors of the companies in our report. After this proportion of companies in the list, the in the report. The only two sectors that came support services and transport, with sector that leads growth within the top 50 grew less were professional services and 20%, and retail, with 14%. is primary activities and utilities. The two technology and media, which, as noted companies in this sector, energy broker above, only had one representative each. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 7

AVERAGE EMPLOYMENT GROWTH 50 op t

20% o w e v50v i 18% e r 18.37% 16%

14%

12% 12.39% 12.26% 10%

8% 9.11% 8.69% 6% 7.18% 5.93% 4%

2% 2.45% 2.69% 0% Financial Healthcare Manufacturing Primary Professional Real estate & Retail Support Tech & services & industrial activities services construction services & media markets & utilities transport

Primary activities and utilities have also led And two sectors, financial services and This was more than twice the level of the way in terms of employment growth professional services, did not even achieve recruitment seen by the next-highest rate over the last three years. The two 3% employee growth. Their contribution employment growth star on our list, companies in this sector added 18% more was further dented by their relative lack Panther Warehousing, which has expanded staff over the period. Online Direct more of weight in the listing. The two industries its staff by 303 over the last three years. than doubled its employee base in four only contributed three companies to the list. Other important recruiters included Dalepak years, going from 43 to 96 staff. In terms of absolute numbers of new jobs Holdings, which took on 167 staff; Knights of Employment growth rates for other created, though, one sector, and indeed Old Group, which recruited 120; Rodericks sectors were more modest, with retail and one company, stands out and that is retail. Dental, which took on 114; Group support services and transport growing Holdings, which took on 110; and Briggs & The seven retail companies in the list took roughly 12%. Healthcare, manufacturing Forrester Group, with 109. on 980 new staff in the three years under and industrial markets, real estate and review, with most of the recruitment effort Blue Skies Holdings’ massive recruitment construction, and technology and media falling to one business, the food and drink push gave retail the highest average all had average employment growth rates player Blue Skies Holdings, which took on jobs-per-company increase of any sector. below 10% 888 employees. But the two healthcare companies on the list also displayed a notably high level of recruitment, picking up an average of 95 new staff each over the last three years. 8 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

NORTHAMPTONSHIRE’S GROWTH CAPITALS

Where do the county’s top growth companies live? No prizes for guessing that it’s Northampton, and to a massive degree.

More than half of the companies in this Trailing behind Wellingborough comes year’s report hail from the county capital, Kettering, with six representatives in the top including eight of the top 10 and four of the 50, starting with Harrowden Farms Group top five, which represent the only companies at number 20. Rushden only has three in Northamptonshire with average three- companies on the list, although it can claim year growth in excess of 45%. one company, MCE Insurance, in the top 10. The only other town in Northamptonshire Corby and Towcester barely make it onto that comes anyway near as close to being a the list. Corby has one company, Jeakins high-growth hub is Wellingborough, home Weir at number 11 and Randall Parker to 10 of the companies in this year’s report. Foods gives Towcester its single entrant at number 50. Finally, Cheaney Shoes at The strongest of the Wellingborough number 45 and Freightroute at number 40 contenders is RML Group, the fast-growing allows Desborough and Irthlingborough racing car and automotive component respectively to be highlighted. supplier that is at number two in this year’s listing. But only one other Wellingborough company, Virani Food Products, is in the top 20. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 9

EXPERT VIEW AIMING FOR GROWTH FROM WITHIN

Northamptonshire is a great place to do business, says achieve their potential. While a team of enterprise coordinators work with one of the key figures involved in supporting the county’s secondary schools and colleges to match business community. them up with local employers to improve careers information and advice. This is Hilary Chipping, chief executive of the South Furthermore, Silverstone in South important to develop a continuous talent East Midlands Local Enterprise Partnership Northamptonshire has fostered a growing pipeline of young people with the skills and (SEMLEP), gets straight to the point. high-technology and advanced engineering attributes that mirror those needed in the sector that is set to be nurtured further by industry we have in the county. Northamptonshire has always been skilled graduates from the universities of something of a magnet for logistics The LEP is investing £265m into Bedfordshire, Northampton and Cranfield. companies that like the county’s central infrastructure including commercial location and easy access to routes “Due to the location and good connections developments and transport links across such as the A14 and M1. There is much we can attract skilled workers and keep the South East Midlands economic area, innovation and collaboration taking place them,” she says. of which Northamptonshire is a part of. in the logistics sector, with some of these Providing the infrastructure to improve There is relatively high employment in businesses in the region adopting the cutting east-west links “will have a positive impact Northamptonshire compared to many edge of technology. This has the potential on the local economy,” Chipping says. “The neighbouring areas further north and a to radically improve productivity in logistics government is committed to investing in well-skilled talent pool in the region for the businesses, whilst also contributing to the this area due to its fast-growing businesses businesses based here, she comments. “But development of other fast-growing sectors and strengths in innovation,” she confirms, skills remain a high priority for businesses. based in the county, such as the food and adding “It is a great place to start a Businesses of all sizes report that recruiting drink manufacturing sector. business and to bring up a family, with its people with the right level of technical varied natural environment and relatively skills and the right attitude and capability affordable housing.” remains a challenge.” She adds. “However, the area is going through a period That’s why, she says, in Northampton of reorganisation within local government.” “local colleges and the University need It’s a process that will take until April to focus on subjects that will keep the 2020 at the earliest and “will impact on students in the local area once qualified, businesses within the county.” Hilary says. such as engineering and IT cyber security. “At such a crucial time, it’s important to Enhanced digital skills are needed in all mitigate against a potential vacuum in sectors across the area.” terms of decision-making that could hold SEMLEP is doing its bit to support back businesses from pursuing immediate Northamptonshire businesses. The growth growth opportunities.” Hilary suggests. hub offers advice, support and information “The County has great potential to grow” to small business so they can get the she says. “Strong collaboration among the specialist support and investment they clusters of high-tech businesses in the fast- need. It aims to increase productivity, growing sectors we have here is key. This is competitiveness and help businesses the future: growth from within.”

Images courtesy of Silverstone Technology Cluster (top), Mahle Powertrain (left) 10 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

EXPERT VIEW A NEW UNIVERSITY FOCUSED ON THE FUTURE

The University of “The University has a very heavy The University is also focused on growing vocational focus,” confirms Terry Neville, the region’s small businesses and making Northampton is a modern Chief Operating Officer. “We’re unlike the county the best place to start a new institution that is still a University that’s got an academic or enterprise in the UK. As well as offering specialised research focus.” business consultancy and training, in changing to suit the times 2019 it launched the “Business Innovation “Students leave the University of Grant” – a fund that affords the county’s – and wants to bring others Northampton ready to go into jobs. businesses the opportunity to receive up And many of them, such as nurses and with it. to £5,000 funding from the University of paramedics, find work locally.” says Neville. The University has grown out of a diverse Northampton to boost growth and develop set of higher education centres specialising Already, the University teaches a lot ideas. of general engineering. It is keen to in vocational courses, and was granted The scheme also enables organisations in strengthen the flow of graduates to local University status in 2005. Although in 2019 the county to work with the institution’s engineering businesses. “That link needs the University has evolved to offer so much academics and facilities, with the aim to be made,” says Neville, “a number of more, that focus on educating people for of developing new products, processes, businesses do link into our courses, and the workforce still remains. services, and gaining new insights. they always have done, so it is a superb It now offers a wide range of career- opportunity. In many cases what’s missing “We have a huge breadth of expertise here oriented courses, from advertising and is technical expertise and we can provide at the University, from lifts to footwear, marketing through computing and those technical skills.” tourism to apps, waste to polymers – education to engineering or nursing and and we want to use our knowledge to midwifery. In a nod to the shire’s rich better businesses in the county.” Neville heritage as the producer of the world’s concludes. finest shoes, there is even a series of courses in leather technology. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 11

TOP 5O BUSINESS PROFILE THE ROAD TO RICHES

Just across the shire from “We pride ourselves on understanding what This success has not prevented MCE’s it means to be a biker and knowing what leadership from keeping their focus on a Motorsport Valley, it’s two riders want from their insurance,” says goal of achieving a 200% solvency surplus wheels, not four, that are Julian Edwards, . “Creating the best price, on the back of market-leading pricing, best policy and best service for our clients products, service and skills. delivering success for MCE is MCE’s passion, obtaining a DEFAQTO five star rating is a testament to this.” Beyond motorbikes, the company also Insurance. offers insurance for car and van drivers. In 2009, it began sponsoring the British It has also pioneered initiatives such as an MCE Insurance, the only financial services Superbike Championship, the leading road- eBay page to sell bikes bought from policy representative among the shire’s top racing bike championship in the UK and the holders who do not want their machines to 10 fastest-growing companies, is right premier domestic superbike racing series be repaired. at home among peers dedicated to in the world. By 2013 it was writing 100% locomotion. After all, for many motorway of the business it placed, and a year later it And unusually for a motor-focused business, users it’s as much a motoring brand as launched a claims operation. MCE has a 0% median gender pay gap, one Honda or BMW. of only 9% of companies to achieve this, Things have speeded up further in recent with men and women workers earning the That’s because MCE, based in Rushden, years. MCE launched fleet logistics and same amount for the same work. is the UK’s number one provider of repair operations in 2015, wrote its motorcycle insurance, offering technical 500,000th policy and opened its 50,000th “Whilst we are phenomenally pleased expertise and assistance for riders across claim in 2017 and launched an assistance with these figures, especially when the country. policy in 2018. benchmarking them against our competitors, we are prouder to be an It currently turns over £134m per year and employer that hires the best people for employees 345 people, 178 of whom have the job, regardless of gender or any other industry qualification, across bases in the factors,” says Edwards. UK, Gibraltar, India and the Philippines. 12 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 5O BUSINESS PROFILE TREADING A TIME- HONOURED PATH

under one roof. The badge of ‘Made in England’ carries a huge premium.” The Church cousins set about building on that foundation with a high-street presence to complement the company’s thriving white-label business, serving upmarket names such as Ralph Lauren and Gieves Joseph Cheaney & Sons has & Hawkes. Alongside the high street, the company been making quality footwear has focused on online sales and export in Northamptonshire since markets. “If you commit to the purely 1886. That hasn’t stopped the Made in England brand then you can compete very successfully in places like company from moving with Japan,” says Church. the times, though. These efforts helped Cheaney secure its third Queen’s Award for Enterprise for Joseph Cheaney & Sons, International Trade, in 2016. Alongside Northamptonshire’s 45th fastest-growing accolades, the expansion efforts have business, is one of the few remnants of the helped to drive revenues from around shire’s once-proud shoemaking industry. £4m to more than £10m. And it is a business that has trodden a circuitous path to get where it is today. Financial performance has been affected by the need to spend on new high-street Established by Joseph Cheaney and his son stores, but “the bottom line has been able Arthur in 1886, the company remained in to grow quite healthily by establishing the family for three generations, building growth in higher-margin channels,” a solid reputation for quality footwear. says Church. In 1964 the family sold the business to a larger rival, Church & Co, in a bid to grow Despite its global ambitions, Cheaney the brand across global markets. remains firmly committed to its Desborough location it has remained in The move worked, earning Cheaney for more than 130 years. “It couldn’t be Queen’s Awards for export achievement anywhere else but Northamptonshire if in 1966 and 1971. However, after Church you need the skill base,” Church says. & Co was snapped up by Prada, cousins “The pool of people working in this Jonathan and William Church decided industry is fairly robust.” Cheaney could benefit by a return to independent ownership. They completed The outlook for the business remains a management buy-out in 2009. rosy. Whereas 30 years or so ago many shoe manufacturers were closing, today “We essentially bought a brand, a factory the industry once more has a spring in and 130 employees,” remembers William its step. “The industry has, if anything, Church, now joint managing director of the strengthened over the last 15 years or so,” company. “But the biggest asset was the says Church. ability to make a shoe from start to finish, BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 13

TOP 5O BUSINESS PROFILE CLEARED FOR TAKEOFF

In Northamptonshire Today the business operates a small airline But being in Northamptonshire helps. and carries out research, development Labour costs are lower than in London, the roar of engines tends and prototyping for civil and military says Offer. And although there is a skills to be associated with customers, among other activities. As a gap facing the company, it’s not a problem small, nimble business, the company has restricted to the shires. motorsports. But aerospace benefited from the focus on cost efficiency At least people are willing to move to that has gripped the aerospace industry in specialist 2Excel Aviation Northamptonshire because it’s a great the last decade. operates on a higher level. place to live, Offer says. Furthermore, since And now that money is flowing back into April 2018 2Excel’s 160 employees have Few entrepreneurs have quite the the industry, 2Excel is really seeing the had an extra reason to love the company credentials that Andy Offer OBE does rewards. Three-year growth stands at more and work for its success. when it comes to the dogged pursuit of than 24%, putting the company among the That month, 2Excel Aviation became business growth. As a former Red Arrows top 10 fastest-growing businesses in the 51% staff-owned through an employee commander with 22 years’ military flight shire. “We’re lean and efficient,” says Offer. experience, he knows more than most ownership trust, making it the first and about getting a lock on a target and racing A major challenge for the business today only employee-owned company within the ahead of the pack. is that it struggles to find the right people. UK aviation industry. It was this experience that led him and fellow RAF pilot Chris Norton to set up what Offer describes as “a Red Arrows in the commercial world” in 2006. “We had seven people, four aeroplanes and we set off on an adventure,” Offer says. Northamptonshire was an ideal location for the business because it had easy access to the rest of the country and an accommodating and scenic airfield, the privately owned Sywell Aerodrome. At the outset, the founders saw 2Excel as primarily aimed at the corporate hospitality and entertainment market. “But we always knew we would diversify,” says Offer. And so indeed it has happened. The company started as a display team sponsored by Barclays Bank but with the financial crash of 2008 the business had to move into new fields, from consultancy to testing and evaluation. “That diversification made us look elsewhere,” says Offer. 14 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 5O BUSINESS PROFILE RACKING UP PROFITS

Northampton business “As a racking company, we thought outside He’s not joking. Nene has an £18m annual of the box,” says the Chairman’s son, Thomas turnover and has grown more than 20% Nene Storage, part of Pearson, who acts as contract manager. “We over the last three years, making it the The Nene Group, is one of used a lot of the mentality that we gained 13th fastest-growing business in the shire. from selling forklifts to sell racking.” The company’s client list includes Amazon, the shire’s top 15 fastest- Argos, Boots, DHL, Ikea, JCB, Spar, Tesco One example of Nene’s unique approach and Wickes, to name just a few. growing companies despite is in hiring instead of selling racking. This an inauspicious start in the gives logistics companies added flexibility The company has benefited from canny to take on short-term warehouse leases. In commercial property investments that early years. 2001, Nene sold its forklift truck business allow it to install racking around the to focus on racking, partnering with country, as well as giving it the financial It’s fair to say Nene Group didn’t always Blackstone-owned Stow, a racking and stability of having a significant land seem destined for success. It started out as shelving manufacturer based in Belgium. portfolio. “We’re built on rock, not sand,” an electrical installations company that the says Pearson. “We’re still buying property.” current chairman, Tom Pearson, opted to Nene also offers racking maintenance expand in 1974. services. Racking is surprisingly complex, Nene remains committed to smart says Pearson, with many different brands business practices, focusing on activities That expansion involved providing forklift on the market and no two types being such as racking hire that ensure it is well truck sales and hire services, however, interchangeable. The level of expertise placed to continue growing in the future. which management over time realised and innovation that Nene brings to the The only thing that’s holding the business was a low-margin business. The realisation humble racking sector is reflected in the back, says Pearson, is lack of awareness of led to further diversification, into racking company’s success. all it can offer. and shelving, which has since become the mainstay of the business. “Racking maintenance has grown and “Our sales team are educators, going out to grown,” says Pearson. “This small customers and saying: ‘Do you realise we company sitting in Watford village is firmly can do this?’,” says Pearson. positioned as a market leader, and it has been for five years.” BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 15

TOP 5O BUSINESS PROFILE INSIDE THE MATRIX

The company was soon shipping not just across the UK but also all across Europe. To cut European lead times and costs, “it soon became clear that we needed somewhere more localised,” says Wallington. “We found that Poland was very well situated, and we set up our second manufacturing facility there in 2005.” The Polish factory gave the company new-found flexibility, allowing it to start shipping outside Europe to markets such as Australia and Asia. But the company recognised the need for local manufacturing in Asia-Pacific to gain a real position in these markets, so it wasn’t long before the business was looking at opportunities in these regions. Rather than set-up organically in Australia & New Zealand, in 2010 Matrix acquired an existing business, the Vanglobe Group, that has Australian and New Zealand-based manufacturing facilities. “That almost gave us our global manufacturing footprint,” Wallington says.

Rotational moulding or ‘rotomoulding’, The final piece of the footprint puzzle, Matrix Polymer’s speciality, is a niche he says, was a base in Asia. Matrix set plastics process used to produce hollow one up in Malaysia in 2013, partnering products suitable for a wide variety of with a Thai petrochemical company for applications. One feature of this process is commercialisation. This global expansion that the products made are nearly always has been accompanied by growth into Matrix Polymers has grown durable and designed for multiple use and a diverse range of markets, both from a more than 11% annually to be in service for many years. Matrix product and geographic perspective. over the last three years. Polymers is a specialist supplier of raw A significant proportion of Australian sales, materials for the process, compounding, for example, go into the manufacture Chief Operating Officer and grinding and distributing polymers in five of water tanks, which accounts for Financial Director, Simon factories across three continents. approximately 95% of the end-market The company, founded in 1992, has come there. In other markets, though, Matrix’s Wallington unveils the a long way from humble beginnings with polymers are used to make anything from secrets of its success. a rented unit in Northampton, says Simon high-performance ventilation products to Wallington, Chief Operating Officer and automotive fuel tanks. There are plenty of fast-growing businesses Financial Director. In 1997 it set up its first Wallington sees massive potential growth you may never have heard of but Revolve manufacturing facility in Liverpool and “we with the advent of electric vehicles, which Group (number 28 in our report), trading really grew from there,” Wallington says. rely heavily on rotomoulding techniques. as Matrix Polymers, goes one further: it “The biggest struggle for us at the moment operates in an industry you may never have “That really allowed us to get a much is getting the right people on board,” he heard of. bigger foothold in the market.” says. “You need drive and energy to keep on growing.” 16 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 BUSINESS PROFILE THE RIGHT ROUTE FOR FREIGHTROUTE

Logistics companies are a key component of Northamptonshire’s business ecosystem. Freightroute exemplifies the mix of tradition and innovation that is keeping the industry on the move. Because we are cautious in the At least one company in Northamptonshire Far from finding business, the big challenge is doing well out of the uncertainty for family-owned Freightroute right now way we invest, we surrounding Brexit. The logistics specialist is where to find drivers. The company has Freightroute is seeing business booming a good track record of hanging onto its see ourselves in a as its customers rush to stockpile goods in people, but the strongly seasonal nature of strong position to advance of the UK’s disconnection from the its business means it often has to rely on European Union. agency staff. be successful... The stampede to fill warehouses has These tend to come from Eastern Europe helped Irthlingborough-based Freightroute and that is one area where Brexit has had to achieve almost 6% annual growth over an impact, with access to talent falling the last three years, making it the 40th off in the last year or so. Perhaps more fastest-growing company in the shire. And worrying, though, is that few UK workers That last item is a big deal at Freightroute, Financial Director Bryan Mounch believes plan a future in logistics. which relies heavily on quality of service logistics will keep on growing even after to maintain margins in an increasingly “We’re not seeing the same level of Brexit kicks in. competitive marketplace. The company new entrants into the driver market,” regularly achieves 98% on-time delivery After all, “if it’s all been shipped in, it’s Mounch explains. “Driving is not seen as a record. “You’re not going to get much got to be shipped out,” he says. “How glamorous job.” better,” Mounch observes. long can you afford to sit there with full The irony is that a career in logistics today warehouses?” The key to excellent service delivery in is probably far more demanding than most logistics, he says, is to make sure you’re Brexit barriers to European trade will also people would imagine. You can’t drive a aware of a problem before your customer likely force foreign companies to rely more heavy goods vehicle until you have a Driver is. To achieve this, Freightroute relies on UK-focused logistics providers such Certificate of Professional Competence, on quality staff and systems, including as Freightroute, Mounch suspects. That which involves a battery of four tests plus tracking technology. could lead to more work from international 35 hours of training every five years. logistics companies for which Freightroute The data from tracking systems not only On top of that, says Mounch, drivers need provides a last-mile delivery service, he says. helps to maintain high levels of customer health and safety training. And “you have service but also gives Freightroute a view of to be responsible,” he says. where its business is heading. The company already covers around 95% of the UK geography, either through its own network or through partnerships. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 17

And when it starts to see deliveries soaring Founder Peter Grant’s parcel business, Ailey Elsewhere, the business also gets income in a particular area, it can make a decision Express, enjoyed success there through from commercial workshop services and on whether to invest in a depot that will the 1970s and 1980s, growing turnover to from hiring out space at its depots, seven of streamline operations there. The company £6m and operating five depots across the which are wholly owned by the company. already has 10 depots across the country, country. Grant sold Ailey Express in 1989 The properties deliver revenues and at the although up to around 30% of business still and launched Freightroute on its seven- same time represent an important asset passes through Irthlingborough. acre Irthlingborough site. base that the business can call upon if needed. The location not only offers good transport Freightroute’s initial focus was on pallet links around the country, says Mounch, distribution and this continues to make up It all adds up to a solid foundation for but also has historic significance for the the bulk of revenues for the company. future growth. And Freightroute is planning company. “Our business started here for the long haul. “We are much more But the business has also diversified into and there’s always been a parcel or pallet cost-conscious about future growth,” new areas, such as goods covered by business on this site,” he says. Mounch says. “Because we are cautious in the European Agreement concerning the the way we invest, we see ourselves in a International Carriage of Dangerous Goods strong position to be successful in a very by Road, which now accounts for up to competitive market place.” around 24% of revenues. 18 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 BUSINESS PROFILE THE DELIVERY GROWTH DILEMMA

While the departure from the European Union has “not had a massive impact yet,” according to Lindfield, Cygnia is keen to retain people where possible. When workers arrive from the continent, says Lindfield, “we welcome these people and embrace them. We provide them with support.” Ecommerce and just-in-time Several European workers have now been manufacturing are just two with the company for six or seven years and of the trends pushing up have progressed to management positions, to the point where there are almost as many profits at Cygnia Logistics. foreign managers as nationals. But will staff shortages This diversity adds to a company ethos force one of Northampton’s that is very much focused on adapting to meet customer demands. “The culture in success stories to move? the business was about being flexible,” says Northampton corporate success story Lindfield. “We might agree a contract, but Cygnia Logistics faces a dilemma that could we never really look at it. We like to position shape one of the most important industries ourselves as being easy to do business with.” in the shire. Like a growing number This flexibility is appreciated by Cygnia’s of local logistics companies, Cygnia’s customer base, which is dominated by business is outgrowing the capacity of ecommerce players. “A lot of our customers Northamptonshire to provide the workforce are young companies,” Lindfield says. “We it requires to continue its journey. have to be flexible because we know it’s “Competition for labour around here is going to be a challenge for them to give us really difficult,” says Chief Executive Glenn accurate forecasts.” Lindfield. “That’s the issue for us. We pay Being responsive also helps Cygnia to above national wage, but we want low- give individual customers a high level of skilled workers, really.” attention even as the client list grows. “The Brexit is unlikely to improve the labour challenge is, as we get bigger, we’ve got to challenge for Cygnia, which changed its work in a more structured way yet retain name from Dalepak last year after new flexibility,” Lindfield comments. “I think ownership and senior management took we’ve done that reasonably well to date.” over in 2016. “Well over 50% of our workforce is Eastern European,” Lindfield notes. “A few staff have gone home.” BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 19

‘Reasonably well’ is something of an At the same time, though, the high-touch, understatement. Cygnia has managed to personalised nature of Cygnia’s work makes grow more than 15% a year for the last three it hard for automation to supplement the years, making it one of the top 20 fastest- human workforce. “We’re a business that’s growing companies in Northamptonshire. built a reputation on providing bespoke services,” says Lindfield. “It’s a challenge for Lindfield thinks the rebrand may have us: replacing labour with machines.” helped, allowing the company to shake off its packaging-focused heritage and present For now, Cygnia is looking to workforce a more up-to-date image to the market. diversity to keep its Northampton “I like the rebrand,” Lindfield admits. “A warehouse staffed. It has recently taken on lot of thought and effort went into it. We a number of workers with disabilities and did a really good job initially on developing that “worked out quite well for all involved,” the brand.” Lindfield says. Now is a good time to be known as the The company is also open to other potential go-to company for ecommerce fulfilment. employee groups, such as ex-services According to Lindfield, “there seem to be workers. “We’ve employed one or two in plenty of new start-ups out there, which is management positions,” says Lindfield. really encouraging. Ecommerce is growing Longer term, though, Cygnia needs to at a rapid rate. Some of our customers find a steady flow of quality employees. are growing at 70% with an effective The company’s plight is a key issue for supply chain being an integral part of their Northamptonshire, since one of the main offering.” things the shire has to offer the business That’s great news for Cygnia, provided the community is that its transport links are a company can find the staff to do the work. boon to the logistics industry. And that’s why the company is concerned “Here we are in a prime location,” Lindfield about recruitment. “We’ve got to accept says. “We’re right in the heart of the UK. that these days the workforce is far more It would be easy for us to open another transient than when I started out,” says warehouse in Northampton. If the Lindfield. “The new generation will leave.” employment conditions were on a par That is despite the fact that Cygnia’s with other areas, we wouldn’t move. But employment offering is relatively attractive because labour is such an issue, we are compared to many warehouse jobs. Workers looking at alternatives.” are more likely to spend their time delicately packing cosmetics than carting massive packages around. 20 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 BUSINESS PROFILE A GLEAMING PERFORMANCE

“We feel that if we do things in the right way and look after our patients, then the budgets should look after themselves. The ‘right way’ is being clinically led.” Mehra is concerned about Brexit because around 17% of dentists in the UK come from the European Union. The level in An almost 10% annual Rodericks Dental is lower, but it is still important for the company to make sure its growth rate over the last people feel at home. Same of those people three years, there’s plenty come from Northamptonshire, Mehra says. to smile about at Rodericks And local recruitment is not restricted to dentistry professionals. The company has Dental. also recruited local university graduates for posts in areas such as marketing. A dental group might not seem like the most obvious candidate for one of Another link to the shire community is the shire’s fastest-growing businesses. the contract that Rodericks Dental has And in fairness it took the founders of with the NHS Area Team to provide dental Rodericks Dental a while to realise the screening and care to children in some growth potential of their company. The Northamptonshire schools. “It’s quite group started out as a single practice in a satisfying thing to do, because some Northamptonshire. children have quite poor oral health,” says Mehra. It expanded to three practices in 1984 but it was not until 2004 that the business The screening service was introduced in really started to boom. In 2006, changes the early 1990s and is unique to us in in the NHS contract led to an influx of Northamptonshire, Mehra says. Today dentists moving into private practice. it provides a valuable contribution to the community, covering students who may Rodericks Dental opted to remain a not normally have access to dentistry. provider to the NHS, tendering for services, and the strategy paved the way for There is consolidation of the industry, he significant growth. Today the company runs says, with around 25% of dentistry now more than 70 dental practices across the being delivered through groups. Since 2017, country, providing both NHS and Private the company has been backed by CBPE dental care. Capital, giving it the financial strength to take advantage of these new trends. Shalin Mehra, Chief Executive, says it helps that the company is still led by dental Hence it seems there could be lots to professionals. “All the main competitors we smile about for some time to come at have are led by business people,” he says. Rodericks Dental. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 21 50 op t NORTHAMPTONSHIRE’S TOP o w TOP 50 GROWTH COMPANIES e v50i Here are the fastest-growing businesses in the county, e r v based on three-year growth rates.

AVERAGE COMPANY AREA SECTOR GROWTH 1 J.A.P.S HOLDINGS LIMITED NORTHAMPTON RETAIL 58.05% 2 RML GROUP LIMITED WELLINGBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 51.49% 3 SLOANE HELICOPTERS LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 46.42% 4 BARWOOD HOMES HOLDINGS LIMITED NORTHAMPTON REAL ESTATE AND CONSTRUCTION 45.57% 5 PANTHER WAREHOUSING LIMITED NORTHAMPTON SUPPORT SERVICES & TRANSPORT 41.48% 6 ONLINE DIRECT LIMITED NORTHAMPTON PRIMARY ACTIVITIES & UTILITIES 34.50% 7 CHARLES JACKSON & CO. LIMITED NORTHAMPTON RETAIL 27.20% 8 2 EXCEL AVIATION LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 24.34% 9 BELLS MOTOR GROUP LIMITED NORTHAMPTON RETAIL 22.27% 10 MCE INSURANCE LIMITED RUSHDEN FINANCIAL SERVICES 21.76% 11 JEAKINS WEIR LIMITED CORBY REAL ESTATE AND CONSTRUCTION 21.04% 12 VIRANI FOOD PRODUCTS LIMITED WELLINGBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 20.51% 13 NENE STORAGE EQUIPMENT HOLDINGS LIMITED NORTHAMPTON SUPPORT SERVICES & TRANSPORT 20.38% 14 INDUSTRIAL CONTROL DISTRIBUTORS (HOLDINGS) LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 19.78% 15 ST MATTHEWS HOLDINGS LIMITED NORTHAMPTON HEALTHCARE 19.30% 16 BLUE SKIES HOLDINGS LIMITED NORTHAMPTON RETAIL 17.63% 17 MIDLAND AUTOMATION LIMITED RUSHDEN MANUFACTURING & INDUSTRIAL MARKETS 16.90% 18 ENGINEERING LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 16.85% 19 CYGNIA LOGISTICS LIMITED NORTHAMPTON SUPPORT SERVICES & TRANSPORT 15.42% 20 HARROWDEN FARMS GROUP LIMITED KETTERING PRIMARY ACTIVITIES & UTILITIES 15.05% 21 WHITE ARCHES CARAVANS LIMITED CORBY RETAIL 13.73% 22 TOTAL COMPUTER NETWORKS LIMITED KETTERING TECHNOLOGY & MEDIA 13.16% 23 CPL AROMAS (HOLDINGS) LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 13.13% 24 CENTRAL FOODS LIMITED NORTHAMPTON RETAIL 12.88% 25 COSWORTH GROUP HOLDINGS LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 12.75% 26 ANCILLARY COMPONENTS LIMITED RUSHDEN SUPPORT SERVICES & TRANSPORT 11.77% 27 BARTON PETROLEUM (HOLDINGS) LIMITED WELLINGBOROUGH SUPPORT SERVICES & TRANSPORT 11.39%

28 REVOLVE GROUP LIMITED (MATRIX POLYMERS) NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 11.09% 29 E.M. ROGERS GROUP LIMITED NORTHAMPTON SUPPORT SERVICES & TRANSPORT 10.74%

30 TINGDENE HOMES LIMITED WELLINGBOROUGH REAL ESTATE AND CONSTRUCTION 9.85% 31 P3 GROUP EUROPE LIMITED WELLINGBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 9.64%

32 MEDIGOLD HEALTH CONSULTANCY LIMITED NORTHAMPTON SUPPORT SERVICES & TRANSPORT 9.30% 33 RODERICKS DENTAL LIMITED NORTHAMPTON HEALTHCARE 9.21%

34 HOWES PERCIVAL LLP NORTHAMPTON PROFESSIONAL SERVICES 9.07% 35 OCEE DESIGN LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 8.40%

36 KNIGHTS OF OLD GROUP LIMITED KETTERING SUPPORT SERVICES & TRANSPORT 8.03% 37 SCOTT BADER COMMONWEALTH LIMITED(THE) WELLINGBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 7.19%

38 WEATHERBYS THOROUGHBRED HOLDINGS LIMITED WELLINGBOROUGH FINANCIAL SERVICES 6.43% 39 BODYPOWER SPORTS HOLDINGS LIMITED NORTHAMPTON RETAIL 6.14%

40 FREIGHTROUTE LIMITED IRTHLINGBOROUGH SUPPORT SERVICES & TRANSPORT 5.72% 41 CARMAC (BUILDING & CIVIL ENGINEERING) LIMITED WELLINGBOROUGH REAL ESTATE AND CONSTRUCTION 5.61%

42 BRIGGS & FORRESTER GROUP LIMITED NORTHAMPTON REAL ESTATE AND CONSTRUCTION 5.16% 43 CROCKETT AND JONES LIMITED NORTHAMPTON MANUFACTURING & INDUSTRIAL MARKETS 4.96%

44 LOGISTEX EUROPE LIMITED KETTERING MANUFACTURING & INDUSTRIAL MARKETS 4.38% 45 CHEANEY SHOES LIMITED DESBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 4.04%

46 POVOAS PACKAGING LIMITED KETTERING SUPPORT SERVICES & TRANSPORT 3.87% 47 ASTRASEAL (HOLDINGS) LIMITED WELLINGBOROUGH MANUFACTURING & INDUSTRIAL MARKETS 3.75%

48 TINGDENE (MJ) LIMITED WELLINGBOROUGH REAL ESTATE AND CONSTRUCTION 2.94% 49 WALLS AND FLOORS LIMITED KETTERING MANUFACTURING & INDUSTRIAL MARKETS 2.86%

50 RANDALL PARKER FOODS LIMITED TOWCESTER MANUFACTURING & INDUSTRIAL MARKETS 2.78% 22 THE NORTHAMPTONSHIRE GROWTH REPORT | BDO LLP

TOP 50 LIST SELECTING THE SAMPLE

The companies included in the In addition, some of the financial SOURCE Northamptonshire Growth Report were information will be based on UK Generally selected by conducting an initial search Accepted Accounting Principles accounts http://www.virani.com/index.php/about-us of FAME for companies with both a and others will be based on International https://www.am-online.com/dealer- registered office and trading address in the Financial Reporting Standards accounts. management/dealer-profiles/md-jon- Northamptonshire postal areas The financial information in this report pochin-on-why-motorvogue-s-multi- (‘the region’). has been compiled exclusively from franchise-concept-is-the-way-to-go We eliminated any companies that publicly available information under https://motorvogue.co.uk/contact-us/ have a parent company, where there the key assumptions and limitations are consolidated financial statements outlined above. It has been designed http://rmlgroup.com produced, also based in the region so solely to illustrate trends in the financial https://www.sloanehelicopters.com/ that there is no duplication of data in our performance of a representative sample of about-us sample. We also eliminated companies that companies in the region. were judged not to be trading or controlled https://www.barwoodhomes.co.uk BDO has not carried out any verification within the region. work on the financial information in this https://www.panthergroup.co.uk The ‘current period’ financial information is report and gives no opinion on the financial based on latest filed accounts available on information. BDO makes no claims, FAME as at November 18. To produce the promises or guarantees about the accuracy, financial information, we simply took the completeness or adequacy of the contents last three years’ worth of turnover data and of this report. calculated a year-on-year average growth, No reliance should be placed on the before calculating an overall average information contained in this report and, growth rate. to the fullest extent permitted by law; We eliminated companies where there was BDO does not accept or assume any less than three years’ worth of turnover responsibility to anyone for the information data available or where there had been contained in this report. negative growth in any year. Depending BDO has made a number of judgements on the accounts filed, some of our figures in aggregating the information into a will be based on consolidated accounts and consistent format. BDO does not, and some on entity-only accounts. cannot, warrant the completeness or accuracy of the adjustments made during the aggregation. BDO LLP | THE NORTHAMPTONSHIRE GROWTH REPORT 23

YOUR BDO NORTHAMPTONSHIRE CONTACTS

Our commitment to CHRIS BOND Partner Northamptonshire is reflected in the breadth [email protected] and experience of our team. +44 (0)779 201 8593

We pride ourselves in offering all the ingredients for excellent client service with ANDREW MAIR our resources in the region, while providing Partner the national and international support you would expect of a major global firm. [email protected] +44 (0)771 015 7939

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