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Research report 2016Britain's private mid-market growth companies

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© 2016 Top Track 250 fasttrack.co.uk

Top Track 250 research report 2016 i

CONTENTS

INTRODUCTION 1The Top 10 companies on the league table 1

EXECUTIVE SUMMARY 2 KEY STATISTICS 3Sales breakdown 3 Biggest sales movement 3Staff and job creation 4Profitability 5Highest profits 5 Profit margin 5Ownership 6 Debt 7Sector breakdown 8Industry breakdown 8 Regional breakdown 9International activity 10 Mergers and acquisitions 11 Private equity 12Companies exiting from last year's league table 13 Twelve years of Top Track 250 14

KEY THEMES & SELECTED COMPANY PROFILES 16 Government support 16 Vibrant cities & regions 17 Collaboration 18 Female leadership 19 International 20 Infrastructure 21 Innovation 22 Brands 23

2016 TOP TRACK 250 LEAGUE TABLE 24

ONES TO RECOGNISE 34

THE RULES OF ENGAGEMENT 35

SPONSOR AND MEDIA PARTNER 36

ABOUT FAST TRACK 38 Compiler and publisher 38 The authors 38 Fast Track 39

CONTACT DETAILS 39


Top Track 250 research report 2016 1

INTRODUCTIONThis is the 12th year of The Sunday Times Top Track 250 league table, which ranks Britain’s top-performing private mid-market growth companies by sales. The league table is sponsored by Grant Thornton.

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

This year’s league table identifies many mid-market growth companies that have expanded by managing risk and choosing the right strategic options, as well as companies that make a clear contribution to the communities in which they are based. Some are household names such as Oak Furniture Land (No 81), Dr Martens (No 85) and Skyscanner (No 240). Many more are operating successfully in sectors that range from building and construction to retail and manufacturing.

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

Top 10 companies on the league table

* supplied by the company

Under chief executive Paul Woolf, Virgin Active (No 1) is upgrading its 60 British sites before investing heavily in southeast Asia

1 Virgin Active Health club operator Central London Dec 15 *630.5 -1% *68.1 29% 13,629 Brait (80%), Sir Richard Branson (20%)

2 [11]

Pertemps Network Group Recruitment consultancy Warwickshire Dec 15 *614.5 11% *18.0 18% 1,438 Management & employees (75%),

LDC & others (25%)

3 Morrison Utility Services Utility services provider Stevenage Mar 16 614.0 5% 19.2 14% 3,882 First Reserve (80%),

management (20%)

4 Alexander Dennis Bus & coach manufacturer

Larbert, nr. Falkirk Dec 15 601.9 20% 26.2 39% 2,314 Highland Global Transport fund (55%), Noble Grossart Investments

(33%), Colin Robertson (6%), Deborah Robertson (5%)

5 [14]

Nando's Restaurant operator

Southwest London Feb 15 587.3 10% 69.4 -3% 12,126 Dick Enthoven & family (100%)

6 [19]

Opus Energy Energy supplier Oxford Mar 16 572.7 9% 35.6 -7% 693 GDF Suez (29.99%), Telecom Plus

plc (20%), management (50.01%)

7 [33]

IM Group Car distributor West Midlands Dec 15 571.0 22% 115.5 67% 397 Lord Edmiston (100%)

8 [15]

mydentist Dental care provider Kearsley, Bolton Mar 16 565.9 6% 30.3 -2% 7,145 Carlyle & Palamon Capital Partners

(85%) management (15%)

9 [12]

The Edinburgh Woollen Mill Clothing retailer Dumfriesshire Feb 15 562.6 2% 83.1 17% 10,205 Philip Day (100%)

10 [25]

Travelodge Budget hotel operator Oxfordshire Dec 15 559.6 13% 62.9 108% 9,080 Institutional investors (>50%),

management (<50%)

Rank[2015] HQ location

CompanyActivity

Year end

Sales £m

Sales growth

OP £m

OP growth Staff Main shareholders



EXECUTIVE SUMMARY

Overview

• This year’s Top Track 250 companies generated combined sales of £58.1bn, up from £51bn in their prior year

• Companies employed a total of 354,000 staff in their latest financial year, an increase of 36,000 on their prior year. More than four fifths (216) of companies increased their head count

• Companies had combined profits of £4.9bn, up from £3.9bn, and almost four fifths (189) of companies increased their margin

• 84 companies are majority-owned by a founder or entrepreneur, 78 by private equity, and 65 are family-owned

• The highest number of companies on the league table are headquartered in London (62), followed by the north of England (55)

Key themes

Government support: Senior directors from 14 of the companies were asked what priorities the government should focus on in the wake of Brexit. They identified investment in education and infrastructure, as well as the need for leadership and a clear plan from Westminster. [Page 16]

Vibrant cities & regions: With 55 companies, the north of England is the best represented region outside of London. Many are based around cities such as Leeds and Manchester, with access to universities and major distribution hubs. [Page 17]

Collaboration: Companies are collaborating with the public and third sectors to help them innovate, become more efficient and to tackle business and community challenges. [Page 18]

Female leadership: Gender diversity is rising up the business agenda, and the majority of companies have one or more female directors. As a proportion of all board members, women have a 15% representation, with 230 female statutory directors. [Page 19]

International: Half (126) trade overseas, with companies achieving on average a 24% year-on-year increase in international sales. This suggests that companies are looking beyond the UK for growth, with many expanding by opening offices overseas. [Page 20]

Infrastructure: Britain is investing to improve its transport and communications infrastructure. There are 37 construction, transport and telecoms companies on the league table. [Page 21]

Innovation: The ability to innovate is a key company attribute. Some are investing in hi-tech production or software to differentiate themselves, while others operate in fast-moving sectors such as IT. [Page 22]

Brands: Retail and consumer brands include Nando’s and Travelodge. Many have diversified away from the high street, whilst others are growing internationally. [Page 23]

Levels of sales

Number of companies in each range

12

>£600m

£500m-£600m

£400m–£500m

£300m–£400m

£200m–£300m

<£200m

13

69

130

4

22

Levels of profit

Number of companies in each range

>£100m

£80m–£100m

£60m–£80m

£40m–£60m

£20m–£40m

£10m–£20m

£0–£10m

34

20

1

4

11

Latest OP not available: 2

74

104

Characteristics of a typical Top Track 250 company

SalesAverage sales in latest year £232.5m

Average sales in prior year £204.2m

Operating profitAverage profit in latest year £19.7m

Average profit in prior year £15.6m

StaffTypical headcount in latest year 500-2,000

Typical headcount in prior year 450-1,750

Company characteristicsRegion London (25%)

Sector Services (36%)

Industry Building-related (18%)

Ownership Entrepreneur and/or founder (34%)



KEY STATISTICS

Sales breakdown

Buoyed by an improving British economy, and league table criteria that places an emphasis on sales or profit growth, most (201) companies reported sales that increased by at least 5% in their latest financial year. This year’s companies generated combined sales of £58.1bn compared with £51bn in their prior year, an increase of 14%. Health club operator Virgin Active (No 1) had the highest sales on the league table at £630.5m. Carpet manufacturer Cormar Carpets (No 250) had the lowest sales at £115.9m.

Biggest sales movement

Many companies reporting growth this year operate in services. The biggest sales increase was reported by hotel operator Arora Group (No 154). Founded by Surinder Arora, 58, this leisure group operates eight hotels located near airports, including two at Gatwick and another at Heathrow acquired in 2014. Sales almost doubled to £170.5m last year helped by this additional hotel and restaurant income, which rose 80% to £90.7m, and property development income, which tripled to £76m.

Acquisitions have also helped to increase top line performance. Based in Leeds, QHotels (No 115) operates 26 hotels and lodges. The group was placed into administration in 2013, before being sold to private equity firms Bain Capital Credit and Canyon, who also took on £370m of debt. The following year, the company acquired six former De Vere hotels for £151m, which helped sales increase 55% to £205.5m in 2015. It is led by co-founder and managing director Michael Purtill, 65.

Of the top 10 companies with the fastest-growing sales 60% have their headquarters outside of London and the southeast. They include polymer engineer Balmoral Group (No 203) in Aberdeen, gym operator Pure Gym (No 225) in Leeds, and mail and parcel services provider The Delivery Group (No 229) in Warrington.

Rank Company Activity

Year end

Sales £m

Sales increase

154 Arora Holdings Hotel operator Mar 15 170.5 96%

195 Cameron Mackintosh Theatrical producer Mar 15 138.9 84%

225 Pure Gym Gym operator Dec 15 125.2 82%

15 CALA Group Housebuilder Jun 15 511.6 79%

56 JacTravel Travel services provider Oct 15 288.9 74%

203 Balmoral Group Polymer engineer & manufacturer Mar 15 136.5 73%

79 Paragon Business process manager Jun 15 240.0 61%

88 Durkan Holdings Building developer & contractor Nov 15 232.9 60%

229 The Delivery Group Mail & parcel services provider Dec 15 124.1 58%

209 Advance Construction Group Construction services Mar 15 133.5 55%

10 biggest sales increases


Year end

Sales £m

Sales decrease

130 Smartway Pharmaceuticals Pharmaceutical wholesaler Feb 15 187.0 -17%

13 The Miller Homes Group Housebuilder Dec 15 525.6 -14%

35 Meadow Foods Dairy product producer Mar 15 376.5 -11%

221 Crown Oil Fuel & lubricant distributor Aug 15 126.4 -10%

36 Tennants Consolidated Chemicals supplier Dec 15 373.9 -10%

111 Whitworth Bros Flour miller Mar 16 209.0 -8%

39 Westbridge Foods Food service & logistics Dec 15 340.0 -7%

249 Crisp Maltings Group Malt producer Dec 14 116.9 -6%

19 McLaren Automotive Sports car maker Dec 15 450.6 -5%

194 Agilisys IT services provider Mar 16 140.0 -4%

10 biggest sales decreasesAll of these companies increased operating profit by more than 5% to qualify for the league table



Staff and job creation

Companies employed a total of 354,000 staff in their latest financial year, an increase of 36,000, or 11%, compared to their prior year.

In total, 216 companies grew their headcount. The biggest percentage increase was at Pure Gym (No 225), which more than tripled its workforce (319%) to 960. Last year, the group acquired LA Fitness’s 43 gyms in a deal worth £74m, making it the UK's largest gym operator, and it has announced plans to float on the London Stock Exchange in October 2016.

The biggest absolute increase was at hotel operator Travelodge (No 10), which boosted its workforce by 1,924 to 9,080. The hotel chain operates more than 525 hotels across the UK, Ireland and Spain, and hosted 18m guests last year – a record for the group. In the same period, it also opened 12 new hotels and completed the £100m refurbishment of 35,000 rooms.

There are 105 companies with more than 1,000 employees on this year's league table. Examples include restaurant operator Nando’s (No 5), which has 12,126 employees; dental care provider mydentist (No 8), which has 7,145; and cosmetics manufacturer and retailer Lush (No 43), which has 5,762.

Number of employeesNumber of companies in each range

11

310,001-15,000

5,001-10,000

2,001-5,000

1,001-2,000

501-1,000

1-500

60

31

80

65



Profitability

Top Track 250 companies are required to have a profit margin of more than 2% in their most recent financial period. Profit is defined as operating profit (OP) before exceptional items, joint ventures and impairment of assets. The companies generated combined profits of £4.9bn, an increase of 26% on their previous year.

Highest profits

Port operator Associated British Ports (No 12) reported the biggest operating profit: £281.2m on sales of £536.7m in 2015.

Housebuilders have some of the biggest profits on the table, with Edinburgh-based CALA Group (No 15) reporting profits of £73m in 2015 on sales of £511.6m; Miller Homes (No 13), also in Edinburgh, reporting profits of £75.5m in 2015 on sales of £525.6m; and The Emerson Group (No 80) in Cheshire reporting profits of £73m in 2015 on sales of £511.6m.

Despite pricing pressure and rising import costs, retailers make up half of the top 20 companies with the fastest-growing profits on the table. Examples include, personalised product retailer Photobox Group (No 103) with profits that more than doubled to £12.5m in 2015; Maplin Electronics (No 84), which went from break-even to profits of £12.3m in 2015; and bedroom store Dreams (No 95), which increased profits sevenfold from £1.8m to £14.9m in 2015. Maplin and Dreams are notable for having been taken over and turned around by private equity investors in the last three years.

Profit margin

More than three quarters (189) of companies increased their operating margin in the latest year. Examples include business training provider QA (No 148), which grew its margin from 12% to 16%; stairlift manufacturer Acorn Stairlifts (No 183), where margins widened from 7% to 12%; and aerospace components manufacturer Gardner Aerospace (No 242), which increased its margin from 3% to 8%.

As well as having some of the biggest profits, builders are also enjoying healthy margins: university accommodation provider UPP (No 206) reported a margin of 49% on sales of £135.2m in 2015; housebuilder Fairview (No 145) reported a margin of 36% on sales of £178.2m in 2015; and retirement housebuilder Churchill Retirement Living (No 151) reported a margin of 33% on sales of £189.9m in 2016.

More than half of the companies have an operating margin between 2% (the minimum threshold) and 6%. Three had profits equalling the minimum threshold including Travel agency Hays Travel (No 49) with profits of £6.3m on sales of £306m in 2015; and logistics provider CitySprint (No 186) with profits of £2.9m on sales of £146m in 2015.


Year end

Sales £m

Profit £m

12 Associated British PortsPort operator Dec 15 536.7 281.2

163 TogetherSpecialist lender Jun 15 165.5 122.3

7 IM GroupCar distributor Dec 15 571.0 115.5

29 Parkdean ResortsHoliday parks operator Dec 15 400.7 106.6

9 The Edinburgh Woollen MillClothing retailer Feb 15 562.6 83.1

80 The Emerson GroupBuilder, property developer Apr 16 239.5 75.6

13 The Miller Homes GroupHousebuilder Dec 15 525.6 75.5

44 ED & F ManCommodities & logistics manager Sep 15 321.3 73.5

15 CALA GroupHousebuilder Jun 15 511.6 73.0

5 Nando'sRestaurant operator Feb 15 587.3 69.4

Biggest operating profits

Biggest operating profit margins


Year end

Sales £m

Profit margin

163 TogetherSpecialist lender Jun 15 165.5 74%

12 Associated British PortsPort operator Dec 15 536.7 52%

206 UPPUniversity accommodation provider Aug 15 135.2 49%

145 FairviewHousebuilder Dec 15 178.2 36%

151 Churchill Retirement LivingRetirement housebuilder May 16 173.3 33%

80 The Emerson GroupBuilder, property developer Apr 16 239.5 32%

187 Edinburgh AirportAirport operator Dec 15 145.5 31%

164 Shanly GroupHousebuilder Dec 14 164.4 31%

215 TES GlobalEducational publisher Aug 15 130.3 30%

89 Martin-BakerEjection seat manufacturer Mar 15 232.3 29%


Year end

Sales £m

Profit margin

69 Redfern Travel Business travel agent Mar 16 252.2 2.0%

186 CitySprint Logistics provider Dec 15 146.0 2.0%

49 Hays Travel Travel agency Oct 15 306.0 2.0%

91 Kitwave Wholesale Group Food & drink wholesaler Apr 15 227.8 2.1%

230 CCS Media IT & services reseller Dec 15 123.8 2.1%

5 lowest profit margins



Ownership

Founder or entrepreneur-owned84 companies are majority-owned by entrepreneurs or founders. Examples include outdoor equipment retailer GO Outdoors (No 142), which is majority-owned by co-founders Paul Caplan and John Graham; employment law consultancy Peninsula (No 207), which is owned by co-founders Fred & Peter Done through family trusts; and fresh salad producer Natures Way Foods (No 201), which is majority-owned by co-founders David and Robert Langmead.

Private equity-owned78 companies on the Top Track 250 are majority-owned by private-equity firms. Examples include online retailer The Hut Group (No 40), which is majority-owned by an investment consortium including KKR, Blackrock and Balderton Capital; and dental care provider Oasis Dental Care (No 61), which was acquired by Bridgepoint in 2013 following a £185m secondary buyout from Duke Street Capital.

Family-owned65 companies on the Top Track 250 are family-owned. Examples include shoe retailer Russell & Bromley (No 238), which is majority-owned by chairman Roger Bromley and family; galvanizer Wedge Group (No 217), which is owned by the chairman & managing director Jeremy Woolridge and family; and food producer Baxters (No 93), which is owned by executive chairman & chief executive officer Audrey Baxter and family.

Management-owned16 companies are majority-owned by management. Examples include IT storage distributor Hammer (No 176) – managing director James Stidwill led a management buyout of the group in 2005; business travel agent Redfern Travel (No 69)– chief executive Mark Bowers led a management buyout in 2014; and automotive engineer Sertec (No 121) - chief executive Grant Adams led a management buyout in February this year.

Employee-ownedSix companies are majority-owned by their employees. Examples include software firm Agilisys (No 194), construction consultancy Turner & Townsend (No 26); and risk management consultancy Control Risks (No 132), which transitioned to its employee-owned model last year after private equity firm NVM Partners sold its stake in the group.

Angel-backedEnergy supplier Spark Energy (No 244) is owned by numerous minority investors. Chief executive Chris Gauld is reported to be leading a management buyout of the business, backed by a consortium of four large institutional investors, including a UK pension fund.

Majority ownership types

Number of companies by ownership type

Employees 6Angel investors 1

Management 16

Entrepreneur and/or founder 84

PE and/or VC 78

Family 65



Debt

Mid-market companies continue to have extensive borrowings from banks and private equity shareholders. The combined long and short-term debt of the 250 companies is £29.7bn, compared to £25bn owed the year before.

There are five companies owing more than £1bn, including Virgin Active (No 1), which last disclosed its borrowings as more than £1bn in 2014 before its acquisition by Brait in 2015. The company with the most debt is Associated British Ports (No 12) with loans of about £5.4bn, 19 times its operating profits of £281.2m in 2015.

The company with the biggest debt-to-profit ratio is London City Airport (No 248), which reported £611.2m of debt in 2015, 65 times operating profits of £9.4m. The airport was sold in February for a reported £2bn to a consortium of international infrastructure investors, including the Ontario Teachers’ Pension Plan – which also owns Bristol and Birmingham airports. The business is led by chief executive Declan Collier, 61, whose £344m expansion programme received backing from the government in July. The plans include an extended terminal, and upgraded transport links to raise the total number of flights by almost 60% to 111,000 a year.


Year end

Debt £m

Sales £m

12 Associated British PortsPort operator Dec 15 5,406 536.7

44 ED & F ManCommodities & logistics manager Sep 15 1,436 321.3

206 UPPUniversity accommodation provider Aug 15 1,425 135.2

8 mydentistDental care provider Mar 16 1,097 565.9

1 Virgin ActiveHealth club operator Dec 15 *1,018 630.5

163 TogetherSpecialist lender Jun 15 897 165.5

33 Zenith Vehicle lessor Mar 16 863 383.0

64 Global RadioRadio broadcaster Mar 15 856 265.2

5 Nando'sRestaurant operator Feb 15 852 587.3

248 London City AirportAirport operator Dec 15 611 117.0

Companies with the highest debt

RankCompany Activity

Year end

Debt/ profit ratio

Profit£m

Debt £m

248 London City AirportAirport operator Dec 15 65 9.4 611

109 LGCAnalytical services laboratory Mar 15 42 12.3 520

87 CivicaIT services provider Sep 15 42 12.5 526

8 mydentist Dental care provider Mar 16 36 30.3 1,097

61 Oasis Dental Care Dental care provider Mar 16 31 12.9 405

125 TGI Friday'sRestaurant operator Dec 15 30 7.6 231

37 Arsenal HoldingsFootball club operator May 15 30 7.8 234

33 ZenithVehicle lessor Mar 16 29 30.2 863

186 CitySprintLogistics provider Dec 15 25 2.9 73

64 Global RadioRadio broadcaster Mar 15 24 35.1 856

Companies with the biggest debt/profit ratio

* prior year debt figure used



Sector breakdown

The two largest sectors are services, with 96 companies, and retail with 68. Together these sectors comprise 66% of the league table.

Retailers include footwear retailer Kurt Geiger (No 55), home accessories retailer The White Company (No 136) and furniture retailer Oak Furniture Land (No 81).

Service businesses encompass a wide range of industries, from business process manager Paragon (No 79), commodities and futures broker Marex Spectron (No 92) and crop protection specialist ProCam Europe (No 99).

The 40 manufacturers include pharmaceuticals maker Norbrook Laboratories (No 102), caravan and motorhome manufacturer The Swift Group (No 107) and flour miller Whitworth Bros (No 111).

There are 32 wholesalers in the league table including food & drink wholesaler Kitwave Wholesale Group (No 91), toiletry products distributor DCS Group (UK) (No 134) and building materials supplier Brett Group (No 143).

The 28 construction companies include housebuilder & timber systems maker Stewart Milne Group (No 68), infrastructure services provider FM Conway (No 72) and builder and maintenance provider Rydon Group (No 96).

Industry breakdown

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

The building industry provides 44 companies, including energy efficiency consultancy Anesco (No 105), property maintenance contractor Axis Europe Holdings (No 182), and building products supplier Taylor Maxwell (No 137).

There are 39 consumer goods companies including furniture supplier Symphony (No 139), window coverings retailer Hillarys (No 155), and bathroom retailer Bathstore (No 228).

The automotive industry is the third biggest with 31 companies on the league table falling from the best represented industry with 59 companies last year, largely due to our new 2% profit margin criteria, which disqualified a number of car dealers. Companies that achieved a place include sports car maker McLaren Automotive (No 19), vehicle lessor Zenith (No 33), and car dealer Helston Garages (No 14), which is the only company to have featured on all 12 consecutive league tables.

Sector breakdown

Number of companies in each sector

Construction 28

Wholesale 32

Manufacturing 40

Retail 68

Services 96

Note: where companies operate in more than one sector, a second sector is chosen. In total, 14 companies operate in two sectors. Each sector is given an equal weighting in the above analysis.

Industry breakdown

Automotive 31

Food and drink 24

Building-related 44

Consumer goods 39

Business services 27

Other 28

Transport 7

Leisure 21

Healthcare 10

Engineering 8

Computers & electronics 11



Regional breakdown

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

– The southeast increased from 44 to 47 companies. These include airport hotel, parking provider Holiday Extras (No 73), ejection seat manufacturer Martin-Baker (No 89) and tool distributor Toolbank (No 161)

– The Midlands increased from 32 to 33 companies. These include jewellery retailer Aurum (No 27), galvanizer Wedge Group (No 217) and travel agency Riviera Travel (No 222)

– Scotland increased from 23 to 29 companies. These include food producer Baxters (No 93), rental vehicle provider T.O.M. Vehicle Rental (No 106) and Edinburgh Airport (No 187)

Of the remaining regions, the Southwest (16) had one more company, and the others had fewer companies than in the previous year. The East (3) had seven fewer; Wales (1) had five fewer; and Northern Ireland (4) had 1 less.

Of the top ten companies ranked by profits, seven have their headquarters outside of London and the southeast of England.

Regional breakdown of HQ in UK

Northern Ireland

Southwest

Wales

Scotland29

London62

Midlands33

Southeast47

24

31

4

16

31

Northeast

East

Northwest



International activity

More than half the companies (126) on this year's league table have international operations.

Top-performing private companies are continuing to expand beyond the UK. This is demonstrated by the 24% increase in international sales, reported in their latest year*.

The company with the biggest increase was alcoholic drinks distributor Kingsland (No 166), which works with wine producers around the world to supply wines and spirits to customers including Tesco, Marks & Spencer, and smaller independent retailers. International sales more than tripled to £5.3m in 2015.

The company reporting the largest overseas sales is bus and coach manufacturer Alexander Dennis (No 4). The Falkirk firm’s fuel-efficient, environmentally-friendly buses are used across Asia, Australasia and North America. International sales, which account for almost half of its total turnover, increased 47% to £265.9m in 2015, helped by large orders of its Enviro500 double-decker from Hong Kong.

The company with the most overseas subsidiaries was commodities and logistics manager ED & F Man (No 44) with 189 based on foreign soil (53 in central & south America, 41 in western Europe, 30 in north America, and 21 in southeast Asia, 16 in Africa, 12 in eastern & central Europe, 9 in East Asia, 5 in the Middle East, 2 in Australasia).

Foreign subsidiaries are most commonly located in Western Europe, with 77 companies having at least one subsidiary in countries that include Germany (37), France (31), Spain (27), Republic of Ireland (25), the Netherlands (24), Italy (16), Belgium (12) and Sweden (12).

52 companies have at least one subsidiary in an emerging market, including risk management consultancy Control Risks (No 132), with subsidiaries in Brazil, China, Colombia, India, Mexico, Nigeria, Pakistan, South Africa; and construction consultancy Turner & Townsend (No 26), with subsidiaries in Chile, Brazil, Peru, Mexico, Colombia, Poland, S Africa, Malaysia, China, India, Indonesia and the Philippines.

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

Western Europe

North America

East Asia

South East Asia

Australasia

Eastern Europe

C & S America

Africa

Middle East

77

55

38

35

34

31

23

16

13


Year end

Exports £m Growth†

166 Kingsland Alcoholic drinks distributor Jun 15 5.3 208%

23 Poundworld Retail Value retailer Mar 15 7.1 198%

195 Cameron Mackintosh Theatrical producer Mar 15 74.9 144%

93 Baxters Food producer May 15 125.1 112%

120 Claranet IT services provider Jun 16 95.0 109%

193 Mountain Warehouse Outdoor clothing retailer Feb 16 23.4 106%

129 Reward Gateway Employee engagement services Jun 15 15.8 83%

91 Kitwave Wholesale Group Food & drink wholesaler Apr 15 4.1 80%

203 Balmoral Group Polymer engineer & manufacturer Mar 15 93.2 72%

207 Peninsula Employment law consultancy Mar 16 35.9 63%

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

10 companies with the fastest growing international sales

† Growth measured over one year for companies where data is available. Table excludes companies with prior year international sales <£1m



Mergers and acquisitions

Despite economic and political uncertainty before and after the EU referendum in June, companies on the league table continue to be active in the M&A market. Many of the transactions are bolt-on acquisitions of small businesses that provide quick growth in new markets. Others include the divestment of businesses to streamline operations.

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

The Hut Group (No 40) acquired Canadian beauty brand Grow Gorgeous this year

Date of transaction Rank Company

ActivitySales

£mProfit

£m Notes

Sep 16 5 Nando'sRestaurant operator 587.3 69.4 Sold Gourmet Burger Kitchen to South African group Famous Brands for

£109m

Aug 16 121 SertecAutomotive engineer 197.8 14.6 Made its largest ever acquisition of AWC Industries for an undisclosed

sum; followed its buy-out in February

Jul 16 40 The Hut GroupOnline retailer 333.5 18.1 Acquired a Manchester-based country club; in February bought

Canadian beauty brand Grow Gorgeous

Jun 16 53 Caffè NeroCoffee house operator 299.0 27.1 Acquired coffee chain Harris & Hoole from Tesco for an undisclosed sum

May 16 9 The Edinburgh Woollen MillClothing retailer 562.6 83.1 Acquired the menswear brand Austin Reed and ladieswear brand

Country Casuals from administrators

Apr 16 60 William Jackson Food GroupFood producer 276.0 18.0 Acquired healthy snack-food manufacturer The Food Doctor for an

undisclosed sum

Mar 16 245 TrainlineTrain ticket retailer 118.2 21.4 Acquired French counterpart, Captain Train, for an undisclosed sum

Mar 16 132 Control RisksRisk management consultancy 186.5 10.9 NVM Private Equity sold its stake to the company's management and

employees

Jan 16 20 Park's Motor GroupCar dealer 448.0 17.1 Acquired Scottish motor group Macrae & Dick for an undisclosed sum

Dec 15 30 TelentCommunications support provider 397.3 21.8 Acquired a communications business from Arqiva, increasing its

presence in the public safety market

Sep 15 87 CivicaIT services provider 234.1 12.5 Acquired London-based Web Technologies Group for £11m

Sep 15 29 Parkdean ResortsHoliday parks operator 400.7 106.6 Parkdean Holidays and Park Resorts merged

May 15 225 Pure GymGym operator 125.2 13.5 Acquired LA Fitness adding 43 gyms in a deal worth £74m

Mar 15 56 JacTravelTravel services provider 288.9 15.7 Acquired competitor TotalStay for an undisclosed sum

Mar 15 15 CALA GroupBuilder 511.6 73.0 Paid a reported £200m to acquire housebuilder Banner Homes

Mar 15 52 Hyperion Insurance GroupInsurance broker & underwriter 299.0 33.6 Merged with insurance broker RK Harrison to become the world's largest

employee-owned insurance group



Private equity

There was a significant volume of private equity activity involving Top Track 250 companies in the last 18 months. This form of ownership exerts a strong influence on the league table with around 32% of companies owned or backed in this way.

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

Kurt Geiger (No 55) was acquired by private equity firm Cinven for a reported £245m in February

Transaction date Rank Company

ActivitySales

£mProfit

£m Deal detail

Sep 16 35 Meadow FoodsDairy product producer 376.5 13.8 US PE firm Paine & Partners acquired a minority stake, providing an

exit for the Pickering family

Sep 16 163 TogetherSpecialist lender manufacturer 165.5 122.3 Barclays Private Equity paid £113.5m for a significant minority stake

Jul 16 3 Morrison Utility ServicesUtility services provider 614.0 19.2 US PE firm First Reserve bought the company from Motion Capital and

Bregal Capital for an undisclosed sum

Jul 16 211 Belfield FurnishingsFurniture & furnishings manufacturer 133.0 6.1 Chief executive Steve Hampton led a buyout backed by Northedge,

which acquired a majority stake for an undisclosed sum

May 16 227 Argus MediaEnergy information provider 124.4 32.3 General Atlantic bought out the family of founder Jan Nasmyth in a

deal valuing the company at nearly £1bn

Apr 16 188 ReissBranded fashion retailer 145.2 19.8 Founder David Reiss sold a majority stake to US PE firm Warburg

Pincus valuing the business at £230m

Mar 16 91 Kitwave Wholesale GroupFood and drink wholesaler 227.8 4.7 Private equity firm NVM sold its 40% stake to Pricoa Capital and

Allstate for an undisclosed sum

Feb 16 55 Kurt GeigerShoe retailer *292.3 *20.4 Cinven acquired a majority stake reportedly valuing the group at

£245m

Feb 16 186 CitySprintLogistics provider *146.0 *2.9 LDC acquired a minority stake alongside existing investor Dunedin,

valuing the business at £175m

Feb 16 248 London City AirportAirport operator 117.0 9.4 Acquired by consortium of international infrastructure investors,

including the Ontario Teachers' Pension Plan, valuing the group at £2bn

Jan 16 240 SkyscannerTravel search engine 119.7 12.6 Raised £128m from investors including Artemis and Yahoo! Japan,

valuing the business at more than £1bn

Dec 15 178 Audley TravelTour operator *151.7 *19.0 3i invested a reported £159m to acquire a majority stake in the group

Dec 15 144 ElementTesting & certification services provider *180.3 *30.0 3i sold the company to Bridgepoint for an undisclosed sum

Dec 15 109 LGCAnalytical services laboratory 209.8 12.3 KKR acquired the group for an undisclosed sum

Oct 15 103 Photobox GroupPersonalised product retailer 215.3 12.5 Exponent and Electra acquired the group for a reported £400m

Oct 15 32 Chime CommunicationsPR and advertising 390.4 18.3 Providence Equity Partners and minority shareholder WPP agreed to

pay £370m to take the company private

* supplied by the company † annualised



Companies exiting from last year’s league table

Of the companies on last year’s Top Track 250, 146 do not appear this year.

The main reason for company exits was failing the growth or our new 2% minimum operating profit margin criteria in the latest year (see the rules of engagement on page 34 for more details). In total, 107 companies fall off the league table as they had margins of less than 2%. A further 10 failed to qualify due to an operating loss in the most recent financial period.

Six businesses grew sales sufficiently to appear on our Top Track 100 league table of Britain's biggest private companies, including value retailer The Range, which grew annualised sales 17% to £661.4m in 2016; and sandwich shop operator Pret A Manger, which increased sales 14% to £676.2m in 2014.

Eight companies on last year’s table have been acquired, including property maintenance provider Integral, which was acquired by US firm JLL in June for £229m; palletised distribution franchiser Palletways, which was also sold in June to South African group Imperial Holdings for £162m; and business services provider The Grass Roots Group, which was sold to US payment network Blackhawk in July for £90m.

Six of last year's companies listed on a stock exchange. The companies were housebuilder Countryside, retirement house builder McCarthy & Stone, audio-visual equipment supplier Midwich, car dealer Motorpoint, IT reseller Softcat, and property developer Watkin Jones.

Reason for exit Number of companies

Failed growth or margin criteria 107

Made a loss 10

Acquired 8

Sales increase to Top Track 100 level 6

Sales less than 250th company 2

Listed 6

Total 146

Reason for exit

Pret A Manger featured on this year's Top Track 100 with sales of £676.3m, having featured 10 times on Top Track 250



Twelve years of Top Track 250

Top Track 250 was launched twelve years ago to recognise the success of Britain’s top-performing mid-market private companies. Since its launch 800 companies have appeared on the league table.

The vital statistics of the league table companies have changed significantly over the last twelve years. The combined sales figure for all 250 companies is up 16% to £58.1bn, and total profits have risen 113% to £4.9bn.

Stock market flotations

Forty-nine companies have floated on the stock market.

• Pets at Home first featured in 2005 with sales of £220m, and floated in March 2014, it now has a market capitalisation of £1.2bn

• Virgin Money first featured in 2005 with sales of £241m. The retail bank floated in November 2014 with a market capitalisation of £1.25bn, and is currently valued at £1.4bn

• Ocado first featured in 2006 with sales of £143m. The online grocery retailer floated in July 2010 valued at £937.8m, and is currently valued at £1.6bn

• B&M Retail first featured in 2009 with sales of £256m. The discount retailer listed in June 2014 valued at £2.7bn, and is currently valued at £2.6bn

• Card Factory first featured in 2009 with sales of £157m. The greeting card retailer floated in May 2014 with a market capitalisation of £716m, and is currently valued at £1.1bn

• Markit first featured in 2010 with sales of £305m. The financial information services provider floated on Nasdaq in June 2014 with a £2.6bn ($4.5bn) market capitalisation. In March 2016, the company merged with IHS in a £9bn ($13bn) deal

• Gamma first featured in 2010 with sales of £141.3m. The telecoms network operator floated in October 2014 with a market capitalisation of £165m, and is currently valued at £460m

• Sophos first featured in 2011 with sales of £197m. The security software developer floated in July 2015 with a market capitalisation of £1bn, and is currently valued at £1.2bn

Acquisitions and mergers

Past stars include car parts retailer Euro Car Parts, which was acquired by Nasdaq-listed LKQ for £225m in 2011; Weetabix, which was acquired by Chinese state-owned food conglomerate Bright Foods for £1.2bn in 2012; aerospace manufacturer Firth Rixon, which was acquired by American mining giant Alcoa for £1.7bn in 2014; and food producer Quorn which last year was acquired by Philippino firm Monde Nissin in a £550m deal.

Company Activity

Latest sales

£m

No. of times

ranked

Helston Garages Car dealer 517.8 12

Meadow FoodsDairy product producer 376.5 11

Pertemps Network Group Recruitment consultancy *614.5 11

Travelodge Budget hotel operator 559.6 11

Car GiantCar dealer 465.9 10

Dick Lovett CompaniesCar dealer 401.6 10

HarwoodsCar dealer 553.2 10

IM GroupCar distributor 571.0 10

Lotus GroupTravel organiser 331.2 10

Park's Motor GroupCar dealer 448.0 10

The Edinburgh Woollen MillClothing retailer 562.6 10

Companies with the most appearances

How Top Track 250 has changed


2005

Total sales

£49.9bn £58.1bn

401,000

£336.8m £630.5m

Total employees

Top company

Sales

2016

Total profits

£2.3bn £4.9bn

354,000



Sustained growth stars

Helston Garages (No 14) is the only company to have featured in all twelve years of Top Track 250. The Cornwall-based car dealer was founded in 1960 as a filling station and workshop, and has expanded to 37 dealerships selling everything from Volkswagens to Ferraris. Three companies, including budget hotel operator Travelodge (No 10), have featured 11 times; and seven companies, including clothing retailer The Edinburgh Woollen Mill (No 9), have featured 10 times.

The first Top Track 250

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

• Dyson, which was first showcased with sales of £277.3m, but this year featured at 24 on Top Track 100 with sales of £1.7bn

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

• Car dealer Motorpoint which featured on 11 consecutive occasions before its IPO in May, with a market capitalisation of £200m

• Value retailer B&M Retail featured on three occasions between 2009 and 2011, before its IPO in June 2014 with a market capitalisation of £2.7bn

Top Track 250 alumni

Dyson featured in the first Top Track 250 with sales of £277.3m, and is now on Top Track 100 with sales of £1.7bn



Neil Clifford of Kurt Geiger (No 55): improve education to make Britain fly

KEY THEMES & SELECTED COMPANY PROFILES

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

Government support

Asked what priorities the government should focus on in the wake of Britain’s vote to leave the European Union, senior directors from 14 of the companies, including Tennants Consolidated (No 36), Kurt Geiger (No 55) and this year’s No. 1 company, Virgin Active, identified investment in education and infrastructure, as well as the need for leadership and a clear plan from Westminster.

1 Virgin ActiveHealth club operator

Chief financial officer Jo Hartley said: 'We must create an environment that gives business the confidence to invest.'

FYE Dec 15Latest sales £630.5m*Prior sales £638.6mProfit £68.1m*Staff 13,629Location Central London

Sir Richard Branson’s Virgin Group and CVC Capital Partners reached an agreement to sell an 80% stake in this health club operator to investment group Brait last year, in a deal valuing it at £1.3bn. The London-based company now has more than 1.4m members across 276 clubs in 10 countries, and plans to invest £150m in opening up to 40 new clubs in South East Asia. Paul Woolf, 51, is group chief executive.

36 Tennants ConsolidatedChemicals supplier

Chairman Paul Alexander said there was a 'great opportunity' post-Brexit for Britain to renew its manufacturing sector.

FYE Dec 15Latest sales £373.9mPrior sales £413.3mProfit £23.8mStaff 1,061Location Central London

In the late 18th century, Charles Tennant revolutionised the linen trade by creating bleaching powder. Today, Tennants is owned by the Alexander family, and it now makes and distributes more than 3,000 chemicals across Europe and Canada, from adhesives to animal feed. Led by chairman Paul Alexander, 62, the Belgravia-headquartered company also manufactures chemicals in Europe, North and South America, and China.

55 Kurt Geiger Shoe retailer

Chief executive Neil Clifford: 'Raising the standard of education is probably the one big thing to make Britain fly.'

FYE Dec 15Latest sales £292.3m*Prior sales £280.4m†

Profit £20.4m*Staff 2,071Location Central London

This London footwear and accessories retailer was established in 1963 and has since expanded its portfolio of brands to include Kurt Geiger London, KG, and Carvela. The group has more than 80 stores globally and 240 concessions within department stores. In February, chief executive Neil Clifford, 49, led a £245m buyout backed by private equity firm Cinven.

* supplied by the company † annualised figure



James Timpson is CEO of retail services provider Timpson (No 124), which is based in Manchester

Vibrant cities & regions

With 55 companies, the north of England is the biggest region outside of London. Many are based in and around cities such as Manchester, with 22 businesses, and Leeds, with 17. These regions offer access to a rich pool of university talent, as well as being in close proximity to the ports of Liverpool and Hull. Other notable cities include Birmingham, which is home to 15 businesses, and Glasgow, which has nine. The Thames Valley is also noteworthy with 12 companies.

124 TimpsonRetail services provider

Founded in 1865, when shoemaker William Timpson began selling shoes on Oldham Road in Manchester

FYE Sep 15Latest sales £195.0mPrior sales £169.4mProfit £16.4mStaff 3,226Location Manchester

Founded as a Manchester shoe business by William Timpson in 1865, the company has since added key cutting, watch and mobile phone repairs, dry cleaning and photo services across a network of 1,500 stores. Photos now make up 30% of turnover, helping profits grow 38% to £16.4m in 2015. Known for its self-styled 'upside-down management' which puts shop employees in charge of key decisions, the group is overseen by chairman John Timpson, 73, great grandson of the founder, and his son James, 45, who is chief executive.

142 GO OutdoorsOutdoor equipment retailer

Opened in 1969 on Bramall lane in Sheffield, it was known as CCC until it rebranded seven years ago

FYE Jan 15Latest sales £181.4mPrior sales £172.1mProfit £4.7mStaff 1,896Location Sheffield

This Sheffield business is a one-stop shop for all hiking, mountaineering, camping, and outdoor equipment and clothing. Under chief executive Chris Matthews, 44, it is expanding its network of 57 stores as well as rolling out specialist cycle shops stocking its own-brand bikes. Private equity owners YFM and 3i are reported to be seeking a sale of the business.

225 Pure Gym Gym operator

Founded in 2009, the group started with three gyms in Leeds, Manchester and Edinburgh

FYE Dec 15Latest sales £125.2mPrior sales £68.6mProfit £13.5mStaff 960Location Leeds

Most of Pure Gym’s 165 sites are open 24 hours a day, seven days a week, and offer low-cost memberships – starting at £9.99 a month – with no fixed-term contracts. Chairman Peter Roberts, 71, founded the Leeds company in 2008 and sold a majority stake to American private equity firm CCMP in 2013. After buying LA Fitness’s 43 gyms in 2015 in a deal worth £74m, the company became the UK's largest gym operator, helping sales grow 82% last year. Humphrey Cobbold, 51, is chief executive. The company plans to float in October, raising £190m.



Tinie Tempah at Global Radio's (No 64) Summertime Ball – the broadcaster also collaborates with universities to provide vocational training

Collaboration

Companies are collaborating with the public and third sectors to help them innovate, become more efficient and to tackle challenges facing society. Some such as builder Rydon Group (No 96) and IT services provider Claranet (No 120) have partnered with the Prince's Trust to train young and disadvantaged people. Others, such as broadcaster Global Radio (No 64), are working with universities to provide vocational training.

69 Redfern TravelBusiness travel agent

Helped central government save £15m in travel fees since 2011 with its e-booking technlogy

FYE Mar 16Latest sales £252.2mPrior sales £232.8mProfit £4.2mStaff 112Location Bradford

Redfern Travel focuses on the corporate travel market and has developed an automated online booking system that reduces costs by suggesting time and money-saving tips. Chief executive Mark Bowers, 53, led a management buyout in 2014, and last year the Bradford company won government travel contracts worth more than £700m over three years.

105 AnescoEnergy efficiency consultancy

Says it has taken 275,000 people out of fuel poverty by improving the energy efficiency of buildings

FYE Mar 16Latest sales £213.7mPrior sales £160.2mProfit £24.6mStaff 111Location Reading

Reading-based Anesco installs and maintains renewable energy equipment such as solar panels and heat pumps for homeowners, local authorities and businesses. Demand has been boosted by government subsidies but, as these are cut, the company has been quick to diversify into other areas, from street lighting to energy storage. Kevin Mouatt, 55, was appointed chief executive in June following the retirement of co-founders Adrian Pike, 49, and Tim Payne, 53.

215 TES Global Educational publisher

Partnered with the RSC, V&A and British Museum to consolidate 400 Shakespeare classroom resources into an online portal

FYE Aug 15Latest sales £130.3mPrior sales £101.9mProfit £38.4mStaff 435Location Central London

Started as a free insert in The Times more than 100 years ago, TES Global is now a print and online jobs marketplace as well as a teaching resource used by more than 8m teachers worldwide. TPG bought a majority stake for £400m in 2013, prompting an ongoing acquisition spree that includes San Francisco-based learning platform Wikispaces, as well as a number of supply teacher agencies and education technology companies. Under chief executive Rob Grimshaw, 45, these acquisitions boosted sales by 28% to £130.3m in 2015.




Marg Randles, co-founder and managing director of Busy Bees (No 100), received an OBE last year for her longstanding service to the childrens sector

Female leadership

The issue of gender diversity has been rising up the business agenda in recent years. More than half of this year's Top Track 250 companies (56%) have one or more female director. However, as a proportion of all board members, women only make up 15% of the total, with 230 female statutory directors. Female executive directors on the league table include Karen Forrester, CEO of restaurant chain TGI Friday’s (No 125), Jo Hartley, CFO of Virgin Active (No 1), and Catherine Nunn, CEO of kitchen accessory retailer Lakeland (No 147).

100 Busy BeesNurseries operator

Co-founded by Marg Randles who developed the first Busy Bees Nursery in Lichfield 30 years ago

FYE Dec 15Latest sales £216.8mPrior sales £150.0m†

Profit £15.4mStaff 6,776Location Staffordshire

This nursery operator was founded in 1983 by three families unhappy with the childcare options available. The Staffordshire company is now the UK's largest private provider of childcare services with 267 nurseries nationwide and sales of £216.8m in 2015. Three years ago, investor Ontario Teachers Pension Plan acquired the business in a deal reportedly valuing it at £220m, enabling the group to expand internationally. Last year, chief executive John Woodward, 61, led the acquisition of 60 nurseries across Singapore and Malaysia.

136 The White CompanyHome accessories retailer

Founded by Chrissie Rucker in 1994 after she struggled to find high-quality, affordable linen and tableware

FYE Mar 16Latest sales £184.3m*Prior sales £163.6mProfit £17.3m*Staff 1,437Location Central London

Selling predominantly white bed and bathroom linen, fashion and accessories, The White Company was founded by Chrissie Rucker, 47, in 1994 after she had struggled to find high-quality, affordable linen and tableware. The retailer now has more than 50 UK shops, with new stores helping to grow profits 35% to £17.3m in 2016. Chief executive Will Kernan, 47, is planning to expand operations in America.

243 Beaverbrooks the JewellersJewellery retailer

Chief executive Anna Blackburn is the first non-family member to run the business

FYE Feb 16Latest sales £119.0m*Prior sales £113.7mProfit £11.5m*Staff 904Location Lancashire

Beaverbrooks is still owned by the Adlestone family that founded the jewellers in Lytham St Anne's, Lancashire, in 1919. Three years ago it appointed its first non-family member to run the business, promoting Anna Blackburn to chief executive. Operating 67 shops, the business also partners with retail chain Next, which sells its own-brand products. Chairman Mark Adlestone, 57, received an OBE last year for services to business and charity.


* supplied by the company † annualised figure



Bus and coach manufacturer Alexander Dennis (No 4) has exported 4,200 of its Enviro500 double-deckers to Hong Kong

International

Following its decision to leave the EU, Britain is going through a period of uncertainty regarding its international trading relationships. Despite this, Top Track 250 companies will continue to look beyond the UK for growth. Those already operating overseas saw their international sales increase by an average of 24% year-on-year. Some, such as Caffè Nero (No 53), are expanding organically. Others, such as aerospace component manufacturer Gardner Aerospace (No 242), have benefited from increased global demand for their products.

† Annualised sales

4 Alexander DennisBus and coach manufacturer

International sales, which account for almost half of its total turnover, increased 47% to £266m in 2015

FYE Dec 15Latest sales £601.9mPrior sales £502.7m*Profit £26.2mStaff 2,314Location Larnert, nr. Falkirk

In Hong Kong, 4m passengers travel on 4,200 Alexander Dennis buses every day. The Falkirk firm’s fuel-efficient, environmentally-friendly buses are used across Asia, Australasia and North America. International sales increased 47% to £266m in 2015, helped by large orders of its Enviro500 double-decker from Hong Kong. Chief executive Colin Robertson, 51, is overseeing a contract with Toronto's transport authority worth £290m over the next five years.

40 The Hut GroupOnline retailer

Plans to invest £10m in an American production facility for its Myprotein brand

FYE Dec 15Latest sales £333.5mPrior sales £248.0mProfit £18.1mStaff 1,231Location Northwich

This online retailer sells sports nutrition and beauty products, vitamins and weight management items via 72 group websites backed by its proprietary technology. Last year, it shipped 9m orders to 192 countries, helping revenue grow 34% to £333.5m. Having agreed a £210m loan deal in 2015, founders Matt Moulding, 44, and John Gallemore, 47, invested in a new manufacturing and distribution centre in Warrington, acquired Canadian beauty brand Grow Gorgeous this year and plan to invest £10m in an American production facility for its Myprotein brand.

93 Baxters Food producer

Last year, the group acquired US military food firm Wornick for £87m

FYE May 15Latest sales £226.3mPrior sales £160.7mProfit £10.3mStaff 1,600Location Moray, Scotland

Chairman Audrey Baxter, 55, is the fourth generation of her family to lead this Scottish business, founded in 1868. Baxters has manufacturing sites in five locations worldwide, producing soups, canned meat, chutneys and condiments sold in more than 30 countries. In 2015, the company acquired US military food firm Wornick for £87m, helping sales grow 41% to £226.3m.




Prince Harry worked on the DIY SOS Homes for Veterans project, which was supported by Telent (No 30)

Infrastructure

Investment in UK infrastructure is hitting the headlines with the government giving the green light to the new Hinkley Point nuclear power station, and with a decision due on expanding airport capacity at Heathrow or Gatwick. There are 37 companies operating in the construction, transport and telecoms services that have benefitted from past projects and will pitch to work on new ones.

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

21 RobertsonConstruction services

Provides facilities maintenance to the Scottish Prison Service

FYE Mar 16Latest sales £437.9m*Prior sales £288.4mProfit £19.0m*Staff 1,637Location Stirling

This Stirling-based infrastructure, construction and asset management group builds affordable homes, schools, supermarkets, distilleries, hospitals and office blocks, and is involved in commercial property development, civil engineering and public sector investments. It also has a facilities maintenance division with clients that include a school owned by Everton Football Club, and the Scottish Prison Service. Led by founder and executive chairman Bill Robertson, 71, sales rose by 52% to £437.9m this year.

30 TelentInfrastructure services provider

Provides network and communications services to Virgin Trains and Transport for London

FYE Mar 16Latest sales £397.3mPrior sales £331.8mProfit £21.8mStaff 1,803Location Warwick

Telent provides a wide range of network and communications services across a variety of industries, from telecoms and transport to utilities and the emergency services. Key clients include Virgin Media, Network Rail and National Express. The Warwick firm’s highest-profile contract is supporting BT on its nationwide broadband upgrade. Last December, chief executive Mark Plato, 56, led the acquisition of a communications business from Arqiva, increasing its presence in the public safety market.

72 FM Conway Infrastructure services provider

Builds and maintains roads for public sector bodies such as Transport for London

FYE Mar 16Latest sales £247.8mPrior sales £234.5mProfit £18.4mStaff 1,262Location Sevenoaks, Kent

Frank Michael Conway started this Kent highways contractor in 1961 with one lorry and two men. Twenty years later, his son, current chief executive Michael Conway, 61, took over the company, and developed it into a leading infrastructure services business, based around its self-delivery model. It works for private and public clients, and last year constructed the first phase of the East-West Cycle Superhighway from Tower Hill to Parliament Square for Transport for London.




McLaren Automotive (No 19) operates from technology and production facilities designed to inspire collaboration and innovation

Innovation

Many companies on the league table operate in fast-moving industries where innovation gives them an edge on their competitors. Some such as internet retailer The Hut Group (No 40) have invested in hi-tech production facililties, others such as internet security specialist Kaspersky Lab (No 25) are developing software to protect wearable technology from cyber attacks.

19 McLaren AutomotiveSports car maker

Used its Formula 1 expertise to build a hi-tech production centre and advises pharmaceutical companies on how to become more efficient

FYE Dec 15Latest sales £450.6mPrior sales £475.5mProfit £23.5mStaff 1,492Location Woking

Under chief executive Mike Flewitt, 54, this sports car manufacturer launched five new models last year, including its track-only McLaren P1 GTR which cost nearly £2m and was limited to just 35 units. The group has more than 70 showrooms around the world, and last year delivered 1,654 cars to customers in 30 international markets.

89 Martin-BakerEjection seat manufacturer

Its aircraft ejection seat technology and survival equipment has saved 7,500 lives

FYE Mar 15Latest sales £232.3mPrior sales £209.8mProfit £66.3mStaff 840Location Nr. Uxbridge

Martin-Baker says that its aircraft ejection seats and survival equipment have saved 7,500 lives. Founded in 1934 by Irish engineer Sir James Martin and test pilot Captain Valentine Baker as an aircraft manufacturer, the Buckinghamshire-based company has since expanded its operations to France, Italy and America, which is now its largest single market. It is headed by Martin’s twin sons John and James, 73.

240 Skyscanner Travel search engine

Its app is available in more than 30 languages and more than 80% of visitors to its site are from abroad

FYE Dec 15Latest sales £119.7mPrior sales £92.9mProfit £12.6mStaff 674Location Edinburgh

Each month, 50m people use this firm’s website and apps to book airline tickets, hotels and hire cars. Under co-founder and chief executive Gareth Williams, 47, the Edinburgh company has opened offices in Europe, America and Asia, and its services are available in more than 30 languages. Sales grew 28% in 2015 to £119.7m boosted by a 60% rise in mobile traffic. In January, Skyscanner raised £128m from investors including Artemis and Yahoo! Japan, valuing the business at more than £1bn.




Brands

The league table contains a wide selection of retail and consumer brands which have fared well in their latest year. Many have diversified away from the high street, whilst others are tapping into overseas markets with high consumer demand. Examples of brands that have positioned themselves to benefit from fast growing markets include personalised product maker Photobox Group (No 103), bookmaker Sky Betting & Gaming (No 74) and noodle bar operator Wagamama (No 90).

Peter Gowers, chief executive of Travelodge (No 10), which welcomed a record 18m customers last year

† Annualised sales

5 Nando'sRestaurant operator

Last month, sold burger chain GBK to South African fast food group Famous Brands for £109m

FYE Feb 15Latest sales £587.3mPrior sales £535.0mProfit £69.4mStaff 12,126Location Southwest London

Launched in South Africa in 1992, Nando’s now has 1,200 restaurants in 24 countries. Ultimately owned by Dick Enthoven, a South African tycoon, the London company runs more than 400 outlets in Britain and Ireland. It is led by chief executive Andrew Lynch, 59, who is expanding the chain to America. The group acquired Gourmet Burger Kitchen for £30m from Clapham House in 2010, and last month agreed a deal to sell the restaurant chain to South African fast food group Famous Brands for £109m.

10 TravelodgeBudget hotel operator

Operates more than 525 hotels and 39,000 rooms across the UK, Ireland and Spain

FYE Dec 15Latest sales £559.6mPrior sales £497.2mProfit £62.9mStaff 9,080Location Oxfordshire

Travelodge was founded in 1985 and says it is Britain’s largest independent hotel chain, operating more than 525 hotels and 39,000 rooms across the UK, Ireland and Spain. Led by chief executive Peter Gowers, 44, the Oxfordshire company welcomed a record 18m customers in 2015 and plans to open 19 new hotels this year. The group is reportedly up for sale.

37 Arsenal HoldingsFootball club operator

Became the most successful club in FA Cup history last year, winning its 12th title

FYE May 15Latest sales £344.5mPrior sales £301.9mProfit £7.8mStaff 605Location North London

Arsenal became the most successful club in FA Cup history last year, lifting their 12th title. Under chief executive Ivan Gazidis, 52, merchandising, including a collaboration with Puma, and returns on property investment, helped sales increase 14% to £344.5m in 2015. The club is redeveloping and expanding its training facility in Hertfordshire.




2016 TOP TRACK 250 LEAGUE TABLE

1 Virgin Active Health club operator Central London Dec 15 *630.5 -1% *68.1 29% 13,629 Brait (80%), Sir Richard Branson

(20%)

2 [11]

Pertemps Network Group Recruitment consultancy Warwickshire Dec 15 *614.5 11% *18.0 18% 1,438 Management & employees (75%),

LDC & others (25%)

3 Morrison Utility Services Utility services provider Stevenage Mar 16 614.0 5% 19.2 14% 3,882 First Reserve (80%), management

(20%)

4 Alexander Dennis Bus & coach manufacturer

Larbert, nr. Falkirk Dec 15 601.9 20% 26.2 39% 2,314 Highland Global Transport fund (55%), Noble Grossart Investments

(33%), Colin Robertson (6%), Deborah Robertson (5%)

5 [14]

Nando's Restaurant operator

Southwest London Feb 15 587.3 10% 69.4 -3% 12,126 Dick Enthoven & family (100%)

6 [19]

Opus Energy Energy supplier Oxford Mar 16 572.7 9% 35.6 -7% 693 GDF Suez (29.99%), Telecom Plus

plc (20%), management (50.01%)

7 [33]

IM Group Car distributor West Midlands Dec 15 571.0 22% 115.5 67% 397 Lord Edmiston (100%)

8 [15]

mydentist Dental care provider Kearsley, Bolton Mar 16 565.9 6% 30.3 -2% 7,145 Carlyle & Palamon Capital Partners

(85%) management (15%)

9 [12]

The Edinburgh Woollen Mill Clothing retailer Dumfriesshire Feb 15 562.6 2% 83.1 17% 10,205 Philip Day (100%)

10 [25]

Travelodge Budget hotel operator Oxfordshire Dec 15 559.6 13% 62.9 108% 9,080 Institutional investors (>50%),

management (<50%)

11 [31]

Harwoods Car dealer West Sussex Dec 15 553.2 17% 15.1 15% 867 Guy Harwood & family (100%)

12 Associated British Ports Port operator Central London Dec 15 536.7 3% 281.2 9% 2,164 Borealis (30%), Canada Pension Plan Investment Board (30%), GIC Special Investments

(20%), Kuwait Investment Authority (10%), Hermes Infrastructure (6.1%), Canada Inc (3.9%)

13 [2]

The Miller Homes Group Housebuilder Edinburgh Dec 15 *525.6 -14% *75.5 200% 722 GSO Capital Partners (Blackstone) (56%), Lloyds Banking Group

& Shackleton Capital Partners (31%), Miller family & employees (13%)

14 [34]

Helston Garages Car dealer Cornwall Dec 15 517.8 10% 17.3 14% 945 David & Betty Carr (90%), Andy

Barrett (10%)

15 [21]

CALA Group Housebuilder Edinburgh Jun 15 511.6 79% 73.0 93% 655 Legal & General & Patron Haut LP

(95.3%), management (4.7%)

16 City Electrical Factors Electrical parts wholesaler Warwickshire Apr 15 504.2 3% 32.8 39% 3,015 Mackie family trusts (100%)

17 [48]

Southall Travel Travel agency & tour operator West London Mar 16 *490.9 17% *21.3 19% 43 Kuljinder Bahia (54%), Raybon (28%)

& Geomex Holding (18%)

18 [36]

Car Giant Car dealer West London Dec 14 465.9 18% 36.8 20% 644 Geoffrey Warren (100%)

19 [30]

McLaren Automotive Sports car maker Woking Dec 15 450.6 -5% 23.5 13% 1,492 Bahrain Mumtalakat Holding Company (57%), TAG

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

20 [39]

Park's Motor Group Car dealer Lanarkshire Mar 15 448.0 12% 17.1 12% 1,267 Douglas Park & family (100%)

21 [84]

Robertson Construction services Stirling Mar 16 *437.9 52% *19.0 65% 1,637 Robertson family (100%)

22 [53]

Peter Vardy Car dealer Glasgow Dec 15 437.3 11% 10.2 67% 777 Sir Peter Vardy (55%), Peter Vardy

(40%), Lady Margaret Vardy (5%)

23 [46]

Poundworld Retail Value retailer West Yorkshire Mar 15 422.3 22% 14.6 130% 5,590 TPG (majority), management

(minority)

24 [62]

Glyn Hopkin Car dealer Romford Dec 15 419.4 20% 8.9 29% 702 Glyn Hopkin (61%), other

management (39%)

25 [49]

Kaspersky Lab Internet security software

London/Moscow Dec 15 414.0 -1% 59.4 92% 3,259 Management, including Eugene

Kaspersky (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m


* Supplied by the company † Annualised sales




26 [55]

Turner & Townsend Construction consultancy Leeds Apr 16 *409.5 8% *38.7 5% 4,278 Vincent Clancy (6%), Tom Harrison (6%), RBC

CEES Trustee (EBT) (19%), others (69%)

27 Aurum Jewellery retailer Leicester May 15 406.7 23% 19.7 23% 1,589 Apollo (>50%), management (<50%)

28 [58]

Dick Lovett Companies Car dealer Swindon Dec 15 401.6 12% 9.7 21% 619 Peter Lovett (100%)

29 [249]

Parkdean Resorts Holiday parks operator

Newcastle upon Tyne Dec 15 400.7 8% 106.6 16% 5,043 Electra Private Equity Partners, Alchemy

Partners, Management, Others

30 [65]

telent Infrastructure services provider Warwick Mar 16 397.3 20% 21.8 5% 1,803 Tusk Investments (100%)

31 Almac Group Pharmaceuticals maker

Craigavon, Co Armagh Sep 15 393.6 15% 29.1 49% 3,554 McClay Foundation (100%)

32 Chime Communications PR & advertising Central London Dec 14 390.4 30% 18.3 30% 2,012 Providence Equity (80%), WPP (20%)

33 [54]

Zenith Vehicle lessor Leeds Mar 16 383.0 16% 30.2 51% 497 HgCapital (61%), management

(32%), LDC (7%)

34 [68]

Lloyd Motors Car dealer Carlisle Dec 15 380.4 18% 8.6 28% 766 Barry & Bryan Lloyd (100%)

35 [47]

Meadow Foods Dairy product producer Chester Mar 15 376.5 -11% 13.8 24% 275 Simon Chantler (65%), Paine &

Partners (35%)

36 Tennants Consolidated Chemicals supplier Central London Dec 15 373.9 -10% 23.8 40% 1,061 Alexander family (78%), others

(22%)

37 Arsenal Holdings Football club operator North London May 15 344.5 14% 7.8 -23% 605 Stan Kroenke (67.05%), Alisher

Usmanov (30.04%), others (2.91%)

38 [77]

Robinsons Motor Group Car dealer Norwich Dec 15 341.5 12% 7.4 8% 634 Robinson family (90%),

management (10%)

39 Westbridge Foods Food service & logistics Malvern Dec 15 340.0 -7% 7.1 15% 159 Peter McNeil (55%), James McNeil (16%),

Evelyn McNeil (15%), others (14%)

40 [110]

The Hut Group Online retailer Northwich Dec 15 333.5 34% 18.1 21% 1,231 Founders & management (40%), private

equity consortium & other investors (60%)

41 [71]

Lotus Group Travel organiser South London Oct 15 331.2 5% 20.5 32% 470 Peter Stephens (75%), Christine

Burrowes (25%)

42 [76]

Principal Hotels Hotel operator Harrogate Dec 15 *328.3 7% *68.9 5% 5,510 Starwood Capital Group (92%),

Management (8%)

43 Lush Cosmetics manufacturer & retailer Poole Jun 15 326.5 16% 12.4 -13% 5,762 Mark Constantine (38%), Margaret Constantine

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

44 ED & F Man Commodities & logistics manager Central London Sep 15 321.3 8% 73.5 11% 4,036 Employees (65%), Südzucker AG

(35%)

45 [85]

Air Charter Service Aircraft charter broker

Kingston upon Thames Jan 16 315.8 10% 7.1 67% 345 Leach family (84.8%), others (15.2%)

46 [83]

Wyevale Garden Centres Garden centre operator West London Dec 15 311.1 7% 31.4 -24% 6,006 Terra Firma (100%)

47 [94]

Study Group Education service provider Central London Dec 15 *307.5 15% *22.7 18% 3,154 Providence Equity Partners, Bromlee

Superannuation Pty, management

48 [108]

Huntswood Customer services provider Reading Sep 15 306.6 23% 49.5 12% 919 David Brownlow (62%),

management (44%)

49 [105]

Hays Travel Travel agency Sunderland Oct 15 306.0 21% 6.3 108% 977 John Hays (56%), Irene Hays (44%)

50 [90]

Day Lewis Pharmaceuticals retailer Croydon Mar 16 *305.2 15% *22.4 20% 2,146 Patel family (100%)


CompanyActivity

Year end

Sales £m

Sales growth

OP £m






51 [98]

Hill Housebuilder

Waltham Abbey, Essex Dec 15 303.8 18% 30.8 69% 335 Hill family (82%), employee trust &

management (18%)

52 [157]

Hyperion Insurance Group Insurance broker & underwriter Central London Sep 15 299.0 53% 33.6 -1% 2,994 Management & staff (65%), General

Atlantic (35%)

53 [89]

Caffè Nero Coffee house operator Central London May 16 *299.0 8% *27.1 12% 4,500 Gerry Ford (60%), Paladin Partners

(30%), staff (10%)

54 [80]

Adelie Foods Food producer & distributor Middlesex Mar 15 294.7 15% 10.3 -38% 2,649 HIG Capital (>50%), others (<50%)

55 Kurt Geiger Shoe retailer Central London Dec 15 *292.3 4% *20.4 13% 2,071 Cinven (>50%), management

(<50%)

56 [204]

JacTravel Travel services provider West London Oct 15 *288.9 74% *15.7 115% 517 Vitruvian Partners (55%),

management (45%)

57 Yeo Valley Yoghurt & dairy maker Bristol May 15 284.2 3% 7.3 78% 1,821 Mead family (100%)

58 [100]

AvailableCar Car dealer Cheshire Dec 15 281.2 10% 8.5 21% 546 Graham & Alison Bell (100%)

59 [109]

Westover Group Car dealer Bournemouth Dec 15 278.8 12% 6.3 -4% 728 Peter Wood & family trust (100%)

60 [93]

William Jackson Food Group Food producer East Yorkshire Apr 15 276.0 3% 18.0 12% 2,067 Jackson family (89%), former

employees (11%)

61 [119]

Oasis Dental Care Dental care provider Bristol Mar 16 275.1 18% 12.9 58% 3,521 Bridgepoint (>50%), management

(<50%)

62 [138]

Keltbray Group Civil engineering contractor

Southwest London Oct 15 272.3 26% 11.6 45% 1,078 Brendan Kerr & family trust (100%)

63 [193]

Morris Group Housebuilder Cheshire Mar 16 *268.3 30% *42.2 63% 229 Management (62%), Quayle Munro

(23%), GSO (15%)

64 Global Radio Radio broadcaster Central London Mar 15 265.2 19% 35.1 2% 1,210 Private shareholders (100%)

65 Voicevale Dried foods importer North London Dec 15 261.4 24% 8.6 35% 82 Roby Danon (80%), Toyota Tsusho

Corporation (20%)

66 [128]

Nisbets Catering equipment supplier Bristol Dec 15 255.4 13% 28.3 -3% 1,186 Andrew Nisbet (96%), Management

(4%)

67 [115]

Peoples Car dealer Falkirk Jul 16 *255.0 8% *6.5 18% 397 Brian Gilda (85%), Stewart Ramsay

(15%)

68 Stewart Milne Group Housebuilder & timber systems maker Aberdeen Jun 15 252.7 20% 11.8 -16% 793 Stewart Milne & family (100%)

69 Redfern Travel Business travel agent Bradford Mar 16 252.2 8% 4.2 -17% 112 Mark Bowers (18%), Neil Hopwood

(18%), management (64%)

70 [139]

MKM Building Supplies Builders' merchant Hull Sep 15 251.9 18% 15.9 27% 938 Management (51%), 3i (37%), LDC

(12%),

71 [155]

JRL Group Construction contractor Hertfordshire Dec 15 251.7 27% 5.6 33% 600 John Reddington (34%), Peter

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

72 [118]

FM Conway Infrastructure services provider Sevenoaks, Kent Mar 16 247.8 6% 18.4 17% 1,262 Michael Conway (95%), Kim Conway

(5%)

73 Holiday Extras Airport hotel, parking provider Kent Mar 15 247.2 18% 6.6 65% 736 Gerry & Carol Pack (30%), Matthew Pack

(13%), Jeremy Pack (12%) others (45%)

74 Sky Betting and Gaming Bookmaker Leeds Jun 15 *247.0 35% n/a n/a 1,100 CVC Capital Partners (80%), Sky plc

(20%)

75 [149]

Foster + Partners Architectural consultancy

Southwest London Apr 16 *243.0 22% n/a n/a 1,480 Partners, including Lord Norman

Foster (100%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





76 [113]

CNG Commercial gas supplier Harrogate Apr 15 240.9 22% 8.9 70% 88 Jacqui Hall (28.33%), Tim Jones (28.33%), Chris

England (28.33%), other management (15%)

77 Pentagon Freight International freight forwarder Orpington, Kent Apr 15 240.8 20% 6.3 2% 527 Geoffrey Smith (84%), management

(16%)

78 Ferndale Foods Ready-meals producer Somerset Mar 15 240.3 11% 17.1 114% 2,707 Bigwood family (96%), S Harmer

(4%)

79 Paragon Business process manager Sunderland Jun 15 240.0 61% 7.3 4% 2,859 Patrick Crean (100%)

80 The Emerson Group Builder, property developer Cheshire Apr 16 *239.5 26% *75.6 4% 617 Jones family trusts (100%)

81 [163]

Oak Furniture Land Furniture retailer Swindon Sep 15 239.3 25% 7.2 -37% 996 Jason Bannister (100%)

82 [182]

Resource Solutions Group Recruitment consultancy Bristol Jun 15 239.0 36% 11.8 50% 216 Keith Dawe (89%), Sanderson Computer Recruitment

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

83 Wrights Group Bus manufacturer

Ballymena, Co Antrim Dec 14 †237.7 33% †12.9 178% 1,553 Jeffrey Wright (100%)

84 [111]

Maplin Electronics Electronic equipment retailer Rotherham Mar 15 237.0 8% 12.3 17922% 2,500 Rutland Partners (>50%),

management (<50%)

85 [144]

Dr Martens Shoe manufacturer & retailer Northamptonshire Mar 15 235.3 13% 25.5 -14% 831 Permira (70%), Griggs family &

settlements (20%), management (10%)

86 [116]

Volac Dairy nutrition supplier Hertfordshire Dec 14 †235.1 19% †13.9 43% 391 Family & charitable trusts (77.4%),

Neville family (22.6%)

87 Civica IT services provider

Southwest London Sep 15 234.1 6% 12.5 12% 2,665 Omers (74%), management (26%)

88 Durkan Holdings Building developer & contractor Hertfordshire Nov 15 †232.9 60% †21.0 n/a 225 Durkan family (100%)

89 Martin-Baker Ejection seat manufacturer Nr. Uxbridge Mar 15 232.3 11% 66.3 14% 840 James Martin (18%), John Martin


90 [161]

Wagamama Noodle bar operator Central London Apr 16 229.9 19% 17.7 62% 4,483 Duke Street Capital & Hutton Collins (82%, Duke Street

majority partner), management & other shareholders (18%)

91 Kitwave Wholesale Group Food & drink wholesaler North Shields Apr 15 227.8 16% 4.7 26% 456 Paul Young (>50%), Pricoa Capital

Group & Allstate Investments (<50%)

92 Marex Spectron Commodities & futures broker Central London Dec 15 227.6 2% 14.9 62% 524 >50% Amphitryon

93 Baxters Food producer Moray, Scotland May 15 226.3 41% 10.3 31% 1,600 Audrey Baxter (38%), Baxter family trust (36%),

Andrew Baxter (25%), James Baxter (1%)

94 [130]

Encon Insulation distributor West Yorkshire Jul 16 *226.0 1% *11.0 68% 598 Stuart Moore (73%), management

(27%)

95 Dreams Bed retailer High Wycombe Dec 15 225.9 17% 14.9 720% 1,563 Sun Capital (94%), management

(6%)

96 Rydon Group Builder & maintenance provider East Sussex Sep 15 224.1 36% 9.7 n/a 692 Management (67%), Cavendish

Square Partners (33%)

97 [135]

Advanced Software developer Berkshire Feb 15 220.5 9% 21.6 22% 2,083 Vista Equity Partners

98 [211]

Chiltern International Group Contract research provider Slough Dec 15 217.8 36% 25.0 9% 2,310 Galaxy Limited Partnership (representing a consolidated

investment group of individuals) (90%), management (10%)

99 ProCam Europe Crop protection specialist Cambridgeshire Dec 15 217.0 4% 7.7 10% 527 Tony White (67%), Ian Beswick (18%), Chris

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

100 Busy Bees Nurseries operator Staffordshire Dec 15 216.8 45% 15.4 2% 6,776 Ontario teachers Pension Plan




CompanyActivity

Year end

Sales £m

Sales growth

OP £m





101 [162]

Malcolm Group Logistics & construction services

Linwood, nr Glasgow Jan 15 215.8 12% 8.4 28% 1,921 Malcolm family (78%), Caird Capital

(19%), others (3%)

102 Norbrook Laboratories Pharmaceuticals manufacturer County Down Jul 15 215.7 9% 26.5 68% 2,152 The Lord Ballyedmond family trust

(100%)

103 [183]

Photobox Group Personalised product retailer Central London Apr 15 215.3 23% 12.5 106% 965 Exponent & Electra Partners

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

104 The Imagination Group Creative agency Central London Aug 15 214.3 9% 6.2 17% 687 Gary Withers, founder & chairman, other

management & employees (100%)

105 [212]

Anesco Energy efficiency consultancy Reading Mar 16 213.7 33% 24.6 19% 111 CBPE (70%), management (22%),

Alcentra (7%), Generation (1%)

106 [247]

T.O.M. Vehicle Rental Rental vehicle provider

North Lanarkshire Mar 16 *213.2 49% *14.5 53% 575 Rafferty family (50%), Hugh Stewart

(25%), Grier family (25%)

107 The Swift Group Caravan & motorhome manufacturer East Yorkshire Aug 15 210.9 4% 6.9 17% 978 Management (40%), Smith family

(28%), others (32%)

108 [167]

LA International IT recruitment consultancy Stoke-on-Trent Jun 16 *210.1 11% *10.4 14% 103 Paul Luckic (93%), other

management (7%)

109 [143]

LGC Analytical services laboratory

Southwest London Mar 15 209.8 1% 12.3 55% 2,009 KKR, management

110 [170]

BSW Timber Timber supplier Berwickshire Mar 15 209.7 14% 10.5 72% 1,042 Brownlie family (93%), others (7%)

111 [96]

Whitworth Bros Flour miller Wellingborough Mar 16 209.0 -8% 8.7 89% 333 Martin George & family (100%)

112 Car Shop Car supermarket Northampton Dec 15 208.6 7% 5.5 106% 508 Paul Dunkley (78%), David Hammond

(15%), Sir Geoffrey Whalen (7%)

113 [177]

Hatfields Car dealer Wakefield Jan 16 208.5 17% 6.8 23% 370 Williams family (100%)

114 [147]

Tinopolis Film & television producer South Wales Sep 15 206.0 -1% 18.3 24% 612 Vitruvian Partners (70%),

management (30%)

115 QHotels Hotel operator Leeds Jan 16 *205.5 55% *33.2 69% 5,249 Bain Capital Credit & Canyon Capital

Advisors (90%), management (10%)

116 O'Halloran & O'Brien Construction contractor Surrey Mar 16 204.5 18% 18.2 84% 109 O'Brien Family (100%)

117 FES Construction support services Stirling Aug 15 204.1 17% 6.6 n/a 1,905 Duncan S Fletcher & family (98%),

others (2%)

118 Voyage Care Care home operator Staffordshire Mar 15 *203.0 4% *34.5 12% 8,417 Partners Group, Duke Street Capital


119 Toomey Group Car dealer Essex Dec 15 201.4 12% 8.2 14% 467 Michael Toomey (100%)

120 Claranet IT services provider Central London Jun 16 *200.0 50% *17.6 49% 1,200 Nasser family (> 50%), other

shareholders (< 50%)

121 [174]

Sertec Automotive engineer Birmingham Mar 16 *197.8 9% *14.6 -11% 1,278 Management (100%)

122 [173]

Dawsongroup Asset rental operator Milton Keynes Dec 15 197.4 9% 49.5 8% 711 Peter Dawson & family (100%)

123 Bulkhaul Specialist chemical logistics Middlesbrough Jun 15 195.1 1% 25.2 91% 877 Stephen Gibson (75%), Michael

O'Neill (25%)

124 [160]

Timpson Retail services provider Manchester Sep 15 195.0 15% 16.4 38% 3,226 John Timpson & family trusts

(100%)

125 TGI Friday's Restaurant operator Guildford Dec 15 193.5 11% 7.6 -27% 2,998 Electra Partners (44%),

management team (56%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





126 Pentagon Investments Van dealer Derby Dec 15 192.6 21% 4.4 10% 316 Marshall Family Trusts (100%)

127 [192]

Yearsley Group Frozen food supplier Lancashire Mar 15 188.5 10% 5.0 9% 1,264 Yearsley family (100%)

128 [210]

Mulalley Construction contractor Essex Mar 16 187.8 13% 13.6 20% 605 O'Malley family (80%), Teresa Taylor

(20%)

129 Reward Gateway Employee engagement services Central London Jun 15 187.5 22% 6.6 59% 211 Great Hill Partners (55%), Glenn Elliott

(28%), management & staff (17%)

130 Smartway Pharmaceuticals Pharmaceutical wholesaler

Southwest London Feb 15 187.0 -17% 7.5 52% 47 Kirti Patel (50%), Bhanumati Patel

(50%)

131 ID Medical Recruitment consultancy Milton Keynes Dec 15 *186.9 51% *9.4 107% 493 Michael & Mo Sacoor (90%), Deenu

Patel (10%)

132 [136]

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

ex-employees (100%)

133 [166]

Randall Parker Food Group Meat distributor Northamptonshire Sep 15 186.1 -1% 4.3 18% 495 Ron Randall & family (67%), W & J

Parker (33%)

134 DCS Group (UK) Toiletry products distributor

Stratford-upon-Avon Dec 15 185.6 1% 5.1 74% 301 Denys Shortt (100%)

135 [225]

Charles Tyrwhitt Clothing retailer Central London Aug 15 *184.5 19% *17.3 6% 802 Nick Wheeler (95%), Peter Higgins

(5%)

136 [209]

The White Company Home accessories retailer Central London Mar 16 *184.3 13% *17.3 35% 1,437 Chrissie Rucker (99%), Nick Wheeler

(1%)

137 [171]

Taylor Maxwell Building products supplier Bristol Mar 15 183.5 31% 5.6 145% 164 Management & employees (100%)

138 FP McCann Civil engineering contractor Belfast Dec 15 †182.7 35% †14.0 34% 1,027 McCann family (100%)

139 [220]

Symphony Furniture supplier Barnsley Dec 15 182.7 16% 12.5 111% 1,423 Douglas Gregory (100%)

140 [231]

Yeomans Car dealer Worthing Dec 15 182.1 6% 6.1 50% 368 Smith family (100%)

141 [172]

JJ Food Service Food distributor

Enfield, Middlesex Mar 15 181.7 -1% 11.0 47% 779 Kiamil family (100%)

142 GO Outdoors Outdoor equipment retailer Sheffield Jan 15 181.4 5% 4.7 13% 1,896 3i & YFM (38%), Paul Caplan (33%), John

Graham (13%), other management (16%)

143 Brett Group Building materials supplier Canterbury Dec 15 180.8 7% 9.7 43% 662 Brett family & trusts (100%)

144 Element Testing & certification services provider Central London Dec 15 *180.3 22% *30.0 40% 1,778 Bridgepoint (>50%), management

(<50%)

145 [221]

Fairview Housebuilder North London Dec 15 178.2 13% 64.8 20% 210 Employee benefit trust (100%)

146 [181]

Suttons Group Logistics & supply chain services Cheshire Apr 15 176.2 12% 8.3 -22% 1,131 Sutton family trusts (100%)

147 Lakeland Kitchen accessory retailer Cumbria Dec 14 175.6 5% 5.6 124% 1,886 Samuel Rayner (33%), Martin

Rayner (33%), Julian Rayner (33%)

148 QA Business training provider Central London May 16 *174.6 16% *28.0 62% 1,391 Bregal Capital (80%), management

(20%)

149 [187]

Dune London Footwear retailer Central London Jan 15 174.0 11% 7.4 61% 2,233 Daniel Rubin (44%), Anne Rubin

(43%), others (13%)

150 [222]

Search Consultancy Recruitment consultancy Glasgow Jan 16 173.6 11% 6.1 26% 625 Saints Capital (65%), management

(35%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





151 Churchill Retirement Living Retirement housebuilder Hampshire May 16 *†173.3 21% *†56.6 30% 484 Clinton McCarthy (49.15%), Spencer

McCarthy (49.15%), others (1.7%)

152 [200]

The Car People Car dealer Wakefield Apr 16 *172.8 2% *6.8 22% 450 Carnell family (76%), other

management (24%)

153 BMT Group Engineering consultancy Middlesex Sep 15 171.4 4% 3.7 27% 1,544 EBT (100%)

154 Arora Group Hotel operator West London Mar 15 170.5 96% 41.4 33% 1,317 Surinder Arora (100%)

155 [197]

Hillarys Window coverings retailer Nottingham Oct 15 †170.3 12% †14.2 28% 1,527 European Capital (75%),

management (25%)

156 [234]

Callcredit Information Group Consumer data analyst Leeds Dec 15 170.1 13% 27.6 -6% 1,123 GTCR & co-investors (75%),

management (25%)

157 [238]

P D Hook Poultry producer Oxfordshire Oct 15 169.3 14% 25.0 20% 925 Hook family (100%)

158 Howarth Timber Group Timber products maker Leeds Mar 16 *169.2 9% *9.5 51% 913 Howard family (100%)

159 Megger Electrical products manufacturer Dover Nov 15 169.1 6% 16.4 32% 1,235 TBG AG (100%)

160 [203]

Barbour Clothing manufacturer South Shields Dec 14 167.4 10% 29.3 0% 989 Dame Margaret Barbour (51%),

Barbour family trust (46%), others (3%)

161 [219]

Toolbank Tool distributor Kent Dec 15 167.2 6% 14.8 28% 810 John Twallin (13%), estates &

settlements trust (47%), others (40%)

162 Travel Counsellors Travel services provider Manchester Oct 15 166.4 22% 10.7 35% 272 Equistone Private Equity (>50%),

Speakman family (<50%)

163 Together Specialist lender Cheshire Jun 15 165.5 28% 122.3 26% 373 Equistone, Standard Life Investments,

Moser Family Trust, management

164 Shanly Group Housebuilder Beaconsfield Dec 14 164.4 20% 50.9 47% 152 Michael Shanly (100%)

165 [226]

Dalziel Butchers' supplier Lanarkshire Oct 15 163.0 5% 14.2 30% 542 Stuart Dalziel (43%), John Darroch

(21%), EBT (15%), others (21%)

166 [208]

Kingsland Alcoholic drinks distributor Manchester Jun 15 162.8 -1% 3.8 12% 271 Management (100%)

167 Eric Wright Group Construction contractor Preston Dec 14 160.6 5% 5.3 93% 541 Eric Wright charitable trust (100%)

168 John Cotton Group Bed-fillings manufacturer West Yorkshire Mar 15 160.5 17% 9.9 41% 1,066 Cotton family (100%)

169 Country Style Foods Baker Leeds Apr 15 159.7 19% 7.2 102% 1,546 Wood family (100%)

170 Gap Group Plant & tool hire Glasgow Mar 16 157.7 10% 18.3 -11% 1,454 Douglas Anderson (37.5%), Iain Anderson (37.5%),

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

171 Constantine Group Conglomerate Surrey Dec 15 156.4 21% 5.5 60% 541 Vernon family (49%), Constantine

family (23%), others (28%)

172 Gregory Distribution Distribution services Exeter Oct 15 156.3 15% 7.2 30% 1,776 John Gregory & family (100%)

173 [240]

Meyer Timber Group Wood panel distributor Stoke-on-Trent Dec 15 155.8 7% 8.4 17% 334 The Meade Family Office (80%),

Chris Rudd (20%)

174 Keltruck Truck dealer West Bromwich Dec 15 155.7 29% 5.5 25% 418 Chris Kelly (100%)

175 Masterson Holdings Building contractor Borehamwood Aug 15 155.2 42% 11.6 69% 314 Michael Masterson (47%), Mona Masterson

(27%), Michael Masterson Trust (26%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





176 Hammer IT storage distributor Basingstoke Jan 16 154.8 17% 6.3 48% 164 James Stidwell (40%), Paul Matravers (20%),

Jason Beeson (20%), Jason Goddard (20%)

177 Wain Group Housebuilder Warrington Jun 15 153.2 25% 38.6 38% 210 William Ainscough (75%),

management (25%)

178 Audley Travel Tour operator Oxfordshire Dec 15 151.7 14% 19.0 29% 371 3i (>50%), management (<50%)

179 [250]

The Works Value retailer West Midlands May 16 †151.5 7% †9.7 41% 1,259 Endless (>50%), Dean Hoyle (>10%),

management team (<20%)

180 [216]

Davies Turner Logistics, freight operator Warwickshire Mar 16 *151.2 -4% *6.4 25% 840 Stephenson family (94%), others

(6%)

181 James Walker Timber merchant West Lothian Mar 16 *151.2 4% *11.0 17% 600 Walker family (70%), John Campbell

(24%), employees (6%)

182 Axis Europe Holdings Property maintenance contractor Central London Mar 16 *149.4 11% *7.0 -22% 893 John Hayes (95%), Sally Hayes (5%)

183 Acorn Stairlifts Stairlift manufacturer West Yorkshire Sep 15 149.2 9% 17.1 79% 1,192 John Jakes (100%)

184 Lexon Pharmaceuticals supplier Redditch Apr 15 149.0 18% 8.2 10% 564 Sodha family (77%), Sonpal family

(23%)

185 [237]

Norkem Chemical exporter Cheshire Dec 14 148.5 6% 4.1 37% 104 Lynne Colling (64%), Alan Nicholson

(5%), others (31%)

186 CitySprint Logistics provider Surrey Dec 15 146.0 14% 2.9 -15% 723 Management (>50%), LDC &

Dunedin (<50%)

187 Edinburgh Airport Airport operator Edinburgh Dec 15 145.5 11% 45.0 0% 552 Global Infrastructure Partners


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

& family (<50%)

189 White Stuff Fashion retailer South London Apr 16 144.6 10% 12.6 -9% 1,885 Co-founders (71%), management &

others (29%)

190 Steven Eagell Car dealer Milton Keynes Dec 15 144.0 22% 3.8 62% 285 Steven Eagell (85%), management

(15%)

191 WP Group Fuel & lubricant distributor Southampton Dec 15 142.1 3% 3.0 101% 137 David Fairchild & management (52%), Barry

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

192 [239]

Colt Ventilation systems provider Hampshire Dec 15 141.7 -3% 6.9 77% 985 O'Hea family (75%), Colt Foundation

(22%), others (3%)

193 Mountain Warehouse Outdoor clothing retailer Central London Feb 16 141.4 29% 12.6 41% 1,646 Mark Neale (85%), others &

management (15%)

194 Agilisys IT services provider Central London Mar 16 *140.0 -4% *10.6 19% 1,856 Employees (>50%), Mindenhall &

Badale families (<50%)

195 Cameron Mackintosh Theatrical producer Central London Mar 15 138.9 84% 27.2 37% 659 Sir Cameron Mackintosh (100%)

196 Grosvenor Contracts Leasing Vehicle contract hirer Northamptonshire Dec 15 138.7 7% 6.1 18% 266 Brian Johnson (100%)

197 Weston Group Housebuilder Essex Jul 15 138.5 19% 15.9 98% 268 Robert Weston (40%), management

& others (60%)

198 EH Smith Builders' merchant Shirley, Solihull Jun 15 138.2 11% 7.5 95% 566 Parker family (27%), Ensall family (27%), Michael

Hodgskin-Brown (24%), Kenneth Avery-Smith (22%)

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

(25%)

200 Numatic International Cleaning products manufacturer Somerset Dec 15 137.4 6% 13.4 29% 953 Christopher Duncan (100%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





201 Natures Way Foods Fresh salad producer West Sussex Mar 15 137.1 12% 6.0 36% 912 Langmead family (88%), Susan

Barratt (5%), others (7%)

202 Consolidated Timber Holdings Lumber wholesaler

Shepperton, Surrey Mar 15 137.0 21% 4.3 35% 223 Meyer family (68%), management

(29%), others (3%)

203 Balmoral Group Polymer engineer & manufacturer Aberdeen Mar 15 136.5 73% 31.0 401% 557 Jim Milne & family (100%)

204 Dingbro Automotive component distributor Aberdeen Sep 15 136.3 -1% 8.6 94% 1,281 James Dingwall (51%), Kenneth

Dingwall (49%)

205 GRS Roadstone Group Aggregate distributor & waste removal Nuneaton Dec 15 *136.0 36% *6.5 19% 283 Management (75%), Tarmac

Trading (25%)

206 UPP University accommodation provider Central London Aug 15 135.2 1% 66.5 18% 700 Dutch pension fund (60%), Chinese

investment fund (40%)

207 Peninsula Employment law consultancy Manchester Mar 16 *134.6 25% *22.1 -9% 1,690 Fred & Peter Done (100%)

208 NRS Healthcare Healthcare equipment & services provider

Coalville, Leicestershire Mar 15 134.6 16% 5.9 28% 705 H2 Equity Partners (52%), LDC


209 Advance Construction Group Construction services

Bellshill, North Lanarkshire Mar 15 133.5 55% 8.2 79% 1,047 Seamus Shields (50%), Daniella

Shields (50%)

210 Fish Brothers Car dealer Swindon Dec 15 133.1 15% 3.3 53% 244 Mike Fish (50%), Tim Fish (50%)

211 Belfield Furnishings Furniture & furnishings manufacturer Derbyshire Dec 15 133.0 12% 6.1 55% 1,548 NorthEdge (>60%), management

(<40%)

212 Ecotricity Green energy supplier Gloucestershire Apr 16 *131.4 20% *6.7 -9% 729 Dale Vince (100%)

213 Everest Home Improvements Home improvement supplier Hertfordshire Dec 14 131.4 9% 4.8 36% 696 Better Capital (90%) management &

others (10%)

214 Nexus Construction services Braintree, Essex Sep 15 130.9 21% 8.1 28% 624 Michael Morris (50%), Keith Breen

(33%), others (17%)

215 TES Global Educational publisher Central London Aug 15 130.3 28% 38.4 -22% 435 TPG (85%), management (15%)

216 Tusker Car benefit specialists Watford Dec 15 *129.7 37% *7.3 99% 119 ECI Partners (76%) & management

(24%)

217 Wedge Group Galvanizing Galvanizer West Midlands Mar 15 129.6 17% 15.4 68% 1,054 Woolridge family (95%),

management (5%)

218 Lanes Group Drainage services provider Leeds Jul 15 128.5 26% 7.1 28% 1,170 Wayne Earnshaw (47%),

management & others (53%)

219 John Guest Tubing & pipe manufacturer West London Dec 14 127.5 8% 22.7 19% 1,174 Guest family (100%)

220 James Donaldson Group Timber merchants Fife Mar 16 127.1 -4% 6.1 28% 680 Donaldson family (85%), employees

(15%)

221 Crown Oil Fuel & lubricant distributor Bury Aug 15 126.4 -10% 4.8 34% 210 Greensmith family (100%)

222 Riviera Travel Travel agency Burton-on-Trent Nov 15 126.2 3% 11.3 92% 109 Phoenix Private Equity (60%),

management (40%)

223 Robert Dyas Household goods retailer Surrey Mar 15 125.5 1% 4.6 12% 1,397 Theo Paphitis (100%)

224 CCG Building contractor Glasgow Mar 15 125.4 42% 7.4 77% 609 Alastair Wylie (67%), Bernie Rooney

(33%)

225 Pure Gym Gym operator Leeds Dec 15 125.2 82% 13.5 77% 960 CCMP (>50%), Management (<50%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m





226 Gray & Adams Trailer & vehicle manufacturer Scotland Apr 16 *125.0 0% *7.6 14% 700 James Gray Jnr (43%), Peter Gray

(43%), Marie Gray (14%)

227 Argus Media Energy information provider Central London Jun 15 124.4 15% 32.3 9% 668 General Atlantic (>50%),

management & others (<50%)

228 Bathstore Bathroom retailer Watford Jul 15 124.1 11% 2.7 29% 567 Warren Stephens & family (86%)

management & others (14%)

229 The Delivery Group Mail & parcel services provider Warrington Dec 15 124.1 58% 2.7 n/a 306 Next Wave Partners (63%),

management (37%)

230 CCS Media IT & services reseller Chesterfield Dec 15 123.8 12% 2.6 85% 349 Robert Tomlinson (80%), Alan

Honarmand (10%), Terrence Betts (10%)

231 Carter Thermal Industries Refrigeration manufacturer Birmingham Dec 14 123.4 13% 2.8 14% 908 Carter family trust (28%), Scott family trust (26%) Elizabeth Scott

(11%), Jane Chamberlain (11%), Mary Rennison (11%), others (13%)

232 Ainscough Crane Hire Crane hirer Wigan May 15 122.4 5% 25.2 32% 1,005 Oaktree Capital Management,

management

233 National Lighting Light fitting designer Poole, Dorset Dec 14 122.1 0% 8.5 34% 527 Meyer Maslo (30%), J Schimmel (22.5%),

Elizabeth Maslo (22.5%), others (25%)

234 Willerby Holiday Homes Mobile home maker Hull Oct 15 †122.1 20% †6.4 34% 845 Cavendish Square Partners (75%),

management (25%)

235 Moneycorp Foreign exchange services Central London Dec 15 122.0 3% 12.6 27% 799 Bridgepoint

236 Tomlinson Group Construction contractor Derby Dec 15 121.5 43% 3.4 n/a 241 Barry Sewards (66%), Andrew

Sewards (34%)

237 CLC Group Painting & maintenance contractor Southampton Dec 15 121.2 20% 8.8 24% 1,009 Hilbre Holdings Limited

238 Russell & Bromley Shoe retailer Bromley Dec 14 120.6 3% 24.2 9% 1,078 Bromley family (100%)

239 Castle View Leisure services manager Stirling Mar 15 120.2 9% 5.7 57% 5,171 Martin Bell (95%), Caroline Bell (5%)

240 Skyscanner Travel search engine Edinburgh Dec 15 119.7 29% 12.6 0% 674 Venture capital, incl. Sequoia Capital & Scottish Equity

Partners (>50%), founders & management (<50%)

241 Paperchase Products Stationery & card retailer Central London Jan 16 119.2 11% 4.9 42% 2,006 Primary Capital Partners (79%),

management (21%)

242 Gardner Aerospace Aerospace components manufacturer Derby Aug 15 119.0 3% 9.7 177% 1,369 Better Capital (82%), management

(18%)

243 Beaverbrooks the Jewellers Jewellery retailer Lancashire Feb 16 *119.0 5% *11.5 13% 904 Brown family (54%), Adlestone

(39%), others (7%)

244 Spark Energy Energy supplier

Scottish Borders Jun 15 118.6 43% 4.5 98% 246 Numerous minority shareholders

(100%)

245 Trainline Train ticket retailer Central London Feb 15 118.2 10% 21.4 21% 345 KKR (>50%), management (<50%)

246 Scott Group Industrial supplier Dunfermline Dec 14 117.4 10% 3.7 34% 878 John Scott (76%), Norman Scott

(24%)

247 Stanmore Contractors Specialist subcontractor Kent Mar 15 117.3 32% 13.5 36% 237 Rajbir Manak (99%), Harbhajan

Manak (1%)

248 London City Airport Airport operator East London Dec 15 117.0 14% 9.4 53% 498 Institutional investors (inc. Ontario Teachers’ pension fund,

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

249 Crisp Maltings Group Malt producer Norfolk Dec 14 116.9 -6% 13.0 30% 249 Edward Iliffe (24%), Ernest Travis (14%), David

Thompson (7%), Christoper Johnson (7%), others (48%)

250 Cormar Carpets Carpet manufacturer Lancashire Sep 15 115.9 11% 7.5 14% 259 David Cormack (25%), John Cormack (25%), Helen

Polito (25%), other management & employees (25%)



CompanyActivity

Year end

Sales £m

Sales growth

OP £m




ONES TO RECOGNISEShowcased below are 10 companies from a variety of industries that did not have high enough sales to rank on this year’s Top Track 250 league table, but deserve recognition for their innovation, sustained growth or the contribution they make to the communities in which they are based.

Company HQ location Year end

Sales £m

Profits1 £m

Staff Founded Short profile

Barber's Cheesemaker Somerset Mar 15 90.5 6.3 257 1833

Founded in 1833, this Somerset dairy has targeted the US, where it claims to be the No 1 exporter of English cheddar, and it has now set its sights on long term growth in India and China

Cartwright Group Motor vehicle body manufacturer Cheshire Mar 15 100.5 3.0 600 1961

Its award-winning apprenticeships helped lift sales of its refrigeration trailers to more than £100m and in August it began exporting to Chile after impressing Walmart

Erith Group Demolition contractor

Southeast London Sep 15 114.9 6.9 407 1967

Has tripled profits to £7m in the last year as it brings contaminated brownfield land back into use, and is also collaborating with the City of London police to improve the safety of cyclists on congested urban roads

Framestore Visual effects maker

Central London Mar 15 81.4 2.8 968 1986

This Oscar-winning special effects company invests more than £4m every year in R&D, and its dedicated virtual reality studio is pioneering feature-film quality live action virtual reality campaigns.

Graze Online food retailer Richmond Feb 15 68.1 4.4 306 2007

Has applied its innovative subscription model to make healthy snacks available to office workers across the UK and the United States, where it now generates 50% of its revenues

Great Rail Journeys Tour operator York Oct 15 86.5 7 153 1980

This tour firm has doubled sales and increased profits four-fold to £7m in the last decade as it has helped more people to travel by rail – which it says generates 10 times less carbon dioxide than flying

Jigsaw Clothing retailer Surrey Oct 15 †87.9 †3.9 853 1972

Chief executive Peter Ruis has turned around the fortunes of this high-street fashion retailer, with its designs showcased at London Fashion Week last month; its plans include expanding in Europe and Australia from five to 30 shops

RSK Environmental consultancy Cheshire Mar 15 90.4 6 1015 1989

Has grown sales 16% a year over the last three years and expects to hit £125m in 2017 driven by demand for services such as contaminated land testing in Iraq

Steelite International Tableware maker Stoke-on-Trent Dec 15 102 7.4 1147 1983

Its factory has provided skilled employment for its local community since 1875, and plans to continue to expand sales 10% a year under its new management team, as it exports to more than 140 countries

Strata Homes Housebuilder & developer Doncaster Dec 15 98.9 10 162 1919

Run by chief Executive Andrew Weaver and his father Irving, this privately owned company has secured a £50m refinance to the development of 750 design-led homes across Yorkshire and East Midlands by 2018

Visual effects maker Framestore worked with Rihanna to promote her album ANTI

1 operating profit † annualised figure



THE RULES OF ENGAGEMENT

The 12th annual Top Track 250 league table ranks Britain’s leading private mid-market growth companies by latest sales. It complements the Top Track 100 annual league table of Britain’s private companies with the biggest sales, listing the next 250 firms.

Criteria: We have introduced a new criteria this year – companies must have operating margins that exceed 2% – to better recognise those making good profits, as well as achieving growth. To qualify, they also had to increase sales year-on-year by 5% or more for the highest turnover companies, graduated to 10% or more for those with the lowest turnover. If sales growth was insufficient we considered profit growth using the same procedure: i.e. companies qualified if profit grew year-on-year by 10% or more for the least profitable, graduated to 5% for the most profitable. Sales must be no more than £634m and are taken from a company’s latest accounts, excluding shares from joint ventures and associate companies. Profits are defined as operating profits before exceptional items, joint ventures and impairment of assets. For accounting periods not equal to a year, financials are annualised. Only companies reporting turnover for financial years ending on or after 31 December 2014 are included.

Companies had to be registered in the UK and be independent, unquoted and ultimate holding companies. Companies that had sales below the 250th company were considered for our Ones to Recognise programme (page 33).

Exclusions: Quoted companies, subsidiaries, joint venture/consortium organisations, companies that generate the majority of sales through quoted subsidiaries, not-for-profit companies, co-operative or mutual societies, housing associations, member-owned buying groups and partnership structures are all excluded.

Data collection: Sources included Bureau van Dijk’s Fame, Companies House and Experian’s MarketIQ. Some companies self-nominated, others were identified through desk research and draft accounts. Research was concluded on 22 July 2016. Accounts filed after that date were not necessarily considered.

Incomplete data: Private company information can be incomplete and, while every effort is made to include all qualifying companies, there may be omissions.

Disclaimer: The companies in the Top Track 250 are not endorsed, guaranteed or recommended by the sponsor or Fast Track, nor are they necessarily the best-run companies.

Nominations: These can be made at fasttrack.co.uk or sent to [email protected]

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



Sacha RomanovitchChief executive

Grant Thornton is a leading financial and business adviser. Our focus is on unlocking growth for dynamic organisations – those changing, growing and shaping the economy, from start-ups through to large corporates.

Our underlying purpose is to build a vibrant economy, based on trust and integrity in markets, dynamic businesses, and communities where businesses and people thrive. We work with banks, regulators and government to rebuild trust through corporate renewal reviews, advice on corporate governance, and remediation in financial services. We work with dynamic organisations to help them grow. And we work with the public sector to build a business environment that supports growth, including national and local public services.

www.grantthornton.co.uk

SPONSOR & MEDIA PARTNER

Fast Track would particularly like to thank Grant Thornton for their seventh year of title sponsorship, and The Sunday Times for their continued support of the Top Track 250 league table and events programme for the last 12 years.

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

Sponsor

The Sunday Times has been Fast Track's media partner for all 20 years.

The Sunday Times is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over three million readers every week. More than half (54%) of the business elite read The Sunday Times, a greater market share than any other publication, according to the latest Ipsos survey.

www.thesundaytimes.co.uk

Simon DukeDeputy business editor

Media partner



ABOUT FAST TRACKCompiler & publisher

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

He is an associate fellow at Green Templeton College, OxfordUniversity, where he completed his masters and doctorate in management studies and subsequently set-up and held the Virgin research fellowship in entrepreneurship.

The authors

Richard Tyler leads Fast Track’s research and editorial, working closely with sponsors and companies within our network.

He was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy towards business. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University.

Mike Harding is responsible for managing the research for the Top Track 250.

He trained as a chartered accountant with Grant Thornton (Oxford) and has an audit and corporate finance background. He has a degree in mathematics from Birmingham University.

Support was also provided by Fast Track researchers:

Michael Cook, Malcolm Gilmour, Eva Gronbech, Chris Marshall, Henry Proctor, Thea Stewart-Irvine, Claire Wheeler; and freelancers Ashley Cavers, Claire Harrington, Suzie Pilkington and Luke Purser.



CONTACT DETAILS

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

Tel: 01865 297 100 Fax: 01865 297 001

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

Fast TrackTop Track 250 is compiled by Fast Track, the UK's leading face-to-face networking events and research company, which ranks top-performing private companies and entrepreneurs.

Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 20 years. It publishes six other annual league table awards programmes:

SME Export Track 100 ranks Britain's SMEs with the fastest-growing international sales (total sales less than £25m)

Tech Track 100 ranks Britain's private technology (TMT) companies with the fastest-growing sales

Fast Track 100 ranks Britain's private companies (excluding TMT) with the fastest-growing sales

International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales (total sales greater than £25m)

Profit Track 100 ranks Britain’s private companies with the fastest-growing profits

Top Track 100 ranks Britain’s private companies with the biggest sales (£650m to £18bn)

Fast Track is based in Oxford with 21 staff, and a network of freelance researchers.

research report 2016 - fast track · research report 2016. britain's private mid-market ....

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