Top Track 250 Re Puk

Research Report 2014
Britain's leading private mid-market

growth companies
Sponsored by
10
years
2005-2014
Top Track 250 Research Report 2014
CONTENTS
2014 Top Track 250
INTRODUCTION
The Top 10 companies on the league table
1
1
EXECUTIVE SUMMARY
KEY STATISTICS
Sales breakdown
Biggest sales movement
Staff and job creation
Profitability
Highest profits
Profit margin
Ownership
Debt
Sector breakdown
Industry breakdown
Regional breakdown
International activity
Mergers and acquisitions
Private equity
A decade of Top Track 250
Companies exiting from last year's league table
3
3
3
4
5
5
5
6
7
8
8
9
10
11
12
13
14
KEY THEMES & SELECTED COMPANY PROFILES

Dynamic companies
Workforce
Family businesses
Automotive industry
Planned flotations
Brands
15
15
16
17
18
19
20
2014 TOP TRACK 250 LEAGUE TABLE
21
the rules of engagement
31
SPONSORS AND MEDIA PARTNER
32
ABOUT FAST TRACK

Compiler and publisher
The authors
Fast Track
34
34
34
35
CONTACT DETAILS
35
www.fasttrack.co.uk
introduction
This is the tenth year of The Sunday Times Grant Thornton
Top Track 250 annual league table, which ranks Britains leading
private mid-market growth companies by sales. The league
table has title sponsorship from Grant Thornton, and main
sponsorship from Barclays.
The league table is the sister publication of Top Track 100, which
identifies Britains 100 private companies with the biggest sales.
Top Track 250 ranks the 250 next biggest private companies,
which qualify for the league table provided either sales or
operating profits have increased by at least 10% in their latest
available accounts.
CEO Andy Crossley and CFO Alex Labak joined warranty

provider Domestic & General (No 1) this year.
This years league table identifies many dynamic mid-market

private businesses that have grown by managing risk, choosing
the right strategic options, attracting talent and becoming
operationally more efficient. Some are household names such
as Aston Martin (No 21), Jeyes (No 202) and Barbour (No 221).
Many more are operating successfully in sectors that range from
building and construction to retail and manufacturing.
All have faced challenges, from weakness in their core markets
to growing shortages in skilled staff. Their resilience and
resourcefulness give cause for confidence in the continued
growth of the UK economy.
rs
de
ol
it
ar
eh
pr
of
sh
g
tin
3%
2,785
Oct 13
627
27%
33.6
38%
514
Benfield Motor Group

Car dealer
Newcastle upon
Dec 13
Tyne
622.4
15%
6.9
45%
1,591 John Squires and family (100%)
18
Alexander Mann Solutions

Recruitment consultancy
Central London
Dec 13
617.4
16%
19
40%
1,759
New Mountain Capital (64%),

management (36%)
23
R&R Ice Cream

Ice cream manufacturer
North Yorkshire
Dec 13
*605.5
24%
*46.9
16%
3,133
PAI Partners (85%), management

(15%)
Gatwick Airport
Airport owner and operator
Gatwick
Mar 14
*593.7
10%
*147
26%
2,454
Global Infrastructure Partners (42%), The Future Fund

(17%), Abu Dhabi Investment (16%), others (25%)
ERM
Environmental consultancy
Central London Mar 13
581.5
17%
63
21%
4,576
Charterhouse (55%), management

and employees (45%)
AT Kearney
Management consultancy
Central London
Dec 13
574.4
5%
12.9
36%
3,270 Employees (100%)
Warburtons
Baker
Bolton
Sep 13
562.1
9%
34.6
11%
4,534 Warburton family (100%)
The Edinburgh Woollen Mill

Clothing retailer
Dumfriesshire
Mar 13
556
126%
57.4
21
NES Global Talent

Cheshire
Engineering recruitment consultancy
16
4
5
6
8
19
10 109
Wimbledon
St
a
ai
n
73.6
Domestic & General

Warranty provider
ff
Op
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ra
th
O
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r
at
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g
Sa
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s
gr
ow
Sa
le
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it
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ow
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en
ar
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na
nc
i
Fi
10%
H
Q
632.9
10
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ca
tio
lo
Ra
nk
Ra 201
nk 4
Co 201
3
m
p
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ct
iv y
ity
Mar 14
th
Top 10 companies on the league table
CVC Capital Partners (>50%),

management (<50%)
AEA Investors (>50%),
management (<50%)
178% 10,687 Day Family (100%)
* Pro-forma, draft, or not yet filed at Companies House
2014 Top Track 250
annualised sales
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executive summary
Levels of sales
Number of companies in each range

Overview
>600m
This years Top Track 250 companies generated combined sales of

69.5bn, up from a combined 59.9bn in their prior year
21
500m-600m
23
400m500m
Companies employed a total of 412,000 staff in their latest

financial year, an increase of 36,400 on their prior year. Almost
four fifths (199) of companies increased their head count
36
300m400m
67
200m300m
<200m
98
Levels of profit
>100m
80m100m
Companies had combined operating profits of 4.4bn, up from

3.6bn and almost two thirds (161) of companies increased their
operating margin
81 companies are family-owned, 74 are owned by founder or
entrepreneur and 71 are majority-owned by one or more private
equity firms

The highest number of companies on the league table are based

in London (54), followed by the Southeast (40)
60m80m
40m60m
21
20m40m
Key themes
33
10m20m
51
010m
130
Latest OP not available: 2
Dynamic companies: A quarter (63) of companies increased their

profit by at least 10% in the latest year despite sales growth of less
than 10% or falling sales. Some exited non-core and unprofitable
businesses or identified operational efficiencies, whereas others
diversified their business model or grew overseas. [Page 15]
Workforce: Four fifths (199) of the league table increased their
headcount via organic growth or acquisitions, and many were
recognised for their progressive staff policies. [Page 16]
Characteristics of a typical
Top Track 250 company
Family businesses: 32% of companies on this years league

table are family owned, many with at least two generations
involved in the running of the business. [Page 17]
Sales
Average sales in latest year
278m
Average sales in prior year
240m
Operating profit
Average profit in latest year
18m
Average profit in prior year
14m
Staff
Typical headcount in latest year
500-2,000
Typical headcount in prior year
450-1,750
Automotive industry: Car sales have been rising for nearly

three years, and this year 50 automotive businesses make
the list. Companies range from car dealers to distributors and
manufacturers. [Page 18]
Planned flotations: Seven companies have declared their
intention to raise finance through an initial public offering (IPO).
They will be following eight companies from last year's table that
listed shares on a stock exchange this year. [Page 19]
Company characteristics
Region
Sector
Industry
Ownership
2014 Top Track 250
London (22%)
Services (40%)
Automotive (20%)
Family (32%)
Brands: The league table contains a wide selection of retail

and consumer brands such as Poundworld, The Hut Group and
Chain Reaction Cycles. Many have diversified away from the high
street, whilst others are tapping into overseas markets with high
consumer demand. [Page 20]
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KEY STATISTICS
10 biggest sales increases

Company
Rank
Activity
Latest Sales,
Sales
FYE
m increase
Sales breakdown
204
Mount Anvil
Dec 13 161.4
Property developer & contractor
196%
111
Harkand Group
Offshore services provider
Sep 13 242.8
136%
10

Clothing retailer
Mar 13 556.0
126%
91
First Utility
Energy supplier
Dec 13 283.5
94%
242
Oak Furniture Land

Wood furniture retailer
Sep 13 145.5
77%
191
Ovo Energy
Energy supplier
Dec 13 171.7
67%
106
Spire Automotive
Car dealer
Dec 13 251.5
51%
Biggest sales movement
Sep 13 163.6
50%
Mar 14 527.0
48%
Mar 13 357.9
43%
Many companies reporting growth this year operate in the

building and construction markets. The biggest sales increase was
reported by housebuilder and contractor Mount Anvil (No 204),
which is led by founder and chief executive Killian Hurley. The
group finished work on 276 homes in inner London boroughs
last year, and in March, struck a 200m funding agreement with
global fund manager Ares Management, which will help it to
deliver a further 2,500 by 2018.
Hyperion Insurance Group

200
Insurance broker & underwriter
Kelway
20
IT services provider
65
Global Energy Group

Energy services provider
10 biggest sales decreases*

Rank Company
Activity
Latest
FYE
Sales,
Sales
m decrease
Allen Ford
Car dealer
Dec 13 270.9
-27%
135
Stewart Milne
Housebuilder
Jun 13 211.1
-21%
194
Fayrefield Foods
Dairy product marketer
Dec 12 170.7
-21%
202
Jeyes
Cleaning products maker
Dec 12 163.1
-14%
Direct Wines
Wine merchant
Jun 14 307.7
-10%
138
Alliance Medical
Diagnostic imaging services
Mar 14 210.2
-4%
228
ghd
Hair products supplier
Dec 12 150.4
-3%
241
Park Garage Group

Fuel forecourt operator
Jun 14 145.6
-3%
Nicholl Fuel Oils

Fuel distributor
May 13 315.5
-2%
Johnston Oils
Oil distributor
Dec 13 160.3
-2%
98
84
80
206
*A
ll of these companies increased operating profit by more than ten percent to
qualify for the league table
Buoyed by an improving British economy, and league table criteria

that places an emphasis on sales or profit growth, 187 companies
reported sales that increased by at least 10% in their latest
financial year. This years companies generated combined sales of
69.5bn compared with 59.9bn in their prior year, an increase
of 16%. Warranty provider Domestic & General (No 1) had the
highest sales on the league table at 632.9m. Supply chain
manager IESA (No 250) had the lowest sales at 143m.
Acquisitions have also helped to increase top line performance.

The Edinburgh Woollen Mill (No 10) more than doubled its
sales of woollen jumpers to 567m in its last financial year,
helped by its acquisition of fellow retailers Jane Norman and
Peacocks from the administrators in 2011 and 2012 respectively.
The company, which opened its first shop in Scotland in 1970,
is run and owned by chief executive Philip Day. In June, Jane
Norman's loss-making UK & Ireland business was placed back
into administration.
Smaller independent energy companies have been increasing
their share of the market despite continued domination from the
big six suppliers. Two of the fastest growing companies on the
league table include energy suppliers First Utility (No 91), which
increased sales 94% to 283.5m in 2013, and Ovo Energy
(No 191), which increased sales by 67% to 171.7m in 2013.
Sales in both cases are commission and fees from energy
contracts sold.
Automotive retailers dominate the league table, with 43 out of
44 increasing sales in their latest year. However, the biggest faller
this year, in terms of sales, was car dealer Allen Ford (No 98)
which restructured its operations, closing three sites. It reported
that sales fell 27% to 270.9m in 2013. Despite this, profits rose
42% to 4.6m.
2014 Top Track 250
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Staff and job creation
Number of employees
>10,000
5,001-10,000
Companies employed a total of 412,000 staff in their latest

financial year, an increase of 36,400, or 10%, compared to their
prior year.
5
8
2,001-5,000
1,001-2,000
44
53
74
501-1,000
1-500
66
Highlighting the positive economic outlook, 199 companies

increased headcount. The biggest percentage increase was at
The Edinburgh Woollen Mill (No 10), which increased its
workforce 117% to 10,687 following the acquisition of retailers
Peacocks and Jane Norman. The addition of 5,732 employees was
also the largest absolute change on the league table. However, in
June, the company returned Jane Norman to the administrators,
putting 157 jobs at risk.
The second biggest absolute change was at cinema operator
Vue Entertainment (No 22), which boosted its workforce by 3,132
to 7,072. This was due to three acquisitions in two years, helping
the group expand into Poland and Germany.
There are 110 companies with more than 1,000 employees on this
year's league table. Examples include airport owner and operator
Gatwick Airport (No 6), which has 2,454 employees; budget hotel
operator Travelodge (No 40), which has 3,231 employees; and
schools operator Cognita (No 117), which has 4,098.
2014 Top Track 250
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Profitability
10 biggest operating profits

Rank Company
Activity
Latest
FYE
Sales
m
Profit
m
Electricity North West

Electricity supplier
Mar 14
508.0
280.4
Gatwick Airport
Airport owner & operator
Mar 14
593.7
147.0
26
Peel Ports Group

Port facilities provider
Mar 13
501.9
101.5
31
RAC
Dec 13
Breakdown & motoring services
486.0
100.0
25
BGL Group
Insurance intermediary
Jun 14
507.2
99.5
Dec 13
497.6
89.5
24
6
Acteon
28
Subsea services provider
71
Hastings Insurance Group

Car insurance provider
Dec 13
342.5
87.0
159
Wood Mackenzie
Energy research consultancy
Dec 12
190.8
79.5
Napp Pharmaceutical Holdings

Dec 13
Pharmaceuticals maker
299.9
74.4
Domestic & General

Warranty provider
632.9
73.6
86
1
Mar 14
10 biggest operating profit margins

Rank Company
Activity
Latest
FYE
Sales Profit
m margin
Top Track 250 companies are required to be in profit in their

most recent financial period. Profit is defined as operating profit
before exceptional items, joint ventures and impairment of assets
(OP). The companies generated combined profits of 4.4bn, an
increase of 25% on the previous year.
Highest profits
Electricity distributor Electricity North West (No 24) reported the
biggest operating profit for the fourth year running: 280.4m on
sales of 508m in 2014.
Large infrastructure businesses have some of the biggest
profits on the table, with airport operator and owner Gatwick
Airport (No 6) reporting profits of 147m in 2014 on sales of
593.7m; and port facilities provider Peel Ports Group (No 26)
reporting profits of 101.5m in 2013 on sales of 501.9m. These
companies also, typically, have significant debt that requires
servicing (see page 7).
The insurance sector is also in rude health with breakdown
insurer RAC (No 31) reporting profits of 100m on sales of
486m in 2013; car insurance provider Hastings Insurance
(No 71) had profits of 87m in 2013 on sales of 342.5m; and
warranty provider Domestic & General (No 1), which generated
profits of 73.6m in 2014 on sales of 632.9m.

Mar 14
508.0
55%
159
Wood Mackenzie
Dec 12
190.8
42%
164
The Emerson Group

Builder, property developer
Apr 14
187.9
36%
173
Gamesys
Online gaming developer
Mar 13
181.5
32%
Profit margin
Dec 12
211.0
30%
Almost two thirds (161) of companies increased their operating

margin in the latest year. Examples include film manufacturer
Innovia Group (No 46), which grew its margin from 4.7% to
10.2%; diagnostic imaging services provider Alliance Medical (No
138), where margins widened from 2.8% to 11.5%; and minicab
and courier services provider Addison Lee (No 192), which
increased its margin from 6.2% to 12.5%.
24
Forth Ports
136
71

Dec 13
342.5
25%
86

Dec 13
299.9
25%
Gatwick Airport
Mar 14
593.7
25%
162
Huntswood
Customer service provider
Sep 13
190.4
22%
111
Harkand Group
Sep 13
242.8
22%
Latest
FYE
Sales, Profit
m margin
5 lowest profit margins

Rank Company
Activity
First Utility
Energy supplier
Dec 13
283.5
0.2%
Brookfield Rose
19
Temporary workforce provider
Dec 13
528.1
0.4%
131
Longcross
Construction consultancy
Mar 13
216.0
0.6%
216
Chain Reaction Cycles

Online bike retailer
Dec 12
155.6
0.7%
Nicholl Fuel Oils

Fuel distributor
May 13
315.5
0.8%
91
80
2014 Top Track 250
Of the 187 companies that increased sales by more than 10%,

almost half reported that margins had fallen (89). For example,
wood furniture retailer Oak Furniture Land (No 242), which saw
its margin fall from 9% to 4.9% in 2013, has expanded to 57
showrooms following strong demand for its hardwood products,
and is planning to open a further eight in the next year.
Energy supplier First Utility (No 91) recorded the lowest operating
margin at 0.2%. The company increased sales 94% to 283.5m
in 2013 with operating profits of only 611,000, which were
also the lowest on the league table. Its small operating margin
may have helped the firm grow its customer base by 135,000 to
314,000 in the year and says it has shifted its focus away from
small businesses to concentrate on domestic customers.
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Majority ownership types
Ownership
Number of companies by ownership type
Family-owned
Employees 4
Management 20
PE and/or VC 71
Entrepreneur
and/or founder 74
Family 81
81 companies on the Top Track 250 are family-owned. Examples

include car dealer Benfield Motor Group (No 3), which is owned
by the Squires family and run by third-generation family member
Mark Squires. Baker Warburtons (No 9), is owned by the
Warburtons family, and run by fifth generation family members
including chairman Jonathan Warburton. Safety equipment
supplier Arco (No 108), is owned by the Martin family, and run by
fourth-generation family member Thomas Martin. Yoghurt and
dairy maker Yeo Valley (No 103), which is majority owned and
led by chairman Tim Mead, the son of founders Roger and Mary
Mead.
Founder or entrepreneur-owned
74 companies are majority-owned by entrepreneurs or founders.
Examples include bookmaker Betfred (No 49), which is owned by
founders Fred and Peter Done and their family. Wine merchant
Direct Wines (No 84), which is owned by Tony and Barbara
Laithwaite and their family. Cosmetics manufacturer and retailer
Lush (No 61), which is majority-owned by Mark and Margaret
Constantine.
Private equity-owned
71 companies on the Top Track 250 are majority-owned by privateequity firms. Examples include shoe manufacturer Dr Martens (No
139), which was bought by Permira last October in a 300m deal.
Ice cream manufacturer R&R Ice Cream (No 5), which was bought
by PAI Partners from Oaktree Capital in April last year, valuing the
business at 715m. Cinema operator Vue Entertainment (No 22),
was bought for 935m last year by the private equity arms of
AIMCo and OMERS, two of Canadas largest pension funds.
Management-owned
20 companies are majority-owned by management. Examples
include risk consultancy Control Risks (No 130), which is led
by chief executive Richard Fenning and backed by NVM Private
Equity, which in 2011 invested 12m to take a 20% stake in the
business. Insurance broker and underwriter Hyperion Insurance
Group (No 200), is led by chief executive David Howden and
backed by General Atlantic, which bought a 29% stake last year,
valuing the group at 250m. Travel services provider, JacTravel
(No 230), which is led by chief executive Terry Williamson and
backed by Vitruvian, which bought a minority stake in June,
valuing the group at 80m.
Employee-owned
Four companies are majority-owned by their employees. Examples
include management and IT consultancy PA Consulting Group
(No 41), which is led by chief executive Alan Middleton; and
construction consultancy Turner & Townsend (No 66), which is led
by chief executive Vincent Clancy.
2014 Top Track 250
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Debt
10 companies with the most debt

Rank Company
Activity
Latest Debt
FYE
m
Sales
m
Gatwick Airport
Mar 14 1,644 593.7
26
Peel Ports Group

Mar 13 1,265 501.9
24

Mar 14 1,153 508.0
159
Wood Mackenzie
Dec 12 1,133 190.8
127
Tunstall
Sep 13
Healthcare technology supplier
983 221.0
Integrated Dental Holdings

Dental care provider
Mar 14
859 407.5
Global Radio
Radio broadcaster
Mar 13
846 219.5
ERM
Mar 13
749 581.5
Cognita
Schools operator
Aug 13
660 232.6
Domestic & General

Warranty provider
Mar 14
617 632.9
48
129
7
117
1
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 25.8bn, compared
to 24.3bn owed the year before.
Four companies owe more than 1bn (2013: 5 companies), and
39 companies owe more than ten times their operating profit
(2013: 48 companies). The company with the most debt is
Gatwick Airport (No 6) with loans of about 1.6bn, 11 times its
operating profits of 147m in 2014.
The company with the biggest debt-to-profit ratio is healthcare
technology supplier Tunstall (No 127), which reported that it had
983m of debt in 2013, 96 times operating profits of 10.2m.
The group has been expanding internationally with acquisitions
in America and Europe, which drove a 21% rise in sales last year
to 221m. The group refinanced 350m of debt in September
2013, and is backed by private equity firms Charterhouse and
Bridgepoint Capital.
10 companies with the biggest debt/profit ratios

Rank Company
Activity
Latest Debt/ Debt Profit

FYE profit
m
m
Tunstall
Sep 13
96 983.0
10.2
Travelodge
Budget hotel operator
Dec 13
92 514.3
5.6
117
Cognita
Schools operator
Aug 13
72 659.7
9.1
141
LGC
Analytical services laboratory
Mar 14
55 437.0
7.9
199
Wagamama
Noodle bar operator
Apr 14
53 289.4
5.4
182
NSL
Traffic services provider
Dec 13
51 137.7
2.7

Mar 14
42 858.7
20.7
222
Pork Farms
Food producer
Mar 13
42 130.0
3.1
209
Oasis Dental Care

Mar 14
26 237.8
9.2
Pret A Manger
Sandwich shop operator
Jan 14
24 560.3
23.7
127
40
48
23
2014 Top Track 250
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Sector breakdown
Sector breakdown
Number of companies in each sector
The two largest sectors are services, with 131 companies, and
retail with 85. Together these sectors comprise 86% of the
league table.
Construction 24
Manufacturing 35
Service businesses encompass a wide range of industries, from

subsea services provider Acteon (No 28) to contract printer
Polestar (No 114) and energy research consultancy Wood
Mackenzie (No 159).
Wholesale 49
Retailers include sofa and carpet retailer SCS (No 109), shoe
retailer Office (No 110) and outdoor equipment retailer
GO Outdoors (No 193).
Retail 85
Services 131
Note: where companies are deemed to operate in more than
one sector, a second sector is chosen. In total, 75 companies
operate in two sectors. Each sector is given an equal weighting in the above analysis.
Industry breakdown
Automotive 50
There are 49 wholesalers in the league table, including book

and DVD wholesaler Gardners Books (No 118), safety equipment
supplier Arco (No 108) and building product distributor Arran Isle
(No 142).
There are 35 manufacturers such as well-known baker
Warburtons (No 9) and pharmaceuticals maker Napp
Pharmaceutical Holdings (No 86).
The 24 construction companies include construction consultancy
Turner & Townsend (No 66), housebuilder Countryside (No 95),
and retirement home builder McCarthy & Stone (No 82).
Industry breakdown
Food and drink 40
Building related 26
Business services 26
Consumer goods 25
Other 12
Engineering 11
Leisure 10
The top industries represented on the league table are

automotive and food & drink.
The automotive industry provides 50 companies, including 44
dealerships such as Newbury-based car dealer Ridgeway Group
(No 12), which was founded 17 years ago with just one Audi and
two Volkswagen outlets; car manufacturer Aston Martin (No 21);
and bus manufacturer Alexander Dennis (No 13).
There are 40 food & drink companies including Northern Ireland
crisp and snack manufacturer Tayto (No 190), which has acquired
brands including Golden Wonder, Jonathan Crisp and Real Crisps.
The building-related industry is the third biggest with 26
companies on the league table, including housebuilder and
contractor Mount Anvil (No 204), tool and equipment hirer HSS
Hire Group (No 123), and builders' merchant MKM Building
Supplies (No 201).
Transport 10
Healthcare 9
Computers & electronics 8
Recruitment 7
Oil & gas 7
Media 5
Finance 3
Telecoms 1
2014 Top Track 250
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Regional breakdown
Regional breakdown of HQ in UK
Scotland
26
Northeast
& Yorkshire
33
Northern
Ireland
8
Midlands
30
Northwest
27
Wales
East
14
Southwest
13
London
54
Southeast
40
The North (Northwest and Northeast & Yorkshire) is home to the

highest number of Top Track 250 companies, with 57 businesses.
The Southeast is home to 40 companies. When compared to last
years table, there has been a marginal increase in companies
based outside London and the Southeast. Last year, the combined
region was home to 40% of the league table, but this year, the
figure is 38%.
Y
orkshire and the Northeast increased from 28 to 33
companies. These include discount retailer Poundworld (No 69),
outdoor equipment retailer GO Outdoors (No 193) and clothing
manufacturer & distributor Barbour (No 221).
T he Midlands decreased from 32 to 30 companies. These
include sports car maker Aston Martin (No 21), shoe
manufacturer and retailer Dr Martens (No 139) and food
producer Pork Farms (No 222).
T he East has increased from 9 to 14 companies. These include
salad and vegetable grower Gs (No 57), marine science
services provider Gardline Shipping (No 120) and construction
contractor Clugston Group (No 229).
The Northwest (27) and Wales (5) both had one more company
than last year; while the Southwest (13) and Northern Ireland (8)
both had two fewer companies. Scotland (26) matched last year's
total.
Of the top ten largest companies ranked by sales, 50% have
their headquarters outside London and the southeast of England.
However, of the top ten companies ranked by profits, 70% have
their headquarters outside London and the southeast of England.
2014 Top Track 250
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International activity
Location of foreign subsidiaries

Number of companies with at least one known
subsidiary in the region
72
Western Europe
51
North America
32
East Asia
C & S America
29
Australasia
29
South East Asia
28
20
Africa
Middle East
Eastern Europe
16
4
10
Top-performing private companies are looking beyond the UK for

growth. This is demonstrated by the 16% increase in international
sales, reported in their latest year*. The company with the biggest
increase was Vue Entertainment (No 22), which reported a threefold increase in international sales to 217.5m in 2013. The
cinema group has made acquisitions in Poland and Germany in
the last two years, and has 151 sites in nine countries.
The company reporting the largest overseas sales is engineering
recruitment consultancy NES Global Talent (No 2) with 506.1m,
81% of total sales in 2013. The group opened five new offices
in countries including China and Iraq since completing a 152m
refinancing last October, expanding its global network to more
than 40 sites. The Cheshire company is owned by private equity
firm AEA Investors, which backed a 234m buyout in 2012.
The company with the most overseas subsidiaries was
environmental consultancy ERM (No 7) with 73 based on foreign
soil (22 companies in North America, 20 in Western Europe, 16 in
East and Southeast Asia, 9 in South America, 3 in Australasia, 2
in Eastern Europe and one in Africa).
Foreign subsidiaries are most commonly located in Western
Europe, with 72 companies having at least one subsidiary in
countries that include Germany (25), France (20), Republic of
Ireland (19), Spain (16) and the Netherlands (15).
44 companies have at least one subsidiary in an emerging
market, including risk management consultancy Control Risks
(No 130), with subsidiaries in Mexico, Brazil, India, Pakistan,
China and South Africa; and radiator and boiler manufacturer
Ideal Stelrad Group (No 64), with subsidiaries in Poland, Turkey,
China, Russia and Romania.
*w
here available from publicly filed accounts. Some international sales were provided by the
companies.
2014 Top Track 250
www.fasttrack.co.uk
11
Mergers and acquisitions

Against the backdrop of a stabilising Eurozone and an improved
UK economic outlook, companies on the league table have been
continuing to make positive movements in the M&A market.
Many of these transactions are bolt-on acquisitions of small
businesses that provide quick growth in new markets. Other
transactions include the divestment of businesses to streamline
operations. The table below shows a selection of the most recent
mergers and acquisitions.
Direct Wines (No 84), which is majority-owned by Tony
Laithwaite (middle), sold Virgin Wine Online for 15.9m last
year.
Date of
transaction
Jun 14
Rank
113
Company
Activity
Sales,
m
Operating
profit, m
Wellness Foods
Health food manufacturer
239.1
10.3
R&R Ice Cream

*605.5
*46.9
Notes
Sold Rowse Honey to Valeo Foods, and Dorset Cereals to Associated
British Foods. Deal terms were undisclosed.
Acquired Peters, a leading Australian ice-cream manufacturer, and
refinanced 315m of its debt.
May 14
May 14
227
Immediate Media Co
Magazine publisher
150.7
12.8
Paid 24m for a portfolio of cycling and craft titles from rival publishers
Future.
May 14
123
HSS Hire Group

Tool and equipment hirer
225.8
19.8
Has made a series of small acquisitions, including Apex Generators

which was bought for an undisclosed fee.
Apr 14
160
Lakehouse
Asset and energy support services
190.6
7.3
Bought four businesses since 2011, including Scottish energy services

group Everwarm for an undisclosed sum.
Mar 14
200

163.6
29.9
Sales rose 50% to 163.6m, following bolt-on acquisitions, enabling

expansion in southeast Asia and Brazil.
Nov 13
84
Direct Wines
Wine merchant
*307.7
*11.8
Oct 13
22
Vue Entertainment
Cinema operator
518.2
16.9
Sep 13
96
The Garden Centre Group

Garden centre operator
*276.2
*28.0
Aug 13
100
The Turner Group

Engineering services provider
262.5
15.0
Jun 13
213
LWC
Drinks distributor
156.7
4.8
Jun 13
186
Photobox Group
Personalised product retailer
175.3
15.7
Sold online wine retailer Virgin Wine Online for 15.9m.

Made three acquisitions in two years, including Polish multiplex
operator Multikino. Deal terms were undisclosed.
Made a series of acquisitions including Garden & Leisure from Belgian
retail group Louis Delhaize. Deal terms were undisclosed.
Bought Northburn Industrial Services, a provider of waste management
and recycling services for an undisclosed sum.
A partial acquisition of the UK wholesale operations of US brewer
Molson Coors contributed to 24% sales growth.
Bought Sticky9, which transforms Instagram pictures into personalised
products. Deal terms were undisclosed; and previously bought Moonpig.com
* Proforma, draft, or not yet filed at Companies House
2014 Top Track 250
www.fasttrack.co.uk
12
Private equity
Private equity ownership exerts a strong influence on the league
table, with around 35% of companies owned or backed in
this way. The table below shows a selection of private equity
transactions completed during the year.
Dr Martens (No 139) was acquired by Permira for 300m in

October last year.
Transaction
Rank
date
Company
Activity
Sales Operating
m profit m
Deal detail
Jul 14
81
Independent Clinical Services

Healthcare staff provider
314.0
26.0
Bought by TowerBrook Capital Partners for an undisclosed sum
Jul 14
170
The Hut Group

Online retailer
184.3
9.1
US investor KKR bought a 20% stake in a deal that valued the group at 500m.
Jun 14
230
JacTravel
Travel services provider
150.2
7.4
Vitruvian Partners bought the firm from Bowmark Capital in a deal worth
80m.
Apr 14
46
Innovia Group
Film manufacturer
*410.7
*42.1
Apr 14
195
NFT Distribution
Food distributor
169.7
6.3
Mar 14
70
Zenith Leasedrive
Vehicle lessor
*345.2
*33.1
Jan 14
71

342.5
87.0
Goldman Sachs acquired a 50% stake, valuing the company at about

700m
Nov 13

617.4
19.0
US private equity house New Mountain Capital and management bought

the group for 260m
Nov 13
42
Swift Worldwide Resources

423.2
16.8
US firm Wellspring Capital Management and management bought the firm

for an undisclosed sum
Nov 13
72
Burton's Biscuit Company

Biscuit & snack maker
*336.0
*26.8
Bought by Canadian private equity firm Ontario Teachers Pension Plan for
an undisclosed sum
Oct 13
139
Dr Martens
Shoe manufacturer & retailer
*209.1
*29.6
Permira completed a 300m buyout of the iconic brand.
Sep 13
244
Whitworths
Food producer & distributor
144.8
7.6
Aug 13
Domestic & General

Warranty provider
632.9
73.6
Bought by CVC Capital Partners for a reported 750m, including debt
Aug 13
22
Vue Entertainment
Cinema operator
518.2
16.9
Canadian pension funds AIMCo and Omers, and management, acquired the
group for 935m
Aug 13
64
Ideal Stelrad Group

Radiator & boiler manufacturer
359.8
33.4
Bought by Bregal for 230m from a consortium of investors
Feb 13
111
Harkand Group
242.8
53.9
Oaktree Capital Management funded the merger of Iremis, Integrated

Subsea Services and Andrews Survey
Apr 13
192
Addison Lee
171.7
Minicab & courier services provider
21.5
Bought by Carlyle Group for 300m, the Griffin family retain a minority
stake
annualised figure
Bought by Arle Capital, from a separate fund managed by the private equity
firm, in a 410m deal
EmergeVest bought a majority stake from Phoenix Private Equity
Formed when HgCapital merged two portfolio companies, Zenith Vehicle
Contracts and Leasedrive
European Capital, which paid 86m for an 86% stake in 2006, sold the
business to Equistone Partners Europe, valuing the business at 90m
2014 Top Track 250
www.fasttrack.co.uk

2014
Companies with the most appearances

Company
Activity
Latest No. of
sales, times
m ranked
Argent Group Europe

Food distributor
*529.8
10
City Refrigeration Holdings

Facilities maintenance provider
*458.5
10
Helston Garages
Car dealer
395.2
10
Motorpoint
Car supermarket
*463.3
10
NES Global Talent

627.0
10
Sinclair Group
Car dealer
290.1
10
Warburtons
Baker
562.1
10
Arco
Safety equipment supplier
249.2
*336.0
Drive Motor Retail

Car dealer
233.2
ERM
581.5
Pertemps Network Group

468.4
Pret A Manger
509.9
Rix
Shipping, oil distributor
490.1
Travelodge
432.6
Vue Entertainment
Cinema operator
518.2

13
A decade of Top Track 250

Top Track 250 was launched ten years ago to recognise the
success of Britains top-performing mid-market private companies.
Since its launch, more than 700 British companies have appeared
on the league table.
Companies that featured on the first league table in 2005
include soft furnishings retailer Dunelm Mill, which floated on the
London Stock Exchange in October 2006 and is now valued at
1.6bn; discount retailer Poundland which floated in March and
is now valued at 790m; and Dyson, which was first showcased
with sales of 277.3m, but last year reported sales of 1.3bn.
Other well-known past stars that have floated on the stock
market include online grocery retailer Ocado, discount retailer
B&M Retail, household appliance supplier AO.com and financial
information services provider Markit. Some, such as breakfast
cereal maker Weetabix, car parts retailer Euro Car Parts and
aerospace engineer Firth Rixson, have been acquired, while
others such as Dyson, online bookmaker bet365 and upholstered
furniture retailer DFS remain in private hands, but have graduated
on to Top Track 100.
The vital statistics of league table companies have changed
significantly over the last ten years:
2005
2014
49.9bn
69.5bn
2.3bn
4.4bn
401,000
412,000
336.8m
632.9m
Total sales
* Pro-forma, draft or not yet filed at Companies House
Total profits
Total employees
Top company
Sales
2014 Top Track 250
www.fasttrack.co.uk
14
Companies exiting from last years league table

Of the companies on last years Top Track 250, 111 do not appear
this year.
The main reason for company exits was failing to increase either
sales or operating profit by more than 10%. 62 companies fall
off the league table on this basis. Four did not qualify due to an
operating loss in the most recent financial period.
Pets at Home listed on the London Stock Exchange in March
and has a market capitalisation of 897m.
Reason for exit

Reason for exit
Number of
companies
Neither sales or profit growth > 10%
62
Sales less than 250th company
23
Listed*
Sales increase to Top Track 100 level
Acquired
Made a loss
Moved headquarters overseas
Total
A further seven grew sales sufficiently to appear on our Top Track 100
league table of Britain's biggest private companies, including civil
engineering contractor Murphy Group, which grew sales 60% to
910m in 2013; and frozen food retailer Farmfoods, which increased
sales 21% to 689.1m in 2013.
Five companies were acquired this year, compared to two on last
years table. Transactions include facilities maintenance provider
Norland Managed Services, acquired by listed US commercial
property firm CBRE in November for a reported 250m; facilities
maintenance provider Europa Support Services, acquired by
listed German construction business Bilfinger in December for
an undisclosed sum; and aerospace parts manufacturer All Metal
Services, acquired by US firm Reliance Steel & Aluminum Co in
August for an undisclosed sum.
Eight of last year's companies listed on a stock exchange.
Businesses include pet product retailer Pets At Home, financial
information service provider Markit, greeting card retailer Card
Factory, household appliance supplier AO.com, building product
supplier Epwin Group, testing service provider Exova, renewable
energy generator Infinis, and parcel and freight courier DX Group.
Virgin Money confirmed it planned to float before publication
and was removed from the table.
111
* Includes Virgin Money which announced its IPO before

publication.
2014 Top Track 250
www.fasttrack.co.uk
15
KEY THEMES & SELECTED COMPANY PROFILES

On the following pages we profile examples of companies that
demonstrate some of the key themes from this years league table.
Dynamic companies
ghd (No 228) cut its distribution and selling costs and
increased profits by 25.9% to 27.2m in 2012.
78
168
228
Telent
Communications support provider

FYE
Mar 14
Latest sales
321.0m
Prior sales
318.2m
Profit
17.4m
Staff
1,465
Location
Warwick
All the league table companies had to increase sales or profits

by 10% our characteristics of a dynamic company. However,
sustaining growth is not always a linear path of increasing sales and
profits. The league table features 63 companies that increased profit
by a rate of more than 10% in the latest year despite having sales
that grew by less than 10% or shrank. Some exited non-core and
non-profitable businesses. Others identified operational efficiencies,
diversified their business model or grew overseas.
Sales increased by 0.9%, but profits increased 38.1% after it
improved efficiency and minimised costs
Telent provides communications support for telecoms, railways
and highways operators, as well as 22 emergency services
organisations and 23 local councils. The Warwick firms highestprofile contract is supporting BT on its nationwide broadband
upgrade. In the last year it won contracts with Network Rail
and Transport for London. Mark Plato, 55, is chief executive.
Rocco Forte Hotels
Sales increased by 1.9%, but profits increased 98.1% following

the termination of an onerous lease at a hotel in Prague
FYE
Apr 13
Latest sales
185.4m
Prior sales
181.9m
Profit
22.0m
Staff
2,280
The Forte family has been in the hotel business for four
generations. Sir Rocco Forte, 69, established Rocco Forte Hotels in
1996 and it currently has 10 luxury properties in Britain, mainland
Europe and Russia; and will open in Jeddah by the end of this
year. The London-based business is also planning openings in
Marrakesh, Cairo and Luxor.
Location
Central London
Luxury hotel owner and manager
ghd

FYE
Dec 12
Latest sales
150.4m
Prior sales
155.3m
Profit
27.2m
Staff
672
Location
Central London
2014 Top Track 250
Sales fell 3.2%, but profits increased by 25.9% after it cut its
distribution and selling costs by 11.6%
This hair products supplier has a brand synonymous with hair
straighteners its ghds are sold worldwide. In 2011, it
launched its first hairdryer, the ghd Air, followed by its new
styler, the ghd Eclipse. In 2013, Lion Capital bought the firm
from Montagu Private Equity for 300m and it has since
launched the Aura professional-standard hairdryer and in 2014,
the ghd Curve, its first range of curling tools. It is led by interim
chief executive Sebastian Lazell.
www.fasttrack.co.uk
16
Workforce
Vue Entertainment (No 22) acquisition trail boosted staff

numbers 79% to 7,072.
10
22
71
The Top Track 250 represents some of the biggest private sector
employers in the country, such as facilities maintenance provider
City Refrigeration Holdings (No 37) with 12,294 staff; contract
caterer WSH (No 17) with 11,840 staff; and restaurant operator
Nando's (No 32) with 10,245 staff. 198 companies increased
their headcount through organic growth or acquisitions. Many of
the league table were recognised during the year by The Sunday
Times 100 Best Companies to Work For, for their progressive
staff policies, including Lush (No 61), Swansway Group (No 58),
Pertemps Network Group (No 35) and Gamma (No 233).
More than doubled employees to 10,687 following the

acquisition of retailers Peacocks and Jane Norman
FYE
Mar 13
Latest sales
556.0m
Prior sales
245.7m
Profit
57.4m
Staff
10,687
Location
Dumfriesshire
The Edinburgh Woollen Mill more than doubled its sales of

woollen jumpers to 556m in its last financial year, helped by
the acquisition of Peacocks from its administrators in 2012.
It also bought Jane Norman in 2011, but returned the lossmaking retailer to the administrators in June, putting 157 jobs
at risk. The company, which opened its first shop in Scotland in
1970, is run and owned by chief executive Philip Day, 48.
Clothing retailer
Vue Entertainment
Three acquisitions in two years contributed to the 79% increase

in employees to 7,072
FYE
Nov 13
Latest sales
518.2m
Prior sales
374.8m
Profit
16.9m
Staff
7,072
Location
West London
After three acquisitions in two years, Vue Entertainment has

151 cinemas in nine countries, and sales climbed 38% in 2013
as a result. The chain was formed in 2003 when it bought
36 cinemas from Warner Village. Private equity firm Doughty
Hanson acquired the London-based group for 450m in 2010,
selling it in August 2013 for a reported 935m to Canadian
pension funds AIMCo and Omers. The entire Vue executive
team, including chief executive Tim Richards, 55, reinvested in
the transaction.
Cinema operator
Grew its customer base to more than 1.4m and increased its
workforce by 16% to 1,523
FYE
Dec 13
Latest sales
342.5m
Prior sales
276.3m
Profit
87.0m
Staff
1,523
Location
East Sussex
Hastings sells car and home insurance through brands including

Hastings Direct, Insure, and Peoples Choice. Under chief
executive Gary Hoffman, 53, the East Sussex firm grew sales
by 24% to 342.5m in 2013 by increasing its customer base
to more than 1.4m and improving retention rates. In January,
Goldman Sachs acquired a 50% stake, valuing the company at
about 700m.
Annualised sales
2014 Top Track 250
www.fasttrack.co.uk
17
Family businesses
32% of companies on this years league table are family owned.
When approaching retirement, the current family owners must
consider succession and how best to safeguard the future of the
business. Some will consider outside investment, but most will
hope that a family member has the desire and business acumen
required to take over the reins.
Tim Mead (L) is chairman of Yeo Valley (No 103), and is

the son of founders Roger and Mary Mead (R) .
103
212
236
Yeo Valley
Yoghurt and dairy maker

FYE
Jun 13
Latest sales
256.1m
Prior sales
228.7m
Profit
5.3m
Staff
1,657
Location
Bristol
Suttons Group
Logistics & supply chain services

FYE
Apr 14
Latest sales
156.9m*
Prior sales
154.7m
Profit
10.4m*
Staff
775
Location
Cheshire
Craig Group
Shipping and energy services group

FYE
Apr 13
Latest sales
146.8m
Prior sales
123.3m
Profit
17.4m
Staff
1,062
Location
Aberdeen
2014 Top Track 250
Led by chairman Tim Mead, 51, who is the son of founders

Roger and Mary Mead
Increased sales of organic food over the last two years have
boosted this Bristol business, which makes and distributes a wide
range of dairy products. Yeo Valley was born in the 1970s when
Roger and Mary Mead began selling clotted cream from their
Somerset farm. Son of the founder Tim Mead, 51, has stepped
up to become chairman, and the business is now run by joint
managing directors Karl Tucker, 46, and Adrian Carne, 48.
Led by the son of the founder Michael Sutton, 67, who is

chairman, and his son John, 43, who is chief executive
Suttons is a supply chain services company specialising in the
chemicals, gases, fuels and food sectors. Founded in the 1920s
by Alf Sutton, the group is now led by his son Michael, 67, who
is chairman, and his grandson John, 43, who is chief executive.
Based in Widnes, it has operations in Britain, America, Europe,
the Middle East and Asia, and recent developments include a
joint venture in Saudi Arabia and the acquisition of a trucking
company in China.
Chairman Douglas Craig, 64, runs the company, which now

employs the fourth generation of the Craig family
Craig Group says it runs the largest British wholly-owned fleet
engaged in the UK offshore industry, having invested more
than 250m in 22 new vessels since 2003. The Aberdeen
group provides emergency response, rescue, procurement and
survey services to the global oil and gas industry. Chairman
Douglas Craig, 64, runs the company, which now employs the
fourth generation of the Craig family.
Annualised sales
www.fasttrack.co.uk
18
Automotive industry
In September car sales had risen for more than 30 months in a
row, taking sales of new cars past 1.5m this year. Sales in August
alone were up 9.4% on the prior year. Cheap finance deals and
low interest rates appear to be fuelling this upsurge in demand.
There is a correlation on this year's league table, with 50
automotive businesses that make the list. Companies range from
car dealers to distributors and car manufacturers.
Aston Martin (No 21) is one of 50 automotive companies to
feature on this year's Top Track 250.
21
180
A new Ford dealership in Sunderland and investment in IT

systems helped boost sales 15% and profit 45%
FYE
Dec 13
Latest sales
622.4m
Prior sales
541.1m
Profit
6.9m
Staff
1,591
Location
Newcastle upon Tyne
Employing 1,500 people, this Newcastle-based family business

sells 11 car brands from its 34 dealerships across the North
East, Yorkshire, Teesside, Cumbria and South West Scotland.
Chief executive Mark Squires, 50, is the third generation of
the family in charge since the firm was founded in 1957. In
January, the group agreed a 40m funding package with
Barclays and other lenders, which has been used to finance
two dealerships in Sunderland and Newcastle, and a further
dealership in Sunderland that will open in 2015.
Car dealer
Aston Martin
Celebrated its centenary last year, and appointed Andy Palmer,

as chief executive in September
Sports car maker

FYE
Dec 13
Latest sales
519.2m
Prior sales
461.2m
Profit
16.8m
Staff
1,239
Location
Warwickshire
A 1,000 mile rally, and the lifting of a Vanquish car 1,000ft

above the ground onto the helipad of Dubais Burj Al Arab hotel
featured among Aston Martins centenary celebrations last year.
The Warwickshire company is synonymous with luxury, style and
James Bond, and was owned by Ford from 1994 until 2007,
when it was bought by Middle Eastern investors for 490m.
Former Nissan director, Andy Palmer, was appointed as chief
executive in September. The luxury car manufacturer reported a
25m loss before tax in 2013.
Wrights Group
Pioneered low-floor buses in Britain and is building Londons

new Routemaster buses
FYE
Sep 13
Latest sales
178.9m
Prior sales
156.9m
Profit
4.6m
Staff
1,370
Location
Ballymena, Co Antrim
The Wright Group built a fleet of electric buses that receive a

wireless booster charge from plates in the road, allowing them
to run for longer, and are now being trialled in Milton Keynes.
Founded in 1946 and still owned by the Wright family, the
County Antrim firm pioneered low-floor buses in Britain and is
building Londons new Routemaster buses. Mark Nodder, 58, is
group chairman and chief executive.
Bus manufacturer
2014 Top Track 250
www.fasttrack.co.uk
19
Planned flotations
Household goods retailer Brighthouse (No 73) appointed

WH Smith chairman Henry Staunton as non-executive
chairman in July as it mulls over an IPO.
48
73
233
A return to confidence in financial markets has prompted some

companies to consider an initial public offering (IPO) to raise
finance. Since the league table was first published in 2005, 36
companies have gone on to publicly quote their shares on a
stock exchange, including household appliance supplier AO.com,
online bookmaker Betfair and discount retailer Poundland. Virgin
Money announced its intention to become a listed company in
September, and the company was removed from the league table
on this basis.
In June, Carlyle Group asked investment banks to pitch for a role

advising it on a potential sale or IPO, with a 1bn valuation
FYE
Mar 14
Latest sales
407.5m
Prior sales
349.0m
Profit
20.7m
Staff
5,622
Location
Kearsley, Bolton
Britains biggest chain of dentists appointed a new chief

executive, Terry Scicluna, 57, at the end of last year before
announcing in June that it was considering a stock market
listing. The Bolton-based firm has been growing through
acquisitions, buying the Dental Directory in April for an
undisclosed sum. In 2011 private equity firms Carlyle and
Palamon Capital Partners bought IDH and merged it with
Associated Dental Practices.
Dental Care Provider
Brighthouse
Household goods retailer

FYE
Mar 14
Latest sales
333.3m
Prior sales
297.0m
Profit
39.5m
Staff
2,673
Location
Watford
Gamma
Telecoms network operator

FYE
Dec 13
Latest sales
148.7m
Prior sales
137.2m
Profit
11.2m
Staff
431
Location
Newbury
2014 Top Track 250
Vision Capital has appointed Rothschild to examine its options,

including a possible flotation
This rent-to-buy retailer sells electrical items and furniture on
credit from more than 280 stores nationwide, with customers
making weekly payments. The Watford firm is expanding
rapidly, opening 34 stores in the last two financial years. Led by
Leo McKee, 68, it is majority-owned by Vision Capital, which
backed a 170m secondary buyout from Terra Firma in 2007.
The private equity firm is reported to be planning a flotation
later this year.
Appointed Investec in May to run an investor roadshow as it

mulls over a 150m flotation
Newbury-based Gamma is a provider of voice data, mobile,
and cloud-based call control services to the UK business
market. It operates primarily through a network of more than
650 channel partners including Fujitsu and Capita. The group,
which is 46% owned by Hoxton Assets and led by chief
executive Bob Falconer, 63, is reportedly considering a stock
market listing in 2014.
www.fasttrack.co.uk
20
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 targeted fast growing markets include
Poundworld (No 69), online retailer The Hut Group (No 170) and
Chain Reaction Cycles (No 216). Others have had to diversify or
change their business model to prosper.
Barbour (No 221) was set up 120 years ago and has a range
of 2,000 clothing and lifestyle products.
23
139
221
Pret A Manger
Has successfully diversified into overseas markets with X of its

367 shops outside the UK
FYE
Jan 14
Latest sales
509.9m
Prior sales
435.4m
Profit
23.7m
Staff
7,771
Location
Central London
Using only preservative-free, ethically-sourced ingredients to

make fresh sandwiches, salads and soups each day has proved
a successful format for this London-based high street chain.
Started in 1986, it now has 367 shops worldwide. Under chief
executive Clive Schlee, 55, demand for healthy, convenient
food drove sales above 500m in 2013. Bridgepoint bought a
majority share in the company in 2008 in a 345m deal.
Dr Martens

FYE
Mar 14
Latest sales
209.1m*
Prior sales
160.4m
Profit
29.6m*
Staff
759
Location
Northamptonshire
Barbour
Clothing manufacturer & distributor

FYE
Dec 13
Latest sales
152.4m
Prior sales
137.0m
Profit
29.4m
Staff
818
Location
South Shields
Overcame a steep decline in the early 2000s, and now sells its
footwear in 65 countries
Celebrity fans including pop diva Miley Cyrus have helped signal
a return to fashion for Dr Martens boots after six tough years
in the early 2000s. The Northamptonshire companys footwear
sells in 65 countries around the world, with America its largest
market. In October last year, Permira completed a 300m
buyout of the iconic brand, which continues its revival under
chief executive David Suddens, 67, who steps up to chairman.
Steve Murray takes over as chief executive this month.
Its hard-wearing wet weather clothing and jackets are now

worn by everyone from royals to pop stars
This iconic wax jacket manufacturer was set up 120 years
ago to make hard-wearing wet weather clothing for country
workers and fishermen. The Tyne and Wear companys jackets
are now worn by everyone from royals to pop stars, and it has
a range of 2,000 clothing and lifestyle products. The fourthgeneration family firm is chaired by Dame Margaret Barbour,
74, and is active in 40 countries. Its managing director is
Stephen Buck, 56.
Annualised sales
2014 Top Track 250
www.fasttrack.co.uk
21
ra
tin
gr
ow
10%
73.6
3%
2,785
NES Global Talent

Cheshire
Oct 13
627.0
27%
33.6
38%
514
16

Car dealer
Newcastle upon
Tyne
Dec 13
622.4
15%
6.9
45%
1,591 John Squires & family (100%)
18

Central London
Dec 13
617.4
16%
19.0
40%
1,759
New Mountain Capital (64%),

management (36%)
23
R&R Ice Cream

North Yorkshire
Dec 13
*605.5
24%
*46.9
16%
3,133
PAI Partners (85%), management

(15%)
Gatwick Airport
Gatwick
Mar 14
*593.7
10% *147.0
26%
2,454
GI Partners (42%), Future Fund Board (17%), Abu

Dhabi Investment Authority (16%), other (25%)
ERM
Central London
Mar 13
581.5
17%
63.0
21%
4,576
Charterhouse (55%),
management & employees (45%)
AT Kearney
Management consultancy
Central London
Dec 13
574.4
5%
12.9
36%
3,270 Employees (100%)
Warburtons
Baker
Bolton
Sep 13
562.1
9%
34.6
11%
4,534 Warburton family (100%)
10 109

Clothing retailer
Dumfriesshire
Mar 13
556.0
126%
57.4
11
Mouchel
Support services provider
Surrey
Sep 13
555.3
7%
28.1
146%
6,648
RBS (30%), Lloyds Bank (27%), Barclays

Bank (23%), management (20%)
21
6
7
8
9
19
Ra
Domestic & General

Warranty provider
Ra
10
pe
Sa
le
s
m
Sa
le
s
g
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Op
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it
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632.9
Mar 14
ct
Wimbledon
Co
nc
io
n
at
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ity
13
pa
20
nk
nk
20
14
en
2014 TOP Track 250 league table
CVC Capital Partners (>50%),

management (<50%)
AEA Investors (>50%),
management (<50%)
178% 10,687 Day Family (100%)
12
36
Ridgeway
Car dealer
Newbury
Dec 13
547.0
23%
11.3
11%
1,085
David Newman (90%), John

O'Hanlon (10%)
13
25
Alexander Dennis
Bus & coach manufacturer
Falkirk
Dec 13
541.1
12%
29.0
2%
2,464
Sir Brian Souter (38%), Noble Grossart (35%), Murray

Capital Ventures (11%), Ann Gloag (9%), other (7%)
14
Hillesden Investments
Poultry producer
Northamptonshire
Apr 13
536.2
29%
31.8
122%
3,144
Faccenda family & family trusts

(100%)
15
Cordant Group
Manpower services provider
West London
Jun 14
*536.0
9%
*9.0
20% 30,000 The Ullmann family (100%)
16
26
GM Communications
Central London
Dec 13
534.8
12%
16.8
24%
1,240
H.I.S. Co (32%), Eumitra Holdings

(27%), Taishi Mito (21%), others (20%)
17
29
WSH
Contract caterer
Reading
Dec 13
534.8
15%
23.2
27% 11,840
Alastair Storey (78%), Intermediate

Capital (14%), management (8%)
18
24
Argent Group Europe

Food distributor
Central London
Dec 13
*529.8
10%
*11.7
7%
19
32
Brookfield Rose
Temporary workforce manager
Cheshire
Dec 13
*528.1
11%
*2.1
-54%
125 Matthew Sanders (100%)
20
Kelway
IT services provider
Central London
Mar 14
527.0
48%
14.0
87%
946
Phil Doye & family (55%), Core Capital (28%),

Dan Laws (9%), other management & staff (8%)
21
Aston Martin
Sports car maker
Warwickshire
Dec 13
519.2
13%
16.8
145%
1,239
Investindustrial (37%), Investment Dar (26%), Asmar (19%), Adeem Investment

(11%), Mercedez-Benz (5%), David Richards (1%), Dr. Ulrich Bez (1%)
933
David Gray (60%), management

(40%)
22
55
Vue Entertainment
Cinema operator
West London
Nov 13
518.2
38%
16.9
-4%
7,072
AIMCo & Omers (Canadian pension

funds) (78.7%), management (21.3%)
23
37
Pret A Manger
Central London
Jan 14
509.9
17%
23.7
3%
7,771
Bridgepoint (65%), founders &

management (35%)
24
28

Warrington
Mar 14
508.0
9%
280.4
24%
1,688
Commonwealth Bank of Australia,

JP Morgan Infrastructure Investments
25
42
BGL Group
Insurance intermediary
Peterborough
Jun 14
*507.2
13%
*99.5
-3%
3,400
Family trusts (93%),

management (7%)
2014 Top Track 250
Annualised sales
www.fasttrack.co.uk
22
32%
101.5
6%
1,963
John Whittaker & family (50.1%),

RREEF Infrastructure (49.9%)
Jul 13
499.7
20%
17.6
6%
278
Robert Barnett (43%), Glencairn Nominees Limited (37%),

Highline Investments Limited (10%), William Barnett (10%)
Norwich
Dec 13
497.6
12%
89.5
12%
2,240
KKR & White Deer Management

(72%), management (28%)
Perrys
Car dealer
Northampton
Dec 13
491.5
12%
7.8
56%
1,389
Denise Millard (60%), Ken Savage (20%),

Ray Sommerville (10%), family (10%)
20
Rix
Shipping, oil distributor
Hull
Dec 13
490.1
-1%
4.4
132%
31
34
RAC
Breakdown & motoring services
Walsall
Dec 13
486.0
6%
100.0
43%
32
44
Nando's
Restaurant operator
Southwest
London
Feb 13
485.2
15%
58.2
33
62
The John Clark Motor Group

Car dealer
Aberdeen
Dec 13
470.2
33%
8.9
55%
931 John Clark & family (100%)
34
50
The Range
Discount retailer
Plymouth
Jan 14
*470.0
23%
*46.0
31%
5,800 Chris Dawson & family (100%)
35
46
Pertemps Network Group

Warwickshire
Dec 13
468.4
14%
8.0
-8%
1,313
36
58
Motorpoint
Car supermarket
Derby
Mar 14
*463.3
28%
*8.1
46%
449
37
49
City Refrigeration Holdings

Facilities maintenance provider
Glasgow
Dec 13
*458.5
15%
*9.0
27% 12,294
Euro Garages
Blackburn
Jul 13
438.5
40%
12.4
71%
Opus Energy
Energy supplier
Oxford
Mar 14
433.8
17%
30.4
35%
40
Travelodge
Thame,
Oxfordshire
Dec 13
432.6
13%
41
PA Consulting Group
Management, IT consultancy
Central London
Dec 13
427.9
17%
42.3
9%
2,536
Ra
51
Peel Ports Group

27
45
W&R Barnett
Conglomerate
Belfast
28
35
Acteon
Subsea services provider
29
38
30
38
39
56
Ra
26
pe
O
ra
tin
gr
ow
Sa
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s
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Sa
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Op
of
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it
at
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St
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of
f
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M
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501.9
Mar 13
ct
Liverpool
Co
nc
io
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at
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iv y
ity
13
pa
20
nk
nk
20
14
en
425 John Rix & family (100%)

3,419
39% 10,245
5.6 -214%
Carlyle Group & senior

management (100%)
Capricorn Ventures International
(95%), others (5%)
Management & employees

(75%), LDC & others (25%)
David Shelton (95%), Paul
Winfield (5%)
Lord William, Lady Susan & Kenny
Haughey (99%), other (1%)
1,377 Issa family (100%)

482
GDF Suez (29.99%), Telecom Plus

plc (20%), management (50.01%)
6,380 Institutional investors (100%)

Current & former employees
(75%), trustees (25%)
42
61
Swift Worldwide Resources

Enfield
Dec 13
423.2
19%
16.8
23%
378
Wellspring Capital Management (85.6%),

management & employees (14.4%)
43
73
Graham
Construction contractor
County Down
Mar 14
418.5
30%
5.2
-5%
1,532
Michael Graham (29%), Colin Graham (27%), Robin

Graham (26%), Alan Bill (9%), Andrew Bill (9%)
44
52
Kaspersky Lab
Internet security software
London/Moscow Dec 13
417.6
11%
22.5
-44%
2,953
Management, including Eugene

Kaspersky (100%)
45
Vasanta Group
Business supplies distributor
Sheffield
Dec 13
*414.9
7%
*5.0
52%
1,117
Endless LLP & management (70%), banking

syndicate (17.5%), management (12.5%)
46
Innovia Group
Film manufacturer
Cumbria
Dec 13
*410.7
24%
*42.1
171%
1,601
Arle Capital (84%), management

(16%)
47
69
Harwoods
Car dealer
West Sussex
Dec 13
410.2
20%
9.0
85%
48
64

Kearsley, Bolton
Mar 14
407.5
17%
20.7
30%
5,622
Carlyle, Palamon Capital

Partners, management (<50%)
49
47
Betfred
Bookmaker
Warrington
Mar 13
406.6
23%
30.9
9%
5,755
Fred & Peter Done & family

(100%)
IM Group
Car distributor
West Midlands
Dec 13
399.9
12%
46.7
-2%
50
2014 Top Track 250
776 Guy Harwood & family (100%)
439 Lord Edmiston (100%)
Annualised sales
www.fasttrack.co.uk
23
Dec 13
*398.3
31%
*30.5
62%
564 Geoffrey Warren (100%)
Jul 13
395.8
29%
27.5
23%
575
Peter Kelly (45%), Ravensbury Partners (12%), J.A.S. Nash

Settlement Trust (12%), employees & management (31%)
pe
O
ra
tin
gr
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Sa
le
s
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Sa
le
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Op
of
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it
at
m
in
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St
p
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of
f
it
gr
ow
M
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ol
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th
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West London
ct
nc
io
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iv y
ity
13
pa
Co
Car Giant
Car dealer
51
20
nk
Ra
Ra
nk
20
14
en
52
48
Softcat
IT reseller
Buckinghamshire
53
57
Helston Garages
Car dealer
Cornwall
Dec 13
395.2
8%
12.9
18%
813
David & Betty Carr (90%), Andy

Barrett (10%)
54
67
Stoneacre Motor Group

Car dealer
Doncaster
Apr 14
395.1
15%
7.7
25%
1,380
Christine Teatum (50%), Richard

Teatum (50%)
Eastern Western Motor Group

Car dealer
Edinburgh
Dec 13
393.6
14%
7.7
98%
948 Douglas Brown (100%)
Air Energi
Manchester
Dec 13
385.4
33%
4.8
-50%
404
G's
Salad & vegetable grower
Cambridgeshire
May 13
380.2
9%
6.8
15%
3,024 Shropshire family (100%)
Swansway Group
Car dealer
Crewe
Dec 13
369.1
27%
6.7
43%
626 Michael Smyth (100%)
59 122
Westbridge Foods
Food service & logistics
Malvern
Dec 13
*366.1
38%
*12.3
26%
135
60
65
The Denholm Group

Glasgow
Shipping & oilfield services provider
Dec 13
362.9
4%
18.5
10%
4,057 Denholm & Brown families
61
72
Lush
Cosmetics manufacturer & retailer
Poole
Jun 13
362.9
11%
17.5
-23%
6,659
62
66
Pentagon
Car dealer
Derby
Dec 13
360.8
5%
3.4
22%
850
63
59
Inchcape Shipping Services

Marine services provider
Essex
Dec 12
360.0
14%
23.2
-21%
3,266
Istithmar World Capital (85%),

management & staff (15%)
Ideal Stelrad Group

Radiator & boiler manufacturer
Newcastle upon
Tyne
Dec 13
359.8
9%
33.4
25%
1,795
Bregal Capital (80%), Others

(20%)
55
56
85
57
58
84
64
LGV Capital (>50%)

management (<50%)
Peter McNeil (55%), James McNeil (16%),

Evelyn McNeil (15%), other (14%)
Mark Constantine (38%), Margaret Constantine

(24%), Andrew Gerrie (11%), others (27%)
Reeve family (90%), Andrew
Flinn (5%), Graham Hall (5%)
65
70
Global Energy Group

Energy services provider
Inverness
Mar 13
357.9
43%
27.7
169%
4,410
MacGregor family (75%), Mitsui

(25%)
66
76
Turner & Townsend

Leeds
Apr 14
*357.4
12%
*34.0
13%
3,660
Vincent Clancy (6%), Tom Harrison (6%),

RBC CEES Trustee (EBT) (24%), others (64%)
67
63
Orion Group
Inverness
Dec 12
355.2
15%
12.5
42%
Park's Motor Group

Car dealer
Lanarkshire
Mar 13
347.1
2%
13.3
16%
1,104 Douglas Park & family (100%)
Poundworld
Discount retailer
West Yorkshire
Mar 14
345.3
18%
6.4
31%
4,475
70 164
Zenith Leasedrive
Vehicle lessor
Leeds
Mar 14
*345.2
9%
*33.1
14%
71

East Sussex
Dec 13
342.5
24%
87.0
24%
1,523
Goldman Sachs (50%),

management & employees (50%)
68
69
83
384 Alan Savage & family
Christopher Edwards (37.5%), Laurie

Edwards (37.5%), Chris Edwards Jnr (25%)
488 HgCapital, Management
72
71

St Albans
Dec 13
*336.0
1%
*26.8
11%
2,040
Ontario teachers' pension plan

(>50%), management (<50%)
73
82
BrightHouse
Household goods retailer
Watford
Mar 14
333.3
12%
39.5
14%
2,673
Vision Capital (87%),

management (13%)
74 116
Peter Vardy
Car dealer
Glasgow
Dec 13
*329.4
38%
*6.4
9%
768
Sir Peter and Lady Margaret

Vardy (54%), Peter Vardy (46%)
75
Osborne
Builder, engineering contractor
Reigate
Mar 14
326.8
28%
7.8 -725%
724
Osborne family (93%), John

Oliver (4%), other (3%)
2014 Top Track 250
Annualised sales
www.fasttrack.co.uk
24
ra
tin
gr
ow
17%
3.6
16%
1,478 Rose Saoulli (100%)
77
Almac Group
Craigavon, Co
Armagh
Sep 13
325.3
9%
21.6
25%
3,201 McClay Foundation (100%)
Telent
Communications support provider
Warwick
Mar 14
321.0
1%
17.4
38%
1,465 Tusk Investments (100%)
Vindis Group
Car dealer
Huntingdon
Dec 13
317.9
10%
5.0
68%
725
Nicholl Fuel Oils

Fuel distributor
Londonderry
May 13
315.5
-2%
2.5
43%
129 Hugh & Elizabeth Nicholl (100%)
81 120
Independent Clinical Services

Healthcare staff recruiter
Central London
Dec 13
314.0
38%
26.0
111%
847
TowerBrook (>50%),
Management (<50%)
82 105
McCarthy & Stone

Retirement home builder
Bournemouth
Aug 13
310.8
21%
40.7
19%
899
Goldman Sachs, TPG, other

equity funds
83
Dick Lovett Companies

Car dealer
Swindon
Dec 13
308.2
10%
6.2
9%
84
Direct Wines
Wine merchant
Reading
Jun 14
*307.7
-10%
*11.8
38%
801 Tony Laithwaite & family (100%)
85
Edward Billington & Son

Food manufacturer
Liverpool
Aug 13
306.8
21%
10.9
66%
882 Billington family (100%)

Cambridge
Dec 13
299.9
4%
74.4
15%
766 Sackler Family trusts (100%)
87 127
Lorien
Leeds
Jan 14
295.8
36%
4.1
12%
181
Derek O'Neill (40%), Christopher Sawyer

(40%), James Kelly (6%), other (14%)
88 108
Glyn Hopkin
Car dealer
Romford
Dec 13
294.5
19%
5.7
20%
552
Glyn Hopkin (60%), other

management (40%)
89
AG Thames
Fruit importer, transporter
Dartford
Sep 13
293.4
3%
4.3
33%
671
Leon Aichen (99%), Gwendolyn

Aichen (1%)
98
Sinclair Group
Car dealer
Port Talbot
Dec 13
290.1
10%
4.0
16%
532 Gerald Sinclair & family (100%)
91 224
First Utility
Energy supplier
Warwick
Dec 13
283.5
94%
0.6
-64%
312
Management & employees

(55%) other (45%)
92 148
Robinsons Motor Group

Car dealer
Norwich
Dec 13
283.3
43%
6.2
22%
580
Robinson family (90%),

management (10%)
93 101
Lloyd Motors
Car dealer
Carlisle
Dec 13
281.7
8%
5.8
23%
712 Barry & Bryan Lloyd (100%)
94 112
Mark Group
Energy efficiency specialist
Leicester
Mar 14
*278.0
15%
*20.0
10%
95
92
Countryside
Housebuilder
Brentwood
Sep 13
277.0
3%
22.3
67%
96
99
The Garden Centre Group

Garden centre operator
West London
Dec 13
*276.2
9%
*28.0
47%
3,266 Terra Firma (100%)
97
Barrett Steel
Steel stockholder
Bradford
Sep 13
273.3
5%
6.4
13%
1,034
98
Allen Ford
Car dealer
Warwick
Dec 13
270.9
-27%
4.6
42%
659
99
Clancy Docwra
Contractor & developer
Uxbridge
Mar 14
269.5
13%
3.8
604%
2,040 Clancy family (100%)
The Turner Group

Engineering services provider
Glasgow
Mar 13
262.5
-1%
15.0
20%
1,889 Turner family (100%)
78
77
79
80
86
90
100
74
89
86
97
2014 Top Track 250
pe
Sa
le
s
m
Sa
le
s
g
pr
Op
of
er
it
at
m
in
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St
p
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of
f
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gr
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M
th
ai
n
sh
ar
eh
ol
de
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th
ar
ye
ia
l
Fi
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lo
c
326.2
Dec 13
ct
Cheshire
Co
Rullion Group
Ra
76
Ra
nc
io
n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
Gary Vindis (50%), Nigel Vindis

family trust (50%)
512 Peter Lovett (100%)
2,300 Cottingham family (100%)

512
Oaktree Capital Management,

Countryside Management
Barrett family (70%),

management & others (30%)
Paul Dunkley (79%), David
Hammond (16%), others (5%)
Annualised sales
www.fasttrack.co.uk
25
ra
tin
gr
ow
10%
3.8
-10%
102 124
MON Motors
Car dealer
Cwmbran
Dec 13
258.3
16%
3.3
136%
103 119
Yeo Valley
Yoghurt & dairy maker
Bristol
Jun 13
256.1
12%
5.3
28%
104 159
Motorline Holdings
Car dealer
Canterbury
Dec 13
254.9
34%
5.2
116%
611
Gary Obee (33.3%), Glen Obee

(33.3%), Thomas Obee (33.3%)
105 147
The Best Connection

Birmingham
Nov 13
*254.7
28%
n.a. -100%
630
Co-founders (71%), other

management (29%)
106 185
Spire Automotive
Car dealer
Watford
Dec 13
251.5
51%
6.0
18%
386
Darren Guiver (70%), Kim

Richardson (30%)
107
Princess Yachts International

Motor yacht builder
Plymouth
Dec 12
249.9
20%
20.4
-25%
2,271 L Capital & others
108 111
Arco
Safety equipment supplier
Hull
Jun 13
249.2
2%
13.5
26%
1,443 Martin family (97%), other (3%)
109 133
ScS
Sofa & carpet retailer
Sunderland
Jul 13
245.6
18%
6.9
205%
1,531 Sun Capital Partners Inc (100%)
110 138
Office
Shoe retailer
Central London
Jan 13
243.4
19%
30.9
21%
2,823
111
Harkand Group
Aberdeen
Sep 13
242.8
136%
53.9
769%
816
112 145
Day Lewis
Pharmaceuticals retailer
Croydon
Mar 14
*240.8
20%
*18.5
7%
113 129
Wellness Foods
Health food manufacturer
Surrey
Dec 13
239.1
11%
10.3
13%
1,494
114 126
Polestar
Contract printer
Dunstable
Sep 13
238.9
10%
10.5
33%
1,847 Sun European Partners (100%)
115
Midwich
Audio-visual products distributor
Norfolk
Dec 13
*233.7
11%
*8.5
13%
425
Stephen Fenby & family (90%),

others (10%)
116 125
Drive Motor Retail

Car dealer
Leicester
Dec 13
233.2
5%
3.7
11%
699
Steve Bessex (49.5%), Paul Manning

(49.5%), General Motor UK (1%)
117 149
Cognita
Schools operator
Milton Keynes
Aug 13
232.6
18%
9.1
236%
4,098
Bregal Capital, KKR,

management
118 146
Gardners Books
Book & DVD wholesaler
Eastbourne
Feb 14
*232.2
16%
*6.3
-11%
1,083
Yvette Stafford (30%), Jonathan Little (30%),

Andrew Little (30%), Alan & Jean Little (10%)
119
Anglian Group
Home products supplier
Norwich
Mar 14
229.9
10%
11.6
49%
1,961
Consortium of financial institutions

120 150
Gardline Shipping
Marine science services provider
Great Yarmouth
Apr 13
228.8
16%
19.1
-32%
1,662 Gregory Darling & family (100%)
121 173
William Jackson Food Group

Food producer
North
Humberside
Apr 13
228.5
27%
12.9
19%
1,729
122
JW Galloway
Beef & lamb processor
Stirling
Mar 13
228.2
5%
4.2
274%
749
123
HSS Hire Group

Tool & equipment hirer
Heathrow
Dec 13
225.8
24%
19.8
881%
2,612
Exponent (>50%), management

(<50%)
124 137
South Staffordshire
Water utility
Walsall
Mar 14
*224.7
10%
*47.5
11%
2,370
KKR Global Infrastructure Fund

(65.9%), other (34.1%)
125 139
Caff Nero
Coffee house operator
Central London
May 14
*222.9
9%
*23.5
10%
3,826
Gerry Ford (60%), Paladin

Partners (30%), staff (10%)
2014 Top Track 250
pe
Sa
le
s
m
Sa
le
s
g
pr
Op
of
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it
at
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St
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261.4
Dec 13
ct
Norwich
Co
RG Carter
Building contractor
Ra
101
Ra
nc
io
n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
1,094 Robert Carter & family (100%)

626 Cleverly family (100%)
1,657 Mead family (100%)
Silverfleet Capital (68%),

management & staff (32%)
Oaktree Capital Managements
(63%), other (37%)
1,427 Kirit Patel (100%)

Erbium Capital (72%), Bank of
Ireland (13%), others (15%)
Jackson family (88%), former

employees (12%)
Ian Galloway CBE & family
(87%), others (13%)
Annualised sales
www.fasttrack.co.uk
26
ra
tin
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19%
3.4
70%
611
127 167
Tunstall
West Yorkshire
Sep 13
221.0
21%
10.2
-39%
2,912
Charterhouse (62%), Bridgepoint

Capital (18%), management (20%)
128 157
Johnsons Cars
Car dealer
Redditch
Dec 13
221.0
15%
2.3
13%
643
Management (53%), Dale family

(47%)
129 132
Global Radio
Radio broadcaster
Central London
Mar 13
219.5
5%
37.1
12%
1,111 Private shareholders (100%)
130 130
Control Risks
Risk management consultancy
Central London
Mar 14
*218.2
3%
*21.8
63%
2,220
Management, employees & ex-employees

(73%), NVM Private Equity (20%), Hiscox (7%)
131
Longcross
Surrey
Mar 13
216.0
5%
1.2
22%
331
John Beament (40%), Gary Earle

(30%), Mark English (30%)
132
Sigma Pharmaceuticals
Pharmaceutical distributor
Watford
Aug 13
214.9
21%
2.4
39%
270
Bharat Shah & family (66%),

Orion Trust (34%)
133 168
Westover Group
Car dealer
Bournemouth
Dec 13
211.9
17%
6.0
14%
551
Peter Wood & family trust

(100%)
134 162
Sparrows Offshore Group

Aberdeen
Dec 13
211.7
14%
15.5
10%
135
Stewart Milne
Housebuilder
Aberdeen
Jun 13
211.1
-21%
16.6
10%
136
Forth Ports
Edinburgh
Dec 12
211.0
15%
63.7
21%
1,197
137 163
Peoples
Car dealer
Edinburgh
Jul 14
*210.5
13%
*4.4
7%
393
138
Alliance Medical
Diagnostic imaging services
Warwick
Mar 14
*210.2
-4%
*24.2
297%
1,417
Banking syndicate of Lloyds, Commerzbank

& M&G Investments, management
139 196
Dr Martens
Northamptonshire Mar 14
*209.1
30%
*29.6
22%
759
Permira (70%), Griggs family &

settlements (20%), management (10%)
140 152
Ferndale Foods
Ready-meals producer
Somerset
Mar 13
208.8
8%
7.5
21%
2,445
Bigwood family (96%), S Harmer

(4%)
141 153
LGC
Analytical services laboratory
Southwest
London
Mar 14
*207.3
8%
*7.9
13%
1,948
Bridgepoint (>50%),
management (<50%)
142
Arran Isle
Building product distributor
Halifax
Dec 13
206.5
7%
3.5
400%
942
Robert Barr (20%), Robert McTighe

(20%), other management (60%)
143 179
Lightcliffe
Car dealer
Warrington
Dec 13
*206.4
17%
*1.8
-35%
506
Ian Rutter (80%), Michael

Ostrowski (20%)
144 176
Dawnus Construction
Civil engineering contractor
Swansea
Dec 13
206.2
16%
16.7
-8%
1,840
Co-founders (90%), other

management (10%)
145 161
Day's Motor Group

Car dealer
Swansea
Dec 13
205.4
10%
10.9
8%
514
146 172
VIP Computer Centre

IT component distributor
Warrington
Jun 13
204.7
14%
2.3
-3%
214 Sahni family (100%)
147 170
Midas Group
Builder
Bristol
Apr 14
202.9
12%
2.0
93%
378
148 188
AvailableCar
Car dealer
Cheshire
Dec 13
202.6
22%
5.3
-3%
409 Graham & Alison Bell (100%)
149
Bulkhaul
Specialist chemical logistics
Middlesbrough
Jun 13
202.0
3%
17.7
60%
839
Stephen Gibson (75%), Michael

O'Neill (25%)
150
Hill
Housebuilder
Waltham Abbey,
Essex
Dec 13
200.7
30%
14.2
92%
257
Hill family (85%), employee trust

& management (15%)
94
2014 Top Track 250
pe
Sa
le
s
m
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Op
of
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it
at
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of
f
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M
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sh
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th
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l
Fi
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lo
c
221.5
Dec 13
ct
Nottingham
Co
Sandicliffe
Car & van dealer
Ra
126
Ra
nc
io
n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
Woodhouse & Barton families

(100%)
1,855 AEA Investors, management

724 Stewart Milne & family (100%)
Arcus Capital European Infrastructure Fund (63%),
Canadian Public Sector Pensions Fund (37%)
Brian Gilda (85%), Stewart
Ramsay (15%)
Graham Day (34%), Jillian Day (34%),

Geoffrey Day Settlement (32%)
Steve Hindley (63%), Michael

Hocking (32%), Alan Hope (5%)
Annualised sales
www.fasttrack.co.uk
27
ra
tin
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42%
152 174
Fat Face
Clothing retailer
Hampshire
May 14
*200.1
12%
*30.8
32%
153 200
CHI & Partners

Advertising agency
Central London
Sep 13
199.9
26%
4.9
18%
154
CNG
Commercial gas supplier
Harrogate
Apr 14
*196.6
25%
*5.2
85%
74
Jacqui Hall (28.3%), Tim Jones (28.3%), Chris

England (28.3%), other management (15%)
155
Heron Food Group

Discount food retailer
Melton, East
Yorkshire
Dec 12
194.7
20%
4.4
-38%
2,438
Andrew Heuck (33.3%), David Heuck

(33.3%), Michael Heuck (33.3%)
156
Holdcroft
Car dealer
Stoke-on-Trent
Dec 13
194.4
22%
2.1 -341%
157
Ogilvie Group
Vehicle lessor
Stirling
Jun 14
*194.0
12%
*3.0
62%
470 Ogilvie family (100%)
158 210
Kitwave Wholesale Group

Food & drink wholesaler
North Shields
Apr 13
193.1
25%
3.8
53%
299
Paul Young (56%), NVM Private Equity

(40%), David Brind & David Brock (4%)
159 158
Wood Mackenzie
Edinburgh
Dec 12
190.8
21%
79.5
21%
829
Hellman & Friedman (63%), Charterhouse

(13%), management & staff (24%)
160 212
Lakehouse
Asset & energy support services
Romford
Sep 13
190.6
24%
7.3
48%
683
Steve Rawlings (47%), Stuart Black

(11%), Carol King (10%), other (32%)
161 180
Drayton Group
Car dealer
West Midlands
Dec 13
190.5
10%
3.5
17%
378
Guest family (77%), Ken & Jane

Forbes (23%)
162
Huntswood
Customer service provider
Reading
Sep 13
190.4
39%
42.4
47%
1,695
163
Crown Oil
Fuel & lubricant distributor
Bury
Aug 13
188.4
19%
5.9
41%
147 Greensmith family (100%)
164
The Emerson Group

Builder, property developer
Cheshire
Apr 14
*187.9
14%
*67.2
20%
509
Peter Emerson Jones & family

trusts (100%)
165
Pentagon Freight
International freight forwarder
Orpington, Kent
Apr 13
186.0
18%
5.5
25%
496
Geoffrey Smith (84%),

management (16%)
166
Kent Foods
Food distributor
Glasgow
Dec 13
185.9
25%
4.6
-27%
83
167 169
JJ Food Service
Food distributor
Enfield
Mar 13
185.5
3%
4.5
89%
168
Rocco Forte Hotels

Luxury hotel owner & manager
Central London
Apr 13
185.4
2%
22.0
98%
2,280
Sir Rocco Forte, family & trusts

(99%), third-party investors (1%)
169 192
Beadles Group
Car dealer
Kent
Mar 14
184.7
13%
3.2
16%
406
Paul Boast (47.3%), Peter Liddle

(47.3%), Richard Johnson (5.4%)
170 204
The Hut Group

Online retailer
Northwich
Dec 13
184.3
17%
9.1
49%
747
Founders & management (40%), private

equity consortium & other investors (60%)
171 214
AH Worth
Farmer & food distributor
Lincolnshire
May 13
183.7
21%
5.4
-6%
767 Worth Family (100%)
172
Freshways
Dairy
West London
Dec 13
*182.0
24%
*3.1
145%
173 229
Gamesys
Online gaming developer
Central London
Mar 13
181.5
27%
57.5
25%
647
174
Forth Holdings
Specialist electrical contractor
Stirling
Aug 13
180.8
11%
4.4
-35%
1,896
175
Toomey Group
Car dealer
Essex
Dec 13
180.6
13%
7.0
5%
2014 Top Track 250
pe
Sa
le
s
m
Sa
le
s
g
pr
Op
of
er
it
at
m
in
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St
p
r
af
of
f
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gr
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M
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ai
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sh
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ol
de
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th
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l
Fi
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lo
c
*200.3
Mar 14
ct
Central London
Co
Essence
Digital marketing agency
Ra
151 221
Ra
nc
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at
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iv y
ity
13
pa
20
nk
nk
20
14
en
n.a. -100%
476
Matt Isaacs (40%), Andy Bonsall (24%), Andrew

Shebbeare (24%), other management (12%)
2,574
Bridgepoint Capital (77%), management

& staff (6%), other (17%)
249 WPP (49%), management (51%)
396 Terry Holdcroft & family (100%)
David Brownlow (61%),

management (39%)
Janet Dalglish (47%), Iain Dalglish

(46%), Donal Kennedy (7%)
826 Kiamil family (100%)
361 Nijjar family (100%)

Co-founders (65%), management
& business angels (35%)
Duncan S Fletcher & family
(93%), other (7%)
459 Michael Toomey (100%)
Annualised sales
www.fasttrack.co.uk
28
ra
tin
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s
3.4
19%
368
177 220
DCS Group (UK)

Toiletry products distributor
Stratford-uponAvon
Dec 13
179.7
21%
3.2
-10%
315 Denys Shortt (100%)
178 227
Megger
Electrical products manufacturer
Dover
Nov 13
179.2
26%
22.3
15%
1,230
TBG, on behalf of ThyssenBornemisza family (100%)
179
Park Resorts
Caravan park operator
Hemel
Hempstead
Mar 14
*178.9
10%
*24.8
8%
2,148
Electra Partners (54%), GI Partners

180 205
Wrights Group
Bus manufacturer
Ballymena,
Co Antrim
Sep 13
178.9
14%
4.6
6%
1,370 Jeffrey Wright (100%)
181 206
Fresh Direct
Food distributor
Bicester
Aug 13
178.8
14%
3.4
-18%
862
182
NSL
Traffic services provider
West London
Dec 13
178.7
17%
2.7
-45%
4,790
183 207
Reynolds
Food distributor
Hertfordshire
Dec 13
178.5
14%
3.0
96%
184 202
Eric Wright Group

Preston
Dec 12
178.2
13%
3.4
6%
538
185
Albert Bartlett
Potato grower
Lanarkshire
May 13
175.3
32%
9.5
5%
877 Ronnie Bartlett (100%)
186
Photobox Group
Personalised product retailer
Central London
Apr 14
175.3
19%
15.7
-3%
768
Investors including Insight Venture Partners, Highland

Capital Partners, Index Ventures & HarbourVest
187 199
Dovecote Park
Premium meat supplier
Pontefract
Sep 13
174.9
10%
4.5
26%
612
Benoni Holding Corporation (33.3%), David

Gunner (33.3%), Richard Canvin (33.3%)
188 247
Snows Motor Group

Car dealer
Southampton
Dec 13
174.3
34%
1.9
17%
489
Snow family (90%),

management (10%)
189
Lagan Construction Group

Builder & civil engineer
Belfast
Mar 13
174.3
36%
4.7
232%
411 Michael Lagan (100%)
190 193
Tayto
Crisp & snack manufacturer
Craigavon,
Co Armagh
Jun 14
*174.0
5%
*6.1
11%
1,419 Hutchinson family (100%)
191
Ovo Energy
Energy supplier
Bristol
Dec 13
171.7
67%
192 184
Addison Lee
Minicab & courier services provider
Central London
Aug 13
171.7
8%
21.5
117%
193 181
GO Outdoors
Outdoor equipment retailer
Sheffield
Jan 13
171.0
11%
3.0
-39%
194
Fayrefield Foods
Dairy product marketer
Crewe
Dec 12
170.7
-21%
2.5
23%
195 182
NFT Distribution
Grocery logistics provider
Derbyshire
Mar 13
169.7
11%
6.3
12%
196
Symington's
Convenience foods manufacturer
Leeds
Feb 14
167.9
12%
7.4
-22%
782
Intermediate Capital Group

(>50%), management (<50%)
197
Michael J Lonsdale
Engineering contractor
Slough
Sep 13
167.4
12%
1.8 -297%
134
Michael Hoodless (60%), Gary

Herbert (40%)
198
FM Conway
Infrastructure services provider
Dartford
Mar 14
165.6
14%
9.9
24%
881
Michael Conway (95%), Kim

Conway (5%)
199
Wagamama
Noodle bar operator
Central London
Apr 14
164.0
13%
5.4
-14%
3,563
Duke Street Capital & Hutton Collins (82%, Duke

Street majority partner), management (18%)
200

Central London
Sep 13
163.6
50%
29.9
71%
1,431
Management & staff (62%),

General Atlantic (33%), other (5%)
2014 Top Track 250
pe
8%
Sa
Sa
le
s
g
pr
Op
of
er
it
at
m
in
g
St
p
r
af
of
f
it
gr
ow
M
th
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n
sh
ar
eh
ol
de
rs
th
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ia
l
Fi
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lo
c
180.4
Dec 13
ct
Hertfordshire
Co
JRL Group
Ra
176 186
Ra
nc
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n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
2.0 -332%
John Reddington (34%), Peter

Moran (33%), Kevin Keegan (33%)
Nigel Harris (60%), Colin Harris

(40%)
AAC Capital Partners (78%),
management (22%)
694 Reynolds family (100%)
247
Eric Wright (51%), Wright family

charitable trust (49%)
Stephen Fitzpatrick (50%),

Sophia Fitzpatrick (50%)
629 The Carlyle Group, Liam Griffin

1,819
3i & YFM (40%), management

(60%)
91 John Kerr (100%)

1,856 EmergeVest, management
Annualised sales
www.fasttrack.co.uk
29
ra
tin
gr
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14%
7.3
3%
704
Management (56%), 3i (34%),

LDC (10%),
202
Jeyes
Cleaning products maker
Cambridge
Dec 12
163.1
-14%
4.1
11%
911
3i & SVP Global (92%), Nish

Kankiwala (5%), Mark Tyldesley (3%)
203
Mulalley
Essex
Mar 14
162.8
20%
13.1
54%
589
O'Malley family (80%), Teresa

Taylor (20%)
204
Mount Anvil
Property developer & contractor
Central London
Dec 13
161.4
196%
15.4
53%
130
Killian Hurley (71%), Mount Anvil Pension

Scheme (15%), Kieran Hurley (5%), others (9%)
205
Principal Hayley
Hotel operator
Harrogate
Dec 13
161.0
5%
27.5
25%
3,039
206 191
Johnston Oils
Oil distributor
West Lothian
Dec 13
*160.3
-2%
*2.0
89%
207
Phipps & Co
Conglomerate
Malvern
Mar 13
160.3
30%
5.1
6%
208
Adare
Marketing services provider
West Yorkshire
Oct 13
160.0
6%
4.8
13%
209 219
Oasis Dental Care

Bristol
Mar 14
*158.1
6%
*9.2
18%
210
Ford & Slater

HGV dealer
Leicester
Dec 13
157.3
6%
1.8
27%
426 Strevens family (100%)
211
Baxters
Food producer
Aberdeen
Jun 13
157.0
17%
9.9
14%
994
212
Suttons Group
Logistics & supply chain services
Cheshire
Apr 14
*156.9
1%
*10.4
17%
775 Sutton family trusts (100%)
213
LWC
Drinks distributor
Manchester
Sep 13
156.7
24%
4.8
17%
465
214
The Dune Group

Footwear retailer
Central London
Feb 14
156.5
6%
4.6
71%
2,066
Daniel Rubin (87%), others

(13%)
215
British Engines
Engineer
Newcastle upon
Tyne
May 14
156.3
12%
19.4
28%
1,173
Lamb family & management

(100%)
216 208
Chain Reaction Cycles

Online bike retailer
County Antrim
Dec 12
155.6
14%
1.1
-89%
217
Charles Tyrwhitt Shirts

Clothing retailer
Central London
Aug 14
*155.3
22%
*16.3
6%
700
Nick Wheeler (95%), Peter

Higgins (5%)
218
Specialist Cars
Car dealer
Stevenage
Dec 13
155.1
13%
1.6
-5%
289
Michael Donovan (50%), Clive

Fletcher (50%)
219
Hatfields
Car dealer
Wakefield
Jan 14
155.0
27%
4.5
55%
324 Williams family (100%)
220
Uniserve
Freight forwarder
Essex
Mar 13
154.5
28%
2.9
-16%
243 Iain Liddell & family (100%)
221
Barbour
South Shields
Clothing manufacturer & distributor
Dec 13
152.4
11%
29.4
20%
818
222
Pork Farms
Food producer
Nottingham
Mar 13
152.1
7%
3.1
196%
1,439
223
The Car People

Car dealer
Wakefield
Apr 14
*152.1
12%
*4.8
25%
342
224
Lucy Switchgear
Electrical component manufacturer
Oxford
Dec 13
152.1
21%
20.8
51%
225
Spearhead International
Integrated food & agri business
Cambridgeshire
Dec 13
152.1
13%
19.1
4%
2014 Top Track 250
pe
Sa
le
s
m
Sa
le
s
g
pr
Op
of
er
it
at
m
in
g
St
p
r
af
of
f
it
gr
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M
th
ai
n
sh
ar
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ol
de
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th
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163.1
Sep 13
ct
Hull
Co
MKM Building Supplies

Builders merchant
Ra
201
Ra
nc
io
n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
Starwood Capital Group (92%),

Management (8%)
144 Johnston family (100%)

283 Phipps family (100%)
812
Caird Capital (75%),

Management (25%)
2,181 Bridgepoint & management
Baxter Family (84%), IFG

Corporate Services (16%)
Robin Gray (55%), John Edward Trust

(33%), Ebrahim Mukadam (12%)
614 Watson family (100%)
Dame Margaret Barbour (51%), Barbour

family trust (46%), Barbour Foundation (3%)
Vision Capital (majority),
management (minority)
Carnell family (76%), other
management (24%)
1,090 Dick family (100%)

1,423
Altima LLP (42%), directors

(12%), others (46%)
Annualised sales
www.fasttrack.co.uk
30
ra
tin
gr
ow
le
s
*4.6
29%
802
227
Immediate Media Co
Magazine publisher
West London
Mar 13
150.7
32%
12.8
31%
846 Exponent (100%)
228 216
ghd
Central London
Dec 12
150.4
-3%
27.2
26%
672
Lion Capital (>50%),

management (<50%)
229
Clugston Group
Scunthorpe
Jan 14
150.2
38%
6.4
81%
538
John Clugston & family (45%), Gait family

(24%), Addison family (19%), others (12%)
230
JacTravel
West London
Oct 13
150.2
22%
7.4
81%
215 Vitruvian Partners, management
231 245
Bettys & Taylors of Harrogate

Cafe operator & food maker
Harrogate
Oct 13
149.1
14%
10.0
2%
232
WCF
Retailer & distributor
Cumbria
Jun 13
148.9
26%
3.9
84%
297 Employees & others (100%)
233 236
Gamma
Telecoms network operator
Newbury
Dec 13
148.7
8%
11.2
19%
431
Hoxton Assets Ltd (46%), Michael Stone (26%),

investment fund consortium & others (28%)
234
Brindley Garages
Car dealer
Wolverhampton
Nov 13
147.0
13%
1.2
54%
365
Robin Brindley (39%), Avril Philipson & family

(35%), Juliet Gill (21%), Che Watson (5%)
235
Tinopolis
Film & television producer
South Wales
Sep 13
146.9
25%
13.4
0%
535
Vitruvian Partners (70%),

management (30%)
236
Craig Group
Shipping & energy services group
Aberdeen
Apr 13
146.8
19%
17.4
14%
237
AESSEAL
Seal manufacturer
Rotherham
Dec 13
146.5
10%
19.1
1%
238
Lifestyle Motor Group

Car dealer
Royal Tunbridge
Wells
Mar 14
146.4
21%
3.4
94%
429
Marc Matthew (50%), Peter

Isted (50%)
239
Computers Unlimited
IT distributor
Northwest
London
Apr 14
145.9
22%
2.1
132%
182
James Sanson (85%), Greenbrook Industries

(10%), Samantha Sanson (5%)
240
Jennings
Car dealer
Tyne & Wear
Dec 13
145.9
17%
1.3
198%
389 Nas Khan (100%)
241
Park Garage Group

Croydon
Jun 14
*145.6
-3%
*1.9
106%
210 Balraj & Sunil Tandon (100%)
242
Oak Furniture Land

Wood furniture retailer
Swindon
Sep 13
145.5
77%
7.2
-2%
616 Jason Bannister (100%)
243
Dalziel
Butchers' supplier
Lanarkshire
Sep 13
144.9
11%
9.6
8%
470
Stuart Dalziel (43%), John Darroch

(21%), EBT (15%), others (21%)
244 226
Whitworths
Food producer & distributor
Northamptonshire Apr 13
144.8
0%
7.6
46%
373
Equistone Partners Europe

245
Keltbray Group
Civil engineering
Southwest
London
Oct 13
144.8
15%
4.5
49%
738 Brendan Kerr & family (100%)
246
Timpson
Retail services provider
Manchester
Sep 13
144.6
6%
13.5
33%
2,648
247
WP Group
Fuel & lubricant distributor
Southampton
Dec 13
143.4
7%
1.3
95%
100
David Fairchild & management (52%),

Barry Fairchild (24%), Sylvia Fairchild (24%)
248
Volac
Dairy nutrition supplier
Hertfordshire
Feb 13
143.2
19%
12.0
43%
290
Neville family (75%), charitable

trust (25%)
249 248
Elbrook Cash and Carry

Cash & carry wholesaler
South London
Jul 13
143.1
11%
2.0
-14%
250
IESA
Supply chain manager
Cheshire
Mar 14
*143.0
21%
*3.4
1%
2014 Top Track 250
pe
2%
Sa
Sa
le
s
g
pr
Op
of
er
it
at
m
in
g
St
p
r
af
of
f
it
gr
ow
M
th
ai
n
sh
ar
eh
ol
de
rs
th
ar
ye
ia
l
Fi
na
lo
c
*150.9
Mar 14
ct
Warwickshire
Co
Davies Turner
Logistics, freight operator
Ra
226
Ra
nc
io
n
at
n
iv y
ity
13
pa
20
nk
nk
20
14
en
1,403
Stephenson family (94%), others

(6%)
Founding family & family trusts

(100%)
1,062 Craig family (100%)

1,668 Christopher Rea (60%), 3i (40%)
John Timpson & family trusts

(100%)
65 Fukhera Khalid (100%)

300
Gresham Private Equity (75%),

management (25%)
Annualised sales
www.fasttrack.co.uk
31
The rules of engagement

The tenth annual Top Track 250 league table ranks Britains
leading private mid-market growth companies by latest sales. It
complements the Top Track 100 annual league table of Britains
private companies with the biggest sales, listing the next 250 firms.
Criteria: Companies must be profitable and report a minimum
10% increase in either sales or operating profit in their latest
accounts. Sales are taken from a companys latest accounts and
exclude 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 have been presented in proportion
on an annual basis. Only companies reporting turnover for
financial years ending after December 2012 are included.
Companies had to be registered in the UK and be independent,
unquoted and ultimate holding companies.
Exclusions: Quoted companies, subsidiaries, joint venture/
consortium organisations, companies that generate the majority
of sales through quoted subsidiaries, not-for-profit companies,
co-operative societies, mutual societies, housing associations,
member-owned buying groups and partnership structures are all
excluded.
Data collection: Sources used included Bureau van Dijks Fame,
Companies House and Experians MarketIQ. Some companies
nominated themselves or were nominated by advisers; others
were identified through research. Fast Track also reviewed and
accepted draft accounts.
The research was concluded on 1 August, 2014. Accounts filed
after that date were not able to be 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 sponsors or
Fast Track, nor are they necessarily the best-run companies.
Nominations: These can be made at Fasttrack.co.uk or sent to
info@fasttrack.co.uk
Some exceptions were made to the qualification criteria set out
above. The compilers decision is final and no correspondence
will be entered into.
2014 Top Track 250
www.fasttrack.co.uk
32
SPONSORS & MEDIA PARTNER

Fast Track would particularly like to thank Grant Thornton
for their fifth year of title sponsorship, Barclays for their
sponsorship for a third year, and The Sunday Times for their
continued support of the Top Track 250 for the last decade.
The sponsors do not endorse, guarantee or recommend
investment in any of the companies.
Sponsors
Mo Merali
Head of Private Equity,
Partner
Dynamic organisations know they need to apply both reason and

instinct to decision-making. At Grant Thornton UK LLP, this is
how we advise our clients every day. We combine award-winning
technical expertise with the intuition, insight and confidence gained
from our extensive sector experience and a deeper understanding
of our clients. The real benefit for dynamic organisations is more
meaningful and forward-looking advice that can help to unlock
their potential for growth.
In the UK, we are led by more than 185 partners and employ
4,200 of the profession's brightest minds. We provide assurance,
tax and specialist advisory services to over 40,000 privately held
businesses, public interest entities and individuals nationwide.
Alan Dale
UK Head of Business
Consulting, Partner
2014 Top Track 250
Grant Thornton is one of the world's leading independent

assurance, tax and advisory firms.
www.grant-thornton.co.uk
www.fasttrack.co.uk
33
Barclays is a major global financial services provider with an

extensive international presence in Europe, the Americas, Africa and
Asia.
Gavin Isle
Co-Head of UK & Ireland,
and Head of South
Region
Richard Phelps
Managing Director,
Wealth, Head of
Corporate & Employer
Solutions
We provide corporate banking solutions to businesses with an

annual turnover of more than 5 million in the UK, and to large
local companies, financial institutions and multinationals in non-UK
markets. We support the success of our clients by providing lending,
risk management, cash and liquidity management, trade finance,
and asset and sales financing.
Our Corporate and Employer Solutions team works with businesses
of any size, offering objective and tailored advice across employee
benefits, stock & reward plans and business risk solutions to help
employers release the potential within their most important asset
their people.
For further information about Barclays, please visit our website
www.barclays.com.
Media partner
The Sunday Times has been Fast Track's media partner for all
18 years.
Dominic O'Connell
Business editor
The Sunday Times is Britains 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.
The Sunday Times business section celebrates its 50th anniversary
this year.
www.thesundaytimes.co.uk
2014 Top Track 250
www.fasttrack.co.uk
34
about fast track

Compiler & publisher
Hamish Stevenson owns and runs Fast Track, which he
founded in 1997 after securing cornerstone sponsorship from
Richard Branson.
Hamish Stevenson
Founder & CEO
He is an associate fellow at Green Templeton College, Oxford

University, where he completed his doctorate and subsequently
established and held the Virgin research fellowship in
entrepreneurship.
The authors
Richard Tyler leads Fast Tracks 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.
2014 Top Track 250
www.fasttrack.co.uk
35
Fast Track
Top Track 250 is compiled by Fast Track, the UK's leading face-toface networking events and research company, which focuses on
top-performing private companies and entrepreneurs.
Its annual national awards events and bespoke dinners provide
an opportunity for entrepreneurs and directors to network and to
meet the sponsors.
Fast Track has compiled league tables on private companies in
partnership with The Sunday Times for the last eighteen years.
It publishes five other annual private company league table awards
programmes:
Tech Track 100 ranks Britain's private technology 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
Profit Track 100 ranks Britains private companies with the
fastest-growing profits
Top Track 100 ranks Britains private companies with the
biggest sales
Fast Track is based in Oxford with 16 staff, and a network of
freelance researchers.
Contact details
Fast Track
Angel Court
81 St Clements Street
Oxford
OX4 1AW
Tel:
Fax:
01865 297 100

01865 297 001
Email: info@fasttrack.co.uk
Web:
www.fasttrack.co.uk
twitter: @ST_FastTrack
2014 Top Track 250
www.fasttrack.co.uk

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Research Report 2014

Britain's leading private mid-market

Top Track 250 Research Report 2014

2014 Top Track 250

KEY THEMES & SELECTED COMPANY PROFILES

2014 TOP TRACK 250 LEAGUE TABLE

the rules of engagement

SPONSORS AND MEDIA PARTNER

ABOUT FAST TRACK

Top Track 250 Research Report 2014

CEO Andy Crossley and CFO Alex Labak joined warranty

This years league table identifies many dynamic mid-market

Benfield Motor Group

1,591 John Squires and family (100%)

Alexander Mann Solutions

New Mountain Capital (64%),

R&R Ice Cream

PAI Partners (85%), management

Global Infrastructure Partners (42%), The Future Fund

Central London Mar 13

Charterhouse (55%), management

3,270 Employees (100%)

4,534 Warburton family (100%)

The Edinburgh Woollen Mill

NES Global Talent

Domestic & General

Top 10 companies on the league table

CVC Capital Partners (>50%),

178% 10,687 Day Family (100%)

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

2014 Top Track 250

Top Track 250 Research Report 2014

This years Top Track 250 companies generated combined sales of

Companies employed a total of 412,000 staff in their latest

Companies had combined operating profits of 4.4bn, up from

Number of companies in each range

The highest number of companies on the league table are based

Dynamic companies: A quarter (63) of companies increased their

Family businesses: 32% of companies on this years league

Average sales in prior year

Average profit in prior year

Typical headcount in prior year

Automotive industry: Car sales have been rising for nearly

2014 Top Track 250

Brands: The league table contains a wide selection of retail

Top Track 250 Research Report 2014

10 biggest sales increases

The Edinburgh Woollen Mill

Oak Furniture Land

Biggest sales movement

Many companies reporting growth this year operate in the

Hyperion Insurance Group

Global Energy Group

10 biggest sales decreases*

Park Garage Group

Nicholl Fuel Oils

Buoyed by an improving British economy, and league table criteria

Acquisitions have also helped to increase top line performance.

2014 Top Track 250

Top Track 250 Research Report 2014

Staff and job creation

Companies employed a total of 412,000 staff in their latest

Highlighting the positive economic outlook, 199 companies

2014 Top Track 250