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Research report 2018
Britain's private mid-market growth companies
@ST_FastTrack
#TopTrack250
years
14 2005-2018
Title sponsor Main sponsor
Top Track 250 research report 2018 i
CONTENTS
INTRODUCTION 1
The Top 10 companies on the league table
EXECUTIVE SUMMARY 2
KEY STATISTICS 3
Sales breakdown 3
Biggest sales movement 3
Staff & job creation 4
Profitability 5
Highest profits 5
Profit margin 5
Ownership 6
Debt 7
Sector breakdown 8
Industry breakdown 8
Regional breakdown 9
International activity 10
Mergers & acquisitions 11
Private equity 12
Companies exiting from last year's league table 13
Fourteen years of Top Track 250 14
KEY THEMES & SELECTED COMPANY PROFILES 16
International expansion 16
Brexit 17
Talent & skills 18
Brands 19
Football clubs 20
2018 TOP TRACK 250 LEAGUE TABLE 21
ONES TO WATCH 31
THE RULES OF ENGAGEMENT 32
SPONSORS & MEDIA PARTNER 33
Media partner
Sponsors
ABOUT FAST TRACK 35
Compiler & publisher
The authors
Fast Track
CONTACT DETAILS 36
© 2018 Top Track 250 fasttrack.co.uk
Top Track 250 research report 2018 1
INTRODUCTION
This is the 14th year of The Sunday Times Top Track 250 league
table, which ranks Britain’s top-performing private mid-market
growth companies by sales. The league table has title sponsorship
from Grant Thornton, and main sponsorship from Lloyds
Banking Group.
It is the sister publication of Top Track 100, which 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 (a minimum of 5%), and operating profit margins
exceeded 2%. (See page 32 for rules of engagement.)
This year’s league table identifies many mid-market growth
companies that have expanded by managing risk and choosing
The Watches of Switzerland Group (No 1), previously Aurum
Holdings, was formed in 2006 by the merger of Goldsmiths, Watches
the right strategic options, as well as companies that make a clear
of Switzerland and Mappin & Webb, and is led by Brian Duffy contribution to the communities in which they are based. Some
are household names such as Travelodge (No 8), Virgin Active (No
15), RAC (No 17), The White Company (No 136) and PureGym (No
137). Many more are operating successfully in sectors that range
from building and construction to retail and manufacturing.
The top three companies did not appear in the table last year.
The Watches of Switzerland Group (No 1) and IT services provider
Daisy Group (No 2) have made sizeable acquisitions, as well as
grown organically. Insurer esure (No 3) delisted from the stock
market in a £1.2bn deal.
All have faced challenges, from the uncertainties caused by the
Brexit negotiations to growing shortages of skilled staff. Their
resilience and resourcefulness give cause for confidence in the
continued growth of a post-Brexit UK economy.
Top 10 companies on the league table
Rank
2018 Company Sales OP
[2017] Activity HQ location FYE Sales £m growth OP £m growth Staff Main shareholders
The Watches of Switzerland Group
1 Leicester Apr 18 *685.2 21% *37.1 36% 2,015 Apollo (>50%), management (50%), management and other (50%), other shareholders and
Edinburgh Dec 17 675.2 19% 130.7 27% 830
[17] Housebuilder management (50%), management (50%), management (50%),
Oxfordshire Dec 17 637.1 7% 58.5 -4% 6,740
[8] Budget hotel operator management (
2 Top Track 250 research report 2018
Levels of sales EXECUTIVE SUMMARY
>£600m 13
Overview
• This year’s Top Track 250 companies generated combined
£500m-£600m 11
sales of £66.7bn, up 18% from £56.7bn in their prior year
£400m-£500m 16 • Companies had combined profits of £6.4bn, up 27% from
£5.0bn, and almost two thirds (152) of companies increased
£300m-£400m 37
their margin
£200m-£300m 56
• Companies employed a total of 435,000 staff in their latest
£100m 10
International expansion: Many top-performing private
£80m-£100m 5 companies are looking beyond the UK for growth, despite the
uncertainties regarding its post-Brexit international trading
£60m-£80m 2 relationships. More than half the companies trade overseas. On
average, these companies grew international sales by 24% in their
£40m-£60m 28 latest year. [Pages 10 & 16]
£20m-£40m 51
Brexit: While many companies say they have not yet seen any
£10m-£20m 76 significant impact from the Brexit vote, they expect to do so in the
future. Some companies are making changes in anticipation of
£0m-£10m 78 new trade rules and are trying to anticipate how it will affect their
customers and suppliers. [Page 17]
Talent & skills: High-growth businesses see talent and skills as an
important area for investment and a key accelerator for growth.
Characteristics of a typical Top Track 250 company Many companies recognise that they need to work hard to attract,
retain and develop their staff. [Page 18]
Sales
Brands: The league table contains a wide selection of retail and
Average sales in latest year £266.8m
Average sales in prior year £226.9m consumer brands that have fared well in their latest year. Many
have diversified away from the UK high street into different
channels and overseas markets. [Page 19]
Operating profits
Average profit in latest year £25.5m Football clubs: Ten football clubs feature in the Top Track 250
Average profit in prior year £20.1m list this year, up from three previously, as the impact of the three-
year £5.1bn Sky TV rights deal from 2016/17 is seen on their
turnover and profits. [Page 20]
Staff
Typical headcount in latest year 500-2,000
Typical headcount in prior year 450-1,750
Company characteristics
Region London (30%)
Sector Services (41%)
Industry Building-related (18%)
Ownership Entrepreneur and/or
founder (36%)
© 2018 Top Track 250 fasttrack.co.uk
Top Track 250 research report 2018 3
10 biggest sales increases KEY STATISTICS
Sales breakdown
Rank Company Sales Sales
FYE
Activity £m increase Buoyed by a British economy that continues to grow, and league
113
Leisure Pass Group
Dec 17 † 225.8 186%
table criteria that places an emphasis on sales or profit growth,
Tourism smartcard developer
most companies (178) reported sales that increased by at least
Walstead Group 10% in their latest financial year.
35 Dec 17 421.6 102%
Commercial printer
39
Element
Dec 17 *414.0 95% This year’s companies generated combined sales of £66.7bn
Testing services provider
compared with £56.7bn in their prior year, an increase of 18%.
MiQ
193
Digital marketing agency
Dec 17 *155.9 70% Jewellery and watch retailer The Watches of Switzerland Group
Solventis (No 1) had the highest sales on the league table at £685.2m.
140 Dec 17 194.1 69%
Solvent distributor Residential developer and contractor O'Shea (No 250) had the
156
The Trade Centre Wales
Nov 17 179.0 68% lowest sales at an annualised £123.3m.
Car supermarket
Paragon
13
Business process manager
Jun 18 601.8 58% Biggest sales movement
Meadow Foods The biggest sales increase was reported by tourism smartcard
32 Mar 18 427.0 58%
Dairy product producer
developer Leisure Pass Group (No 113). After buying the group
Bulkhaul
69 Jun 17 314.5 56% in 2016, private equity house Exponent merged it with US firm
Specialist chemical logistics
110
Spark Energy
Jun 18 *232.7 56%
Smart Destinations and acquired The New York Pass. As a result,
Energy supplier
sales last year increased by 186% to £225.8m.
* supplied by company
Other examples include commercial printer Walstead Group (No
35), which acquired Leykam Let's Print in Austria and Polestar's
Bicester facility, lifting sales 102% to £421.6m in 2017; and testing
10 biggest sales decreases and certification services provider Element (No 39), who took over
Exova in a £620m deal last year, and whose sales grew 95% to
£414 in 2017.
Rank Company Sales Sales
FYE
Activity £m decrease
RJ McLeod
237 Nov 17 134.9 -19%
Building contractor
Winterbotham Darby
164 Mar 17 174.2 -7%
Chilled food supplier
Haymarket Group
166 Jun 17 172.7 -7%
Media company
Fourfront Group
207 Apr 17 150.7 -5%
Workplace consultants
NG Bailey
28 Feb 18 481.0 -4%
Mechanical, electrical contractor
Mulalley
226 Mar 18 140.2 -3%
Construction contractor
Exterion Media
50 Dec 17 373.3 -2%
Outdoor advertiser
Dune London
161 Jan 17 176.1 -2%
Footwear retailer
Halewood Wines and Spirits
126 Jul 17 †212.6 -1%
Alcoholic drinks maker
Control Risks
129 Mar 18 *207.3 -1%
Specialist risk consultancy
* Supplied by the company † annualised
All of these companies increased operating profit by
more than 5% to qualify for the league table
© 2018 Top Track 250 fasttrack.co.uk
4 Top Track 250 research report 2018
Number of employees Staff & job creation
Companies employed a total of 435,000 staff in their latest
15,001-20,000 1 financial year, an increase of 39,000, or 10%, compared with their
prior year.
10,001-15,000 4
In total, 213 companies grew their headcount. The biggest absolute
increase was at testing services provider Element (No 39), which
5,001-10,000 15
boosted its workforce by 4,468 to 6,300, following its acquisition
2,001-5,000 43
of rival Exora for £620m last year. The next biggest was nurseries
operator Busy Bees (No 64), which boosted its workforce by 2,394 to
1,001-2,000 53 9,979, following its acquisition of 62 Treetops Nurseries last March.
The biggest percentage increase was at tourism smartcard
501-1,000 64 developer Leisure Pass Group (No 113), which increased its
workforce by 320% to 105.
1-500 70
There are 116 companies with more than 1,000 employees on
this year's league table. Examples include luxury hotel owner and
Number of companies in each range manager Rocco Forte Hotels (No 130), which has 2,166 employees;
diagnostic services provider InHealth (No 205), which has 1,700;
and schools operator Cognita (No 46), sold for £2bn in September,
which has 6,475.
© 2018 Top Track 250 fasttrack.co.uk
Top Track 250 research report 2018 5
Biggest operating profit 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
Rank Company FYE Sales Profit
Activity £m £m as operating profit (OP) before exceptional items, joint ventures
and impairment of assets, although some exceptions were made.
Associated British Ports
20 Dec 17 543.5 285.5 The companies generated record combined profits of £6.4bn, an
Port operator
Electricity North West increase of 27% on their previous year.
27 Mar 17 485.5 259.4
Electricity network operator
5
BGL Group
Insurance/price comparison provider
Jun 18 *660.9 *152.8 Highest profits
82
Together
Jun 18 *292.2 *133.1 Port operator Associated British Ports (No 20) reported the
Specialist lender
biggest operating profit: £285.5m on sales of £543.5m in 2017.
Miller Homes
4 Dec 17 675.2 130.7
Housebuilder Financial services companies have some of the biggest profits on
2
Daisy Group
Mar 18 *684.3 ‡ 127.3 the table, with credit card operator NewDay (No 25) reporting
Communications services provider
profits of £110.1m in 2017 on sales of £498.7m; insurance
Holland & Barrett
6
Health food and supplements retailer
Sep 17 655.5 125.8 provider esure (No 3), which delisted in October, reporting profits
Arsenal Holdings of £107.3m in 2017 on sales of £677.8m; and specialist lender
36 May 17 417.0 122.2
Football club Together (No 82) reporting profits of £133.1m in 2018 on sales of
25
NewDay
Dec 17 498.7 110.1 £292.2m.
Credit card operator
3
esure
Dec 17 677.8 107.3
The league table contains 10 football clubs with combined profits
Insurance provider
of £428.8m. Five are based in London, including the three with
* Supplied by the company ‡ Profit = ebitda
the largest earnings: north London rivals Arsenal (No 37) and
Tottenham Hotspur (No 72) reported profits of £122.2m and
£84.8m respectively in 2017, while West Ham (No 152) in east
London reported profits of £56.8m in 2017. Chelsea Football Club
(No 72) in southwest London made profits of £35.1m in 2017, and
Biggest operating profit margins
has reportedly been put up for sale with a £2.5bn price tag.
Profit margin
Rank Company Sales Profit
FYE
Activity £m margin Almost two-thirds of companies (152) increased their operating
27
Electricity North West
Mar 17 485.5 53%
margin in the latest year. Examples include gym operator
Electricity network operator
PureGym (No 137), where margins widened from 10% to 19%;
Associated British Ports
20
Port operator
Dec 17 543.5 53% and telecom towers owner Eaton Towers (No 182), which doubled
Together
its margin from 10% to 20%.
82 Jun 18 *292.2 46%
Specialist lender
There are three airport and port operators on the league table
Edinburgh Airport
148
Airport operator
Dec 17 184.9 44% – all are in the top ten list of companies with the biggest profit
IRIS Software Group margins. Associated British Ports (No 20), reported a margin of
227 Apr 18 *139.8 37%
Business software developer 53% on sales of £543.5m in 2017; Edinburgh Airport (No 148)
195
Birmingham Airport
Mar 18 155.5 32% reported a margin of 44% on sales of £184.9m in 2017; and
Airport operator
Birmingham Airport (No 195) reported a margin of 32% on sales
West Ham United
152
Football club
May 17 183.3 31% of £155.5m this year.
37
Arsenal Holdings
May 17 417.0 29% More than half of the companies (136) have an operating margin
Football club
between 2% (the minimum threshold) and 7%. Eleven had profits
ZPG
103
Digital brands owner
Sep 17 244.5 29% equalling the minimum threshold including used electronics
NEC Group retailer CeX (No 213) with profits of £3m on sales of £146.3m
186 Mar 18 162.1 29%
Venue management in 2017; and logistics provider Europa Worldwide (No 218) with
* Supplied by the company profits of £3m on sales of £144.4m in 2017.
© 2018 Top Track 250 fasttrack.co.uk
6 Top Track 250 research report 2018
Majority ownership types Ownership
Founder or entrepreneur owner
Management Employees
12 3 89 companies are majority-owned by entrepreneurs or founders.
Examples include furniture retailer Oak Furniture Land (No 75),
which is majority-owned by founder and executive chairman Jason
Bannister; hotel operator Arora Group (No 108), which is 100%
owned by founder and chairman Surinder Arora; and mechanical
Entrepreneur
seal manufacturer AESSEAL (No 170), which is majority-owned by
Family
and/or founder and managing director Chris Rea OBE.
59
founder
89
Private equity-owned
87 companies on the Top Track 250 are majority-owned by
private-equity firms, compared with only 71 last year. Examples
PE and/or VC
include book retailer Waterstones (No 45), which is owned by US
87 firm Elliott Advisors; and fashion retailer AllSaints (No 76), which is
owned by Lion Capital.
Family-owned
Number of companies by ownership type 59 companies on the Top Track 250 are family-owned. Examples
include brewery, pub-owner and hotelier St Austell Brewery
(No 173), which is majority-owned by the Hicks family; leather
manufacturer Scottish Leather Group (No 216), which is owned by
the Muirhead and Lang families; and, ethnic food wholesaler Flying
Trade Group (No 241), which is owned by the Dulai family.
Management-owned
12 companies are majority-owned by management. Examples
include caravan and motorhome manufacturer The Swift Group
(No 88), which is led by managing director James Turner; and
marketing services provider HH Global (No 74) – group chief
executive Robert MacMillan led a management buyout of the
business in 2003.
Employee-owned
Three companies are majority-owned by their employees. Examples
include construction consultancy Turner & Townsend (No 19);
insurance broker and underwriter Hyperion Insurance Group (No
21); and specialist risk consultancy Control Risks (No 129).
© 2018 Top Track 250 fasttrack.co.uk
Top Track 250 research report 2018 7
Companies with the highest debt Highest debt
The figures provided are based on accounts available at
Rank Company Latest Sales Companies House. However, some of the companies on the table
FYE debt
Activity £m £m
have complex structures with ultimate holding companies based
20
Associated British Ports
Dec 17 4,554.3 543.5 overseas, so not all information is readily available.
Port operator
RAC The combined debt of the companies in the Top Track 250 is more
17 Dec 17 2,175.0 558.0
Breakdown and motoring services than £38bn. Examples include Associated British Ports (No 20),
Together whose £4.6bn in loans are the highest debts of any company on the
82 Jun 18 *1,603.2 292.2
Specialist lender
table; RAC (No 17), the motoring services group, which has £2.2bn
Electricity North West
27 Mar 17 1,252.7 485.5 in debts.
Electricity network operator
Daisy Group
2
Communications services provider
Mar 18 *1,240.9 684.3 Twenty companies have no borrowings at all, including clothing
Argus Media
retailer Boden (No 55), food distributor JJ Food Service (No 138),
171 Jun 17 †967.2 169.8
Commodity information provider and clothing manufacturer Barbour (No 151).
Virgin Active
15
Health club operator
Dec 17 814.4 580.2 Of the ten companies with the highest debts, eight are owned by
Survitec private equity firms. Together (No 82) is owned by its founder and
85 Dec 16 780.7 287.4
Survival equipment maker chief executive Henry Moser; and media & entertainment provider
77
Global
Mar 17 771.6 302.6 Global (No 77) by a range of private investors.
Media & entertainment provider
Edinburgh Airport
148
Airport operator
Dec 17 770.0 184.9 Debt/profit ratio
Nine of the ten companies with the highest ratio of debt to profit
* supplied by company † annualised are owned by private equity firms, including insurance claims
handler Innovation Group (No 97), which has debts of more than
£750m and made an operating profit of only £8m in 2017. It is
majority owned by Carlyle Group. Stewart Milne (No 105) has a
Companies with the biggest debt/profit ratio
debt to profit ratio of 35, based on its £7m in operating profits and
short- and long-term loans of just under £250m. The company is
Debt/ Latest owned by its eponymous founder and his family.
Rank Company FYE profit Profit debt
Activity ratio £m £m
Innovation Group
97 Sep 17 89.4 8.4 753.4
Insurance claims technology provider
Survitec
85 Dec 16 59.3 13.2 780.7
Survival equipment maker
Stewart Milne Group
105 Jun 17 35.2 7.0 246.2
Housebuilder & timber systems maker
Busy Bees
64 Dec 17 33.5 15.0 503.8
Nurseries operator
Civica
66 Sep 17 32.2 19.7 634.7
IT services provider
Big Bus Tours
197 Apr 17 28.7 14.5 415.9
Bus tour operator
RAC
17 Dec 17 27.2 80.0 2,175.0
Breakdown and motoring services
Argus Media
171 Jun 17 23.9 †40.5 967.2
Commodity information provider
Study Group
60 Dec 17 22.9 19.2 440.6
Education service provider
International Car Wash Group
184 Dec 16 22.1 20.3 449.2
Car wash operator
† annualised
© 2018 Top Track 250 fasttrack.co.uk
8 Top Track 250 research report 2018
Sector breakdown Sector breakdown
The two largest sectors are services, with 103 companies, and retail
with 57. Together these sectors comprise 64% of the league table.
Construction Service businesses encompass a wide range of industries, from
33 crop protection specialist ProCam Europe (No 92), to commodity
information provider Argus Media (No 171) and business software
Wholesale developer IRIS Software Group (No 227).
31 Services
103 Retailers include health food and supplements retailer Holland
& Barrett (No 6), Timpson (No 96) and footwear retailer Dune
Manufacturing London (No 161).
42
The 42 manufacturers include Acorn Stairlifts (No 127), flour miller
Whitworth Group (No 67) and pharmaceuticals manufacturer
Retail Qualasept Pharmaxo (No 143).
57
The 33 construction companies include mechanical and electrical
contractor NG Bailey (No 28), civil engineering contractor One
Group Construction (No 185) and housebuilder Keepmoat Homes
(No 18).
Note: where companies are deemed to operate in more
than one sector, a second sector is chosen. In total, 17 There are 31 wholesalers in the league table including insulation
companies operate in two sectors. Each sector is given distributor Encon (No 98), plumbing wholesaler APP (No 176), and
an equal weighting in the above analysis.
seafood trader Andrew Marr International (No 24).
Industry breakdown
Industry breakdown
The top industries represented on the league table are building-
related and consumer goods.
The building industry provides 44 companies, including builders’
44 Building-related merchant MKM Building Supplies (No 62), and contractor Erith
Group (No 199).
There are 41 consumer goods companies including book retailer
Waterstones (No 45), furniture retailer Oak Furniture Land (No 75),
and clothing retailer Charles Tyrwhitt (No 120).
41 Consumer goods
The leisure industry is the third biggest with 30 companies,
including health club operator Virgin Active (No 15), and luxury
hotel operator Dorchester Collection (No 47).
29 Leisure
28 Business services
28 Food & drink
11 Automotive
11 Engineering
9 Healthcare
8 Computers & electronics
7 Transport
5 Finance
4 Media Oil & gas 2
Recruitment 2
Telecoms 2
18 Other
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 9
Regional breakdown of HQ in UK Regional breakdown
London is home to the highest number of Top Track 250
Scotland
companies, with 75 businesses, up from 68 last year. The North is
20
home to 55 companies, two more than last year.
• The southeast decreased from 46 to 38 companies. These
Northwest
include budget hotel operator Travelodge (No 8), health club
25
operator David Lloyd Leisure (No 42) and media wholesaler
Northeast
The Little Group (No 59)
N. Ireland
4 • The Midlands increased from 25 to 32 companies. These
30
include aerospace supply chain manager Pattonair (No 68),
Midlands
shoe manufacturer and retailer Dr Martens (No 83) and
32 nurseries operator Busy Bees (No 64)
Wales
3 • Scotland decreased from 22 to 20 companies. These include
14
leather manufacturer Scottish Leather Group (No 216), energy
East
services provider Global Energy Group (No 73) and food
producer Baxters (No 80)
9
London Of the remaining regions, Wales (3) had one more company and
Southwest 38 75
the East had one less (14); the southwest (9) had two fewer; and
Southeast Northern Ireland (4) had two fewer.
© 2018 Top Track 250 fasttrack.co.uk10 Top Track 250 research report 2018
10 companies with the fastest growing International activity
international sales* More than half the companies trade overseas. On average, these
companies grew international sales by 24% in their latest year.
Int'l
Rank Company FYE sales Annual Top-performing private companies are continuing to expand
Activity £m growth beyond the UK. This is demonstrated by the 2% increase in
Addison Lee international sales, reported in their latest year*. Private hire
56 Aug 17 56.2 1861%
Private hire vehicle provider vehicle provider Addison Lee (No 56) reported the greatest rise in
210
Gray & Adams
Apr 17 12.4 463% international sales in percentage terms, after acquiring international
Vehicle manufacturer
chauffeuring business Tristar and US car service Flyte Tyme in 2016.
Flying Trade Group
241 Dec 17 18.7 297%
Ethnic food wholesaler
The company with the biggest absolute increase was loyalty
Modiano
131
Wool merchant
Mar 17 26.8 290% and benefits provider The Collinson Group (No 10), which
Wilson James
grew international sales by £172.6m to £513.9m in 2017. The
239 Jul 17 8.7 269%
Security and facilities manager company delivers customer benefits, reward programmes and
218
Europa Worldwide
Dec 17 3.5 268%
loyalty initiatives to help companies attract, retain and increase
Logistics provider
customers. Its brands include Priority Pass, which gives members
Buy It Direct
146
Laptop and appliance reseller
Mar 18 12.2 260% access to more than 1,200 international airport lounges. It also
MiQ
owns online travel insurance provider Columbus Direct.
193 Dec 17 121.9 226%
Digital marketing agency
The company reporting the largest overseas sales is conglomerate
Mountain Warehouse
149
Outdoor clothing retailer
Feb 17 46.4 198% CP Holdings (No 16). The Watford-based group is best known for
Claranet its ownership of Hungarian hotel chain Danubius. It also has UK
123 Jun 17 115.4 198%
IT services provider and international interests in heavy plant machinery, logistics,
serviced offices and brownfield regeneration. International sales,
which account for 93% of its total turnover, increased 9% to
* Growth measured over one year for companies
where data is available. Table excludes companies £532.4m in 2017.
with prior year international salesTop Track 250 research report 2018 11
Mergers & acquisitions
Despite economic and political uncertainty and on-going Brexit
negotiations, companies on the league table continue to make
decisive, strategic moves in the M&A market. Many of these
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.
PureGym's (No 137) Humphrey Cobbold acquired Soho Gyms to
bring the number of sites in London to 59
Date of Company
transaction Rank Activity Sales £m OP £m Notes
Waterstones
Sep 18 43 388.0 24.5 Acquired family-owned bookseller Foyles for an undisclosed amount
Book retailer
Photobox Group
Aug 18 65 325.4 33.5 Acquired Dutch cards, gifts & flowers business Greetz for an undisclosed sum
Personalised product retailer
Walstead Group Acquired LSC Poland and Austria's NP Druck, which should propel its sales
Jul 18 35 421.6 21.4
Commercial printer beyond €730m
Belfield Furnishings
Jul 18 144 189.9 8.4 Acquired Preston-based Tetrad for an undisclosed sum
Furniture and furnishings manufacturer
Paragon Acquired St Ives Managed Services and Imprimus in the UK in July following
Jul 18 13 601.8 16
Business process manager takeovers of UK-based FT Solutions, Docsellent in Germany, and Amatech in Ireland
Daisy Group Acquired EE partner Voice Mobile in June for an undisclosed sum and
Jun 18 2 684.3 127.3
Communications services provider Portsmouth-based DVO2
PureGym
Jun 18 137 Gym operator 198.0 37.1 Acquired Soho Gyms to bring the number of its sites in London to 59
Karro Food Group
Jun 18 7 638.9 20.9 Acquired Leicestershire pork producer TS Bloor & Sons for an undisclosed sum
Pork processor
Toolbank Acquired Dublin-based Tucks O’Brien and Tucks Fasteners & Fixings for an
Jun 18 114 223.8 19.9
Tool distributor undisclosed sum
Europa Worldwide
Jun 18 218 144.4 3.0 Acquired Belgium-based Continental Cargo Carriers for an undisclosed sum
Logistics provider
Core Assets Acquired LCS Partnerships for an undisclosed sum, a provider of semi-
May 18 157 178.6 10.6
Foster care agency independent accommodation to vulnerable young people leaving care
NG Bailey Acquired the £120m turnover Freedom Group, which maintains the UK’s
Apr 18 28 481.0 13.7
Mechanical, electrical contractor electrical network infrastructure, for an undisclosed sum
Andrew Marr International
Mar 18 24 527.7 19.3 Acquired Scottish Caley Fisheries in March this year for an undisclosed sum
Seafood trader
Meadow Foods
Feb 18 32 427.0 22.0 Acquired Roil Foods in February for an undisclosed sum
Dairy product producer
Turner & Townsend
Feb 18 19 548.7 54.9 Acquired Nairobi-based project management firm Mentor Management
Construction consultancy
Ogilvie Group
Feb 18 93 269.4 9.7 Acquired Malcolm Hughes Land Surveyors for an undisclosed sum
Vehicle lessor
GRS Roadstone Group Acquired S Walsh Holdings for an undisclosed sum, but raised £61m in
Jan 18 119 218.4 7.5
Aggregate distributor and waste removal funding to support the transaction
© 2018 Top Track 250 fasttrack.co.uk12 Top Track 250 research report 2018
Private equity
There was a high volume of private equity activity in the last year.
This form of ownership exerts a strong influence on the league
table with around 38% of companies owned or backed in this
way.
The table below shows a selection of private equity transactions
completed during the year. Two companies delisted – digital
platform operator ZPG (No 103), in a £2.2bn deal, led by US firm
Silver Lake, and insurer esure (No 3), in a transaction led by US
firm Bain Capital, worth £1.2bn.
Waterstones (No 45), led by James Daunt, was acquired by
US investment firm Elliott Advisors for an undisclosed sum from
Russian-owned Lynwood Investments
Date of Company
transaction Rank Activity Sales £m OP £m Deal detail
esure
Oct 18 3 677.8 107.3 US private equity firm Bain Capital delisted the company in a deal worth £1.2bn
Insurance provider
Cognita Bregal Investments and KKR agreed to sell to Zurich-based investment
Sep 18 46 385.2 40.7
Schools operator firm Jacobs Holding in a deal that valued the group at £2bn
Arsenal Holdings American Stan Kroenke bought out Alisher Usmanov's 30% stake for
Aug 18 37 417.0 122.2
Football club £550m, to become sole owner of the football club
Mountain Warehouse Founder and co-owner Mark Neale and his management team sold a 20%
Jul 18 149 184.8 17.6
Outdoor clothing retailer stake to PE firm Inflexion for £45m to fund international growth
SLR Private equity firm Charterhouse Capital Partners acquired a majority
Jun 18 246 †127.2 †5.4
Environmental consultancy stake in the business from existing backer, 3i, for an undisclosed amount
Travel Counsellors Secondary buy-out backed by Vitruvian Partners from fellow private equity
Jun 18 121 216.9 15.5
Travel services provider firm Equistone, valuing the business at a reported £250m
Alexander Mann Solutions Canadian firm OMERS Private Equity acquired the business from New
May 18 104 Recruitment consultancy 242.5 35.6 Mountain Capital for £820m
ZPG
May 18 103 244.5 70.4 US private equity firm Silver Lake delisted the company in a deal worth £2.2bn
Digital brands owner
IRIS Software Group HgCapital’s Saturn fund and Intermediate Capital Group bought this software
May 18 227 *139.8 *52.0
Business software developer developer in a £1.3bn deal — the UK’s largest ever private equity software buyout
Waterstones US investment firm Elliott Advisors acquired a majority stake for an
Apr 18 45 388.0 24.5
Book retailer undisclosed sum from Russian-owned Lynwood Investments
* Supplied by the company † annualised figure
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 13
Companies exiting from last year’s league table
Of the companies on last year’s Top Track 250, 126 do not appear
this year.
The main reason for company exits was failing the growth or the
2% minimum operating profit margin criteria in the latest year
(see the rules of engagement on page 31 for more details). In
total, 22 companies fall off the league table as they had margins
of less than 2%. A further five failed to qualify due to an operating
loss in the most recent financial period.
Six businesses grew sales sufficiently to appear on our Top
Founder and chief executive of The Hut Group, Matt Moulding,
grew sales to £736m, which saw the company appear in Track 100 league table of Britain's biggest private companies,
Top Track 100 for the first time including internet retailer The Hut Group, which grew sales 47%
to £735.6m in 2017; and sports car maker Aston Martin, which
increased sales 48% to £876m in 2017.
Reason for exit Eight companies on last year’s table have been acquired, including:
• Housebuilder CALA Group, which was acquired by Legal &
General for £600m in March
Reason for exit No. of companies
• Consumer data analyst Callcredit, which was acquired by
Failed growth or margin criteria 91
American group TransUnion for £1bn in April
• Sky Betting and Gaming, which was acquired by Canadian firm
Sales less than 250th company 12
The Stars Group for £2.6bn
Acquired 8 Four companies listed on a stock exchange, including The Works,
Sales increase to Top Track 100 level 6
which floated in July valued at £100m; Footasylum, which floated
in October last year valued at £171m; Sabre, which floated in
Made a loss 5 December last year valued at £575m; and Endava, which floated
on the New York stock exchange in July valued at £810m ($1.1bn).
Listed 4
Total 126
© 2018 Top Track 250 fasttrack.co.uk14 Top Track 250 research report 2018
Fourteen years of Top Track 250
Top Track 250 was launched fourteen years ago to recognise
the success of Britain’s top-performing mid-market private
companies. Since its launch 1,000 companies have appeared on
the league table.
The vital statistics of the league table companies have changed
significantly over the last fourteen years. The combined sales
figure for all 250 companies is up 34% to £66.7bn, and total
profits have risen 174% to £6.4bn.
Dyson featured in the first Top Track 250 with sales of just Stock market flotations
£277.3m, and is now on Top Track 100 with sales of £3.5bn
Fifty-one companies have floated on the stock market.
• Virgin Money first featured in 2005 with sales of £241m. The
retail bank floated in November 2014, it now has market
capitalisation £1.7bn
How the Top Track 250 has changed
• 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 £6.0bn
2005 2018
• 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 £3.9bn
• Markit first featured in 2010 with sales of £305m. The financial
information services provider floated on Nasdaq in June 2014
Total with a £2.6bn ($4.5bn) market capitalisation. In 2016, the
sales £49.9bn £66.7bn company underwent a £9bn merger with IHS – the group’s
market capitalisation has since risen to £16.5bn
• 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 £800m
• Sophos first featured in 2011 with sales of £197m. The
security software developer floated in July 2015 with a market
Total capitalisation of £1bn, and is currently valued at £2.4bn
profits £2.3bn £6.4bn
• Sabre first featured in 2017 with sales of £191.3m. The
insurance underwriter floated in December of the same year
with a market capitalisation of £575m, and is currently valued
at £700m
Acquisitions & mergers
Past stars include aerospace manufacturer Firth Rixon, which was
Total acquired by American mining giant Alcoa for £1.7bn in 2014; food
staff 401,000 435,000 producer Quorn, which was acquired by Philippino firm Monde
Nissin in a £550m deal in 2015; dental care provider Oasis Dental
Care, which was acquired by BUPA for £835m in 2016; consumer
data analyst Callcredit, which was acquired by American group
TransUnion for £1bn in April; and in the same month Sky Betting
and Gaming, which was acquired by Canadian firm The Stars
Top Group for £2.6bn.
company
Sales £336.8m £685.2m
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 15
Companies with the most appearances Sustained growth stars
Travelodge (No 8) is the company with the most appearances,
Company Latest No. of having appeared in thirteen out of fourteen years of Top Track
sales times 250. Based in Oxfordshire, the group operates more than 560
Activity £m ranked
hotels and employs almost 12,000 people across the UK, Ireland
Travelodge 637.1 13 and Spain. Dairy product producer Meadow Foods (No 22)
Budget hotel operator
Meadow Foods features for the twelfth time; three companies have featured
427.0 12
Dairy product producer 11 times – health club operator Virgin Active (No 15), insurance
BGL Group and price comparison provider BGL Group (No 5) and chemical
*660.9 11
Insurance/price comparison provider
conglomerate Tennants Consolidated (No 30).
Tennants Consolidated 468.8 11
Chemicals conglomerate
Virgin Active 580.2 11
The first Top Track 250
Health club operator
Andrew Marr International Companies that featured on the first Top Track 250 league table
527.7 10
Seafood trader in 2005 include:
Barrett Steel
Steel stockholder 292.7 10 • Dyson, which was first showcased with sales of £277.3m,
The Watches of Switzerland Group but this year featured at nine on Top Track 100 with sales of
*685.2 10
Jewellery & watch retailer £3.5bn, and profits of £801m
• Cinema operator Odeon & UCI Cinemas Group, which was
* Supplied by the company acquired by US chain AMC Group for £921m in 2016
• Car dealer Motorpoint which featured on 11 consecutive
occasions before its IPO in 2016, valuing the group at £200m
• Value retailer B&M Retail featured on three occasions between
2009 and 2011, with initial sales of £255.9m, before its IPO in
June 2014 with a market capitalisation of £2.7bn and is now
worth £3.9bn
Top Track 250 alumni
© 2018 Top Track 250 fasttrack.co.uk16 Top Track 250 research report 2018
KEY THEMES & SELECTED COMPANY PROFILES
International expansion
Top-performing private companies are looking beyond the UK for
growth, including opening stores, franchising their brand and acquiring
local companies and expertise. More than half the companies on this
year's league table have international operations.
Examples include Graff (No 22), the jeweller, which has more than
50 shops on four continents including newly opened stores in Paris,
Macau and Singapore and commercial printer Walstead Group (No 35),
Wagamama (No 95) now serves its Asian food and noodles in which announced two large acquisitions this year – Austria's NP Druck
Bahrain, Belgium and Bulgaria
and LSC Poland, which should propel its sales beyond €730m.
Oak Furniture Land
Furniture reseller Ex-furniture salesman Jason Bannister, 47, set up this furniture
75 retailer in 2006 after seeing the demand for his solid hardwood
Recorded its first year of trading in the
US with its digital-only expansion products on eBay. Since opening its first shop in the Cotswolds,
contributing $4m the Swindon firm has expanded to 96 outlets nationwide,
opening 13 stores last year. New sofa and cabinet ranges,
FYE Sep 17 increased focus on digital business and the first full year of its
Latest sales £303.5m US online subsidiary helped sales rise to over £300m for the
Prior sales £297.7m first time in 2017.
Profit £17.2m
Staff 1,186
Location Swindon
Wagamama
Noodle bar operator Wagamama serves Asian food and noodles inspired by
95 Japanese cuisine. Founded in 1992, the London company, led
Has 130 restaurants in the UK and five in America;
it has also opened 56 operating under franchise by Jane Holbrook, 54, and chairman Allan Leighton, 65, has 130
agreements in the EU and the Middle East restaurants in the UK, five in America and 56 operating under
franchise agreements. In March, the chain launched a new
FYE Apr 17 payment app, wagamamago, that allows diners to order, eat
Latest sales £266.1m and walk out without waiting for the bill. In June, it was reported
Prior sales £229.9m the chain's owners, private equity firms Duke Street and Hutton
Profit £21.3m Collins, were considering a £750m sale.
Staff 5,078
Location Central London
The Entertainer
Toy retailer This Buckinghamshire firm is the biggest independent toy
183 retailer in Britain, with more than 140 stores. Founded in 1981
Is using a franchise model to expand
internationally, with a presence in Azerbaijan, by husband-and-wife team Gary and Catherine Grant, 60 and
Cyprus, Pakistan, Kazakhstan and Egypt 64 respectively, it has franchised stores in Azerbaijan, Cyprus,
Pakistan and Kazakhstan and its own brand toy range – Addo
FYE Jan 18 Play. A 30% rise in ecommerce helped grow profits, by 37% to
Latest sales £163.9m £13.2m in 2018. It donates 10% of its profits to charity.
Prior sales £152.6m
Profit £13.2m
Staff 1,704
Location Buckinghamshire
* Supplied by the company
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 17
Brexit
Interviewed as part of Fast Track's company visit programme,
many companies say they have not yet seen any significant
impact from the Brexit vote, but expect to do so in the future.
Some companies are making changes in anticipation of new
trade rules and are trying to anticipate how it will affect their
customers and suppliers. Examples include IT services provider
Civica (No 66), which intends to capitalise on changes to legacy
systems as a result of Brexit, and environmental consultancy
SLR (No 246), which thinks its clients would need to be guided
The Cartwright Group (No 209) builds its trailers and
commercial vehicle bodies in Britain and ships them as far afield
through new rules in the event of significant regulatory change.
as South America
ProCam Europe
Crop protection specialist Founded in 1979 by chairman Tony White, 76, this Cambridge
92 agronomy business helps growers maximise crop yields and
Has been involved in lobbying government
on the impact of Brexit on the regulation of profitability. Using a mix of its own agronomists and predictive
the agriculture industry systems based on real crop data, the company says it can
increase customers’ gross margins by 25%. Diane Heath will
FYE Dec 17 join in late 2018 as UK managing director.
Latest sales £270.8m
Prior sales £235.7m
Profit £9.2m
Staff 570
Location Cambridgeshire
The Cartwright Group
Commercial vehicle body manufacturer Founded in 1952, commercial body and trailer manufacturer
209 operates from its Altrincham headquarters as well as nine
Developed an export strategy based on a
weak pound, with exports growing to c5% of other UK sites, and offers a rental service from a fleet of 6,280
its £140m in sales in 2017 trailers. It also carries out custom-built vehicle conversions for
the emergency services. Led by Mark Cartwright, 46, the group
FYE Mar 18 increased sales by 7% to £149.7m in the year to March 2018.
Latest sales *£149.7m
Prior sales £140.3m
Profit *£6.6m
Staff 983
Location Altrincham
BullionByPost
Online gold dealer Managing director Rob Halliday-Stein, 41, set up this online
247 bullion dealer 10 years ago with £10,000. The Birmingham
Has seen strong demand for bullion in the
wake of politico-economic events such as business has since delivered more than 250,000 orders of
the Brexit vote precious metals, ranging from collectible gold coins to 100g
palladium bars. Profits nearly doubled to £4.2m in 2017, driven
FYE Apr 17 by demand for bullion in the wake of politico-economic events
Latest sales £125.1m such as the Brexit vote and the US presidential election.
Prior sales £107.8m
Profit £4.2m
Staff 47
Location Birmingham
* Supplied by the company
© 2018 Top Track 250 fasttrack.co.uk18 Top Track 250 research report 2018
Talent & skills
High-growth businesses see talent and skills as an important
area for investment and a key accelerator for growth. Many
companies recognise that they need to work hard to attract,
retain and develop their staff. Examples include construction
contractor Shaylor Group (No 217) and commercial vehicle
body manufacturer The Cartwright Group (No 209), which both
run schemes for apprentices. Shaylor currently has 25, and
Cartwright has seen 200 pass through its doors in the six years
since the programme was founded.
Princess Yachts (No 88) runs apprenticeships in engineering,
carpentry, welding and development
Busy Bees
Nurseries operator This Staffordshire business is the UK’s largest private provider
64 of childcare services, running 359 UK nurseries and 550 sites
Launched its Talent Exchange Programme in
2016 with colleagues sharing best practice, and in total, caring for more than 50,000 children, across the UK,
gaining personal and professional qualifications Singapore, Malaysia, Canada, China, and Australia. Group chief
executive Simon Irons, 55, oversaw the £137m acquisition of
FYE Dec 17 62 Treetops Nurseries last March, which helped sales increase
Latest sales £327.5m 31% to £327.5m in 2017. In February, it announced plans to
Prior sales £249.4m open 32 nurseries in China over the next five years.
Profit £15.0m
Staff 9,979
Location Staffordshire
Princess Yachts
Luxury yacht builder Plymouth-based Princess, which builds luxury yachts varying
87 in length from 39ft to 130ft, is owned by L Catterton, a private
Has continued to offer advanced
apprenticeships in engineering, boat equity fund backed by luxury goods giant LVMH. Executive
building and fabricating chairman Antony Sheriff, 55, oversaw sales growth of 26% to
£274.4m in 2017. The firm has launched six new models and
FYE Dec 17 increased staff levels to 3,000 in Plymouth, with sales expected
Latest sales £274.4m to grow by more than 20% this year also.
Prior sales £216.7m
Profit £10.9m
Staff 2,047
Location Plymouth
Qualasept Pharmaxo
Pharmaceuticals manufacturer Starting out as an educational resource for students at the
143 University of Bath, this firm’s Bath ASU division became
Has invested in a full-time trainer to develop
staff, and built a clean-room solely for the a commercial operation in 2006, preparing thousands of
purposes of training medicines tailored to individual patient needs. It also has a
sister business, Pharmaxo, which provides traditional pharmacy
FYE Apr 18 and hi-tech homecare services. Led by co-founder and chief
Latest sales *£190.9m executive Chris Watt, 50, sales at the Wiltshire business hit
Prior sales £152.7m £190.9m this year, with profits almost doubling to £14.7m
Profit *£14.7m thanks to the success of new products.
Staff 208
Location Wiltshire
* Supplied by the company
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 19
Brands
The league table contains a wide selection of retail and
consumer brands that have fared well in their latest year. Many
have diversified away from the UK high street into different
channels and overseas markets. Examples include shoe retailer
Kurt Geiger (No 58), which now has 320 stores and concessions
in 24 countries and plans to relaunch in the US, and clothing
manufacturer Barbour (No 151) which still makes its traditional
wax jackets by hand in Tyne and Wear.
Boden (No 55) drives a multi-channel strategy, with 40% of
outline sales to the US
The Watches of Switzerland Group
Jewellery & watch retailer This Leicester group says it is one of the world's largest
1 distributors of luxury watches, including brands such as Rolex,
Sells just under half of all Rolexes in the UK
and best known for its Goldsmiths, Mappin Omega and Gucci. It owns Goldsmiths, Mappin & Webb,
& Webb and Watches of Switzerland shops Watches of Switzerland, Watch Shop, The Watch Hut and The
Watch Lab, which it acquired in 2016. Last year, chief executive
FYE Apr 18 Brian Duffy, 64, led the acquistion of US chain Mayors Jewelers
Latest sales £685.2m for $105m.
Prior sales £565.5m
Profit £37.1m
Staff 2,015
Location Leicester
Travelodge
Budget hotel operator Founded in 1985, Travelodge operates more than 560 hotels
8 and employs almost 12,000 people across the UK, Ireland and
Operates over 560 hotels and opened
its biggest hotel to date this summer – Spain. Under chief executive Peter Gowers, 46, it welcomed
a 395-room site in the City of London 19m customers in 2017. In March, it revealed plans to open
20 new hotels by the end of the year, including its biggest ever
FYE Dec 17 hotel to date, in London - the 395-room hotel opened this
Latest sales £637.1m summer, bringing its total number of London hotels to 70.
Prior sales £597.8m
Profit £58.5m
Staff 6,740
Location Oxfordshire
Boden
Clothing retailer Founder and creative director Johnnie Boden, 57, set up this
55 home-retail business in 1991 offering just eight menswear
Continues to sell direct via its catalogue,
but driving a multi-channel international items. The company continues to sell direct via its catalogue,
strategy, with 40% of online sales to the US although chief executive Jill Easterbrook, 47, is driving a multi-
channel international strategy and the firm now sells through
FYE Dec 17 three London shops, as well as concessions in John Lewis
Latest sales £347.1m stores, with 40% of online sales to the US.
Prior sales £308.3m
Profit £27.1m
Staff 1,133
Location Northwest London
* Supplied by the company
© 2018 Top Track 250 fasttrack.co.uk20 Top Track 250 research report 2018
Football clubs
Ten football clubs make the Top Track 250 list this year, as the
impact of the three-year £5.1bn Sky TV rights deal from 2016/17 is
seen on their turnover and profits. Examples include London clubs
Crystal Palace (No 220), which has been promoted to the Premier
League more times than any other, and West Ham (No 152), which
now plays its home games at the 2012 Olympic stadium.
AFC Bournemouth (No 232) has the smallest ground in the
Premier League, but turnover rocketed 55% in 2017 to £136.5m
Everton Football Club
Football club England World Cup goalkeeper Jordan Pickford is one of the
168 stars of this football club, based on Merseyside and nicknamed
Benefitted from the first year of the £5bn TV
rights deal, posting a 41% rise in turnover to The Toffees. Founded 140 years ago as St Domingo FC and a
£171.3m and fivefold increase in profits to £25m stalwart of the Premier League, in 2017 the club benefitted
from the first year of the £5bn TV rights deal, posting a 41% rise
FYE May 17 in turnover to £171.3m and almost fivefold increase in profits
Latest sales £171.3m to £25m. Its seventh placed finish in 2017 also meant £15m
Prior sales £121.5m more income compared with the previous season.
Profit £25.0m
Staff 357
Location Liverpool
AFC Bournemouth
Football club Led by chief executive Neill Blake, 39, this Premier League
232 football club, nicknamed The Cherries, is 75% owned by the
Broadcasting rights and sponsorship saw
turnover increase 55% to £136m in 2017 Maxim Demin family. Despite much smaller gate receipts than
its rivals at its 11,360 capacity Dean Court ground, broadcasting
rights and sponsorship saw turnover increase 55% to £136.5m
FYE Jun 17 in 2017, while profits climbed 222% to £16.1m. The club's 9th
Latest sales £136.5m place finish in 2017 also garnered it additional prize money.
Prior sales £87.9m
Profit £16.1m
Staff 575
Location Bournemouth
Watford Football Club
Football club Once owned by Elton John, this football club, nicknamed The
249 Hornets, has competed in the Premier League since being
Joined the Football League in 1920, moving
to its stadium Vicarage Road – where it still promoted in the 2014-15 season. The club is now the property
plays – in 1922 of the Pozzo family, who also own Italian football team Udinese.
Broadcasting money boosted revenues 31% to £123.9m in
FYE Jun 17 2017, when they finished one place above relegation.
Latest sales £123.9m
Prior sales £94.4m
Profit £13.7m
Staff 254
Location Watford
© 2018 Top Track 250 fasttrack.co.ukTop Track 250 research report 2018 21
2018 TOP TRACK 250 LEAGUE TABLE
Rank
2018 Company Sales Sales OP OP
[2017] Activity HQ location FYE £m growth £m growth Staff Main shareholders
The Watches of Switzerland
1 Leicester Apr 18 *685.2 21% *37.1 36% 2,015 Apollo (>50%), management (50%), management and other (50%), other shareholders and
Edinburgh Dec 17 675.2 19% 130.7 27% 830
[17] Housebuilder management (50%), management (50%), management (50%),
Oxfordshire Dec 17 637.1 7% 58.5 -4% 6,740
[8] Budget hotel operator management (50%), General Atlantic
Central London Sep 17 541.7 25% 99.8 53% 3,794
[35] Insurance broker and underwriter and CDPQ (50%),
25 Central London Dec 17 498.7 21% 110.1 16% 830
Credit card operator management (22 Top Track 250 research report 2018
2018 TOP TRACK 250 LEAGUE TABLE
Rank
2018 Company Sales Sales OP OP
[2017] Activity HQ location FYE £m growth £m growth Staff Main shareholders
26 Lush Mark Constantine (34%), Mo Constantine (22%),
Poole Jun 17 497.8 26% 24.4 45% 10,976
[38] Cosmetics manufacturer and retailer others (44%)
Electricity North West
27 Warrington Mar 17 485.5 8% 259.4 21% 1,666 First State and IIF Int’l Holding
Electricity network operator
28 NG Bailey
West Yorkshire Feb 18 481.0 -4% 13.7 14% 2,764 Bailey family (100%)
[27] Mechanical, electrical contractor
Air Charter Service Surbiton, Management (66%), Alcuin Capital Partners
29 Jan 18 479.3 40% 8.5 50% 413
Aircraft charter broker Surrey (34%)
30 Tennants Consolidated
Central London Dec 17 468.8 21% 30.1 1% 1,219 Alexander family (78%), others (22%)
[40] Chemicals conglomerate
31 Avant Homes Alchemy Special Opportunities, Angelo Gordon
Chesterfield Apr 18 446.9 21% 63.6 41% 676
[46] Housebuilder and Avenue Capital (100%)
Meadow Foods
32 Chester Mar 18 427.0 58% 22.0 70% 273 Exponent & co-investors
Dairy product producer
33 RSG Keith Dawe (89%), Sanderson Computer
Bristol Jun 18 *426.1 44% *14.9 21% 275
[79] Recruitment consultancy Recruitment Exec Scheme (10%), Joanna Dawe (1%)
34 Buckingham Group Contracting Paul Wheeler and family (50%), Kevin Underwood (14%),
Stowe, Bucks Dec 17 423.1 4% 16.0 23% 477
[37] Building & civil engineering contractor Michael Kempley (14%), Tim Brown (14%), others (8%)
Walstead Group
35 Colchester Dec 17 421.6 102% 21.4 37% 2,291 Rutland Partners (>50%), management (50%), management (50%), management (50%), management (50%), management
43 Hertfordshire Dec 17 392.8 5% 12.4 0% 8,497
Flower & vegetable producer (50%), Lynwood Investments &
Central London Apr 17 388.0 0% 24.5 31% 3,195
[41] Book retailer management (50%), management (50%), management (Top Track 250 research report 2018 23
2018 TOP TRACK 250 LEAGUE TABLE
Rank
2018 Company Sales Sales OP OP
[2017] Activity HQ location FYE £m growth £m growth Staff Main shareholders
51 AvailableCar Castle
Dec 17 363.1 7% 9.7 25% 730 Graham & Alison Bell (100%)
[50] Car dealer Donington
EnerMech
52 Aberdeen Dec 17 361.4 37% *16.7 -31% 2,900 Lime Rock Partners (53%), management (47%)
Engineering services provider
53 Chelsea Football Club Southwest
Jun 17 361.3 10% 35.1 41% 812 Roman Abramovich (100%)
[56] Football club London
54 LGC Southwest
Mar 18 *359.8 16% *48.0 17% 2,626 KKR (>50%), management (50%), Liam Griffin (50%), management (50%), Bromlee
Central London Dec 17 337.8 9% 19.2 92% 3,245
[51] Education service provider Superannuation Pty and management (24 Top Track 250 research report 2018
2018 TOP TRACK 250 LEAGUE TABLE
Rank
2018 Company Sales Sales OP OP
[2017] Activity HQ location FYE £m growth £m growth Staff Main shareholders
76 AllSaints
East London Jan 17 303.0 20% 13.0 -22% 3,249 Lion Capital (100%)
[83] Fashion retailer
Global
77 Central London Mar 17 302.6 10% 51.6 -14% 1,271 Private shareholders (100%)
Media & entertainment provider
78 FM Conway Sevenoaks,
Mar 18 *297.4 18% *14.1 -43% 1,469 Michael Conway (95%), Kim Conway (5%)
[84] Infrastructure services provider Kent
79 Baxters Audrey Baxter (32%), Andrew Baxter (21%),
Edinburgh Apr 17 296.7 1% 19.4 10% 1,463
[65] Food producer Catherine Baxter (16%), Baxter family (31%)
80 Matchesfashion.com
Central London Jan 18 292.8 44% 22.9 44% 574 Apax Partners (>50%), management (50%), management (50%), management (Top Track 250 research report 2018 25
2018 TOP TRACK 250 LEAGUE TABLE
Rank
2018 Company Sales Sales OP OP
[2017] Activity HQ location FYE £m growth £m growth Staff Main shareholders
101 QA
Central London Jun 18 *251.8 22% *50.5 29% 1,800 CVC Capital (85%), management (15%)
[112] Training & education provider
102 LWC Robin Gray (77%), Ebrahim Mukadam (12%),
Manchester Sep 17 247.7 15% 10.4 2% 724
[106] Drinks distributor John Edward Trust (11%)
ZPG
103 Central London Sep 17 244.5 24% 70.4 42% 850 Silver Lake (100%)
Digital brands owner
Alexander Mann Solutions OMERS Private Equity (>50%), management
104 Central London Dec 17 242.5 20% 35.6 12% 3,386
Recruitment consultancy (50%), management (50%), other shareholders
Central London Jun 17 216.5 42% 15.9 19% 1,289
[178] IT services provider (You can also read
