RESEARCH REPORT 2018 BRITAIN'S 100 BIGGEST PRIVATE COMPANIES - @ST_FASTTRACK #TOPTRACK100 - FAST TRACK
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Research report 2018
Top Track 100 research report 2018 1
Britain's 100 biggest private companies
In association with
@ST_FastTrack
#TopTrack100
Top Track 100 research report 2018 i
CONTENTS
INTRODUCTION 1
Top 10 companies on the league table 1
EXECUTIVE SUMMARY 2
KEY STATISTICS 3
Sales 3
Profits 3
Staff and job creation 3
Margins 4
Debt 4
Foundation dates 5
Regional breakdown 5
Sector breakdown 6
Industry breakdown 6
Main ownership 7
Ownership wealth 7
New entrants 8
Departures from last year's league table 9
CORPORATE ACTIVITY 10
Public-to-private takeovers 10
Ownership changes 10
Significant minority investments 10
Acquisitions, mergers and disposals 11
Acquisitions 11
Mergers 11
Disposals 11
Possible future exits 12
Possible flotations 12
SEVENTEEN YEARS OF TOP TRACK 100 13
Stock market flotations 13
Acquisitions and mergers 13
The first Top Track 100 14
Failures 14
Example Top Track 100 alumni 14
Trends over the 17 years of the Top Track 100 15
Sales & profits 15
Changes since first league table 15
Companies appearing every year since 2002 16
2018 TOP TRACK 100 LEAGUE TABLE 17
METHODOLOGY 21
SPONSORS & MEDIA PARTNER 24
Sponsors 24
Media partner 26
ABOUT FAST TRACK 27
Compiler & publisher 27
The authors 27
Fast Track 28
CONTACT DETAILS 28
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 1
INTRODUCTION
This is the 17th year of The Sunday Times Top Track 100,
which ranks Britain’s biggest private companies by sales. HSBC
is the title sponsor of the league table, and the main sponsors
are Linklaters and PwC.
The Top Track 100 is the only league table of its kind in Britain,
and similar to Forbes’ America’s Largest Private Companies.
To qualify, companies must be unquoted, not subsidiaries, and
registered in the UK, although their ultimate holding companies
may be offshore.
Sir Jim Ratcliffe founded INEOS, which is No 1 for a fourth
year running; the company is looking for a site to begin
production of a vehicle modelled on the Land Rover Defender This year, there are 15 new entrants. The league table companies
have combined sales of £205bn, which is a record. Their
profits (ebitda) are £24bn – another record – but many of the
companies have substantial debts, totalling over £100bn. They
employ 938,100 people, equivalent to 3% of the UK’s workforce.
Chemicals maker INEOS takes the top position for a fourth
consecutive year. It is led by founder & executive chairman Sir
Jim Ratcliffe, who is turning the chemicals giant into a major
force in North Sea oil production and transportation. He is also
positioning it to play a significant role in fracking for gas in the UK.
The figures above illustrate the dynamic contribution of the Top
Track 100 companies to the UK economy, as outlined in more
detail in the following pages.
Top 10 companies on the league table
% annual
Rank Rank Company Sales sales Ebitda
2018 2017 Activity HQ location FYE £m growth £m Staff Main shareholders
INEOS Sir Jim Ratcliffe (60%), John Reece (20%),
1 1 Switzerland/UK Dec 17 *26,862 35.7 *4,891 18,500
Chemicals manufacturer Andy Currie (20%)
Greenergy Brookfield Business Partners (85%),
2 2 Central London Dec 17 †*15,682 5.5 †*94 793
Fuel supplier management (15%)
Swire
3 4 Central London Dec 17 *10,454 31.3 *1,688 94,235 Swire family (67%), others (33%)
Conglomerate
John Lewis Partnership
4 3 Central London Jan 18 10,204 1.8 798 84,500 Employees (100%)
Food & general retailer
EG Group
5 6 Blackburn Dec 17 *4,516 18.3 *265 10,752 Issa family (50%), TDR Capital (50%)
Fuel forecourt operator
MFG Clayton Dubilier & Rice (>50%),
6 St Albans Dec 17 **4,080 178.7 *177 828
Fuel forecourt operator management inc. Alasdair Locke (
Top Track 100 research report 2018 2
Levels of sales EXECUTIVE SUMMARY
Number of companies in each range of sales in
their latest financial year (2016-2018) Key stats
• The companies on the 17th annual Top Track 100 league table had
>£5bn 4
combined sales of a record £205bn, up 16% on the year before
£2bn–£5bn 20 • Ninety of the 100 reported an increase in sales, some as a result
of mergers and acquisitions
£1.5bn–£2bn 14
• Total profits were up 10% to a record £23.5bn, while ebitda
£1bn–£1.5bn 22 margins dropped 1% to 11%. Two-thirds (67) grew their profits
year-on-year, 30 saw a drop in ebitda, and three did not disclose
£750m–£1bn 29 their profits
£700m–£750m 11
• Average profit margins are 11%, with 57 companies seeing a fall
in their margins
• The companies employ a total of 938,100 people, 49,000 more
Levels of ebitda than a year earlier
Number of companies in each range of ebitda profit/ • The companies on the first Top Track 100, published in 2002, had
loss in their latest financial year (2016-2018) combined sales of £72bn and employed 704,000 people
>£250m 19 Debt
£100m–£250m 25 • Total combined debt (including shareholder debts) among the
94 companies that disclosed figures is £100bn, resulting in an
£50m–£99m 20 average debt multiple of five times ebitda. One-sixth (16) of the
companies have debt of more than £1bn, while 28 have debt of
£0m–£49m 32 more than five times ebitda
50,000 3 • Manufacturing is the sector that has grown the fastest, adding
31% to its total sales to reach £43.5bn
25,000-50,000 3
• Services grew 16% to combined sales of £63.0bn
10,000-25,000 21
Ownership & corporate activity
5,000-10,000 15
• One-third (33) of the companies are majority-owned by private
equity, and private equity firms own minority stakes in an
2,500-5,000 25
additional five companies
1,000-2,500 25 • Of the companies that left the table, three were sold, two floated,
and two went out of business
Top Track 100 research report 2018 3
Biggest percentage sales rises KEY STATISTICS
Company Sales
Rank Activity increase
Sales
7
MFG
**178.7%
Sales for the Top Track 100 range from £27bn for INEOS to an
Fuel forecourt operator annualised £708m for car dealer Stoneacre Motor Group, with an
32
Finastra
*147.9% average of £2.0bn and a median of £1.1bn.
Financial software provider
Aston Martin Average sales per employee is £218,000.
70 47.6%
Sports car maker
The Hut Group
91 46.8%
Online retailer Profits
Park's Motor Group
82 41% Profits are measured as earnings before tax, depreciation
Car dealer
amortisation (ebitda), and any exceptionals.
* Supplied by the company
**Consolidation of MFG & MRH (UK) All except one of the 97 companies on the league table that
disclosed ebitda are positive (three chose not to disclose figures).
Biggest percentage sales fall
Profits are up 10% on the previous year to a record £23.5bn, and
Company Sales range from £4.9bn (INEOS) to a £34m loss (New Look).
Rank Activity decrease
The average profit is £243m, the median £89m, and the average
Bibby Line Group
48
Conglomerate
-16.5% profit per employee reached £25,000.
37
Clarks
-8.7% The company with the biggest increase in profits was INEOS
Shoe retailer and wholesaler
(No 1), which increased profits by £1.4bn, from £3.5bn to £4.9bn
Hibu Group in 2017. Three companies, Laing O’Rourke, Sir Robert MacAlpine
94 -8.1%
Digital marketing services provider
and Ovo Energy, turned last year’s losses into profits this year.
New Look
42 -7.4%
Fashion retailer The biggest drop in profits was suffered by New Look where
Arcadia ebitda decreased by £172m, from £138m to a £34m loss in 2018.
28 -5.6%
Fashion retailer
Staff & job creation
Biggest profits (ebitda) The total number of people employed by the league table
companies is 938,100, up from 888,900 the year before. The
Company Profits average is 9,400 staff members, and the median is 4,300.
Rank Activity £m
INEOS The largest employer is Swire (No 3) with 94,000 on the payroll,
1 *4,891
Chemicals manufacturer and Pension Insurance Corporation the smallest with 154.
Heathrow
15
Airport
1,760 Twelve of the companies hired a new chief executive in the last 12
months, up from ten that did so in the previous year. Examples
Swire
3
Conglomerate
*1,688 include Henry Birch at Shop Direct (No 26), who joined in May
Thames Water (Kemble)
from the Rank Group; and Flor Healy at Samworth Brothers (No
24 1,155 61), who joined from Kerry Foods in January.
Water services provider
Dyson
9 *801
Appliance manufacturer
* Supplied by the company
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 4
Top 10 biggest margins
Company Profit Margins
Rank Activity margin
Average profit margin for the 97 companies for which figures are
Southern Water
78
Water services provider
62.3% available is 11%. Forty companies increased their margins in the
Heathrow
past year, and 57 saw a fall in their margins.
15 61.0%
Airport
Four of the companies with the top-six highest margins are water
Yorkshire Water (Kelda) companies. The two others are airports.
60 57.2%
Water services provider
Thames Water (Kemble)
24 55.9%
Water services provider
Gatwick
85 53.8%
Airport
Anglian Water Group
43 49.8%
Water services provider
Arqiva
64 49.6%
Communications services provider
Peel Ports Group
98 33.4%
Port services provider
Harrods Group
62 30.4%
Department store operator
Edrington
91 29.7%
Whisky and rum distiller
Biggest absolute debt
Company Debt Debt
Rank Activity (£m)
A number of the companies on the table have complex group
Heathrow
15
Airport
14,214 structures, and 31 have their ultimate holding companies
Thames Water (Kemble)
overseas; clarity on their levels of debt is therefore not always
24 11,802 readily available. The figures provided are mainly based on
Water services provider
Swire accounts available at Companies House and do not provide the
3 8,557
Conglomerate full picture.
Yorkshire Water (Kelda)
60
Water services provider
8,445 The combined debt of the companies is at least £100bn. They
range from Heathrow (No 15) with debts of £14.2bn, a legacy of
Anglian Water Group
43 8,147 its privatisation in 2006 by investors including Spain’s Ferrovial, to
Water services provider
companies with no debts, of which there are six: Bet365 (No 20),
Radius Payment Solutions (No 23), Wilko (No 36), Arup (No 38),
Langley Holdings (No 80), and Trailfinders (No 95).
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 5
Foundation dates Foundation dates
Number of companies in each range Fourteen companies, including Swire (No 3) and Sir Robert McAlpine
(No 72), trace their history back to the 19th cenuty.
After 2000 14
The oldest company, Doncasters Group (No 97) was founded in 1778
1950-2000 57 when Daniel Doncaster obtained the company’s first trademark.
Before 1950 14 The youngest companies are British Steel (No 49) and Hibu Group
(No 94), which were established in their current form in 2016 and
Before 1900 14
2013 respectively.
Before 1800 1
Regional breakdown of UK HQs
Scotland
Regional breakdown
6 The majority of companies on the league table are based in London
(32) and the Southeast (21), including seven of the top ten companies
Northwest on the league table.
11 The next most common location for companies on the league
table is the Midlands, with 16 based there, including JCB (No 17) in
N. Ireland Northeast
2 Staffordshire and Bet365 (No 20) in Stoke-on-Trent.
4
Outside London, the cities with the highest concentration of Top
Midlands
Track 100 companies are Liverpool and Reading, which are home to
16 five and four companies respectively.
1
Wales 2
East
5 London
32
Southwest 21
Southeast
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 6
Sector breakdown Sector breakdown
Number of companies in each sector Services (40 companies) and retail (29) are the two largest sectors,
making up two thirds of the league table between them. The biggest
Manufacturing 12
service companies are Swire (No 3) and Pentland Group (No 8), while John
Wholesale 9 Lewis Partnership (No 4) and EG Group (No 5) are the biggest in retail.
In terms of the Top Track 100 sector breakdown, manufacturing
and services are the sectors with the highest sales growth since last
Construction 10
year, up 31% and 16% respectively. The increase is partly a result of
the growth in INEOS’ sales, which added £7bn in 2017 from its oil &
gas activities in the North Sea; the services sector increase is mainly
as a result of growth at Swire, which expanded its Coca-Cola bottling
Retail 29
activities in mainland China and the US; and at EMR (No 12), which
benefitted from the increase in commodity prices as demand for
Services 40 ferrous and non-ferrous metals rose.
The sector with the biggest growth in profits was construction, where
profits grew 64% since last year, from £400m to £650m. This was
mainly a result of the turn-arounds at Sir Robert McAlpine and Laing
O’Rourke, which both turned a loss last year into small profits this year.
Industry breakdown
Industry breakdown
Consumer goods 15 Consumer goods, food & drink, automotive and transport make
up half of the table with 50 companies. They include Clarks, the shoe
maker at No 37, Nando’s, the restaurant chain at No 74, Aston Martin
(No 70) and McLaren Group (No 71), and Virgin Trains at No 50.
Food & drink 14
Two other industries are represented by a substantial number of
companies: engineering and business services with 8 companies each.
Transport 11
Three finance companies feature, Domestic & General (No 84) and two
entries new to the table this year, bulk annuity insurer, Pension Insurance
Automotive 10 Corporation (No 41) and payment services firm Paysafe (No 67).
Building related 8
Business services 8
Engineering 8
Recruitment 5
Oil & gas 4
Leisure 4
Other 13
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 7
Ownership types Main ownership
Number of companies by majority ownership type Private equity reclaimed its position as the ownership type controlling
the highest number of companies on the Top Track 100. This has
Management
& staff 7 been the case historically, but in 2017 and 2016, founders and
entrepreneurs owned more companies than private equity firms.
This year, founders and entrepreneurs own 32 companies, with
private equity owning 33, and holding minority stakes in a further five
Family 28 companies.
Of the 15 new entries to the table this year, two are majority-
owned by entrepreneurs. Ovo Energy (No 76) is owned by Stephen
Fitzpatrick, who set up the business in 2009 and holds 75% of the
energy supplier; and Douglas Park owns 80% of car dealer Park's
Private equity 33
Motor Group (No 82), which he founded in 1971.
Entrepreneur Two other newcomers to the table, recruitment firm Pertemps
&/or founder 32
Network Group (No 79) and whisky distiller Edrington (No 91), are
owned by the families of the founder. Car dealer Stoneacre (No 100)
is owned by its management. The remaining ten new entries are
owned by private equity firms.
Founding entrepreneurs run or own stakes in 32 of companies on
the table, such as Sir Jim Ratcliffe’s INEOS (No 1) and Sir Peter Rigby’s
Rigby Group at No 22.
Family ownership is also an important factor on the table, with 28 of
the companies owned by the founding family. These include JCB (No
17), which is led by Lord Bamford, who is son of the founder, and
RES (No 68) and Sir Robert McAlpine (No 72), which are both owned
by McAlpine family trusts.
Ownership wealth
Many owners of companies on the league table are among the richest
individuals in Britain, according to the 2018 Sunday Times Rich List.
The combined wealth of the families and individuals that own stakes
in the companies featured this year is £107bn.
The 10 wealthiest individual shareholders*
Rich Net
Company
Shareholder List worth Top Track 100 company
rank
rank* (£m)*
Sir Jim Ratcliffe 1 21,050 INEOS 1
Sir James Dyson & family 12 9,500 Dyson 9
Sir David & Sir Frederick Barclay 15 7,400 Shop Direct 26
John Reece 16 7,000 INEOS 1
Andy Currie 16 7,000 INEOS 1
Coates family 21 5,754 bet365 20
Sir Richard Branson 29 4,525 Virgin Atlantic, Virgin Trains 16, 50
Lord Bamford 35 3,600 JCB 17
Tom Morris & family 37 3,490 Home Bargains 29
Barnaby & Merlin Swire & family 39 3,300 Swire 3
* According to The Sunday Times Rich List, published 13 May 2018
© 2018 Top Track 100 fasttrack.co.uk
Top Track 100 research report 2018 8
New entrants on this year's league table
Fifteen companies entered the league table that did not feature in
2017, three of which had appeared before.
Recruitment firm Pertemps (No 79) appeared in 2002 and 2003,
as did Hibu Group (No 93) in a previous incarnation, as Yell Group.
Construction firm Miller Homes (No 100) appeared each year from
2002 to 2011.
The highest ranking newcomer is MFG (No 7), which acquired rival
British Steel (No 49) makes its first appearance on the MRH (UK) in a £1.2bn deal in February, following its secondary
Top Track 100, following its buyout from Tata Steel in 2016
buyout by American private equity firm CD&R in 2015.
Ranked at No 40 is Pension Insurance Corporation, which insures
annuity pension schemes for companies such as Cadbury and
Honda. The company is ranked on its gross profits – not on its
statutory turnover figure – as its sales represent the transfer of
pension assets from other companies.
Four of the new entrants operate in the manufacturing sector.
They are British Steel (No 49), car makers Aston Martin (No 70) and
McLaren Group (No 71) and Edrington, the whisky distiller at No 99.
15 new entrants
Company Sales Profit Previous
Rank FYE Reason for entry
Activity £m £m sales £m
MFG
6 Dec 17 **4,080 **177 1,464 MFG acquired MRH (UK) in a £1.2bn deal in February
Fuel court operator
Pension Insurance Corporation Now has more than 100 staff – though employed
41 Dec 17 1,432 432 1,138 through a subsidiary – so now qualifies
Bulk annuity insurer
British Steel †1,198 †62 Greybull Capital completed its acquisition of Tata
49 Mar 17 n/a Steel division in June 2016 to form British Steel
Iron and steel maker
M Group Services Has made five acquisitions over the past two years,
59 Mar 18 *1,025 *56 890
Infrastructure services provider helping sales grow to £1bn
Paysafe Delisted by private equity firms Blackstone and CVC in
67 Dec 17 *893 *236 689
Online payment services a £3bn deal in December
Aston Martin Strong overseas growth helped sales rise 48% to
70 Dec 17 876 231 593
Sports car maker £876m, above the £675m required for inclusion
McLaren Group Amalgamating two divisions into one group helped sales
71 Dec 17 871 45 898
Automotive technology group reach £871m, above the £675m required for inclusion
Ovo Energy 822 18 Strong growth in customer numbers to 890,000
76 Dec 17 717
Energy supplier households nationwide
Pertemps Network Group 805 21 Sales grew 8% as the company expanded into more
79 Dec 17 743 sectors, including PR, communications and office support
Recruitment consultancy
Park's Motor Group Sales grew 41% as year to March 2017 was strong for
82 Mar 17 777 29 551 car sales
Car dealer
Edrington Restructuring and strong investment in IT and brands
91 Mar 18 739 220 701 helped sales grow 5%
Whisky and rum distiller
The Hut Group Acquisitions such as those of cosmetics brand Illamasqua
92 Dec 17 736 69 501 and skincare brand Espa, helped sales grow 47%
Online retailer
Hibu Group Restructured following a debt-for-equity swap, and
94 Mar 17 732 193 797 has focused on US and UK brands
Digital marketing services provider
Peel Ports Group Sales increased 11% following investment in
98 Mar 18 716 239 644 container terminal on the Mersey
Port services provider
Stoneacre Motor Group Sales grew 26% as year to April 2017 was strong for
100 Apr 17 † 708 †14 561 car sales
Car dealer
* Supplied by the company † Annualised figure ** Consolidation of MFG and MRH (UK)
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 9
Departures from last year's league table
Making way for this year’s new entrants, 15 companies lost their
places on the Top Track 100.
Two floated on the stock market, TI Automotive - listing as TI
Fluid Systems - and Bakkavor; and two companies went into
administration, P&H and Monarch Holdings.
Corporate activity brought about the departure of three companies.
MRH (UK) was sold, as were First Utility and de Poel.
Bakkavor, the fresh-prepared meals maker, left the Top
Track 100 having listed on the London Stock Exchange in The disposal of a division meant that Keepmoat Homes’ sales
November valued at £1.04bn
dropped below the £675m required for inclusion this year. The
remaining companies’ sales either fell, or failed to grow sufficiently to
be included this year.
The minimum sales required for inclusion this year grew by £76m,
from £632m last year to £708m this year.
15 departures
Rank Company Sales
FYE Reason for departure
2017 Activity £m
P&H
5 Apr 16 4,435 Entered administration in November, following several rescue attempts
Wholesale distributor
TI Automotive
13 Dec 16 2,746 Floated on the LSE valued at £1.3bn in October
Car parts maker
MRH (GB)
21 Oct 17 2,334 Sold to MFG – new to the table and ranked at No 6 – in £1.2bn deal in February
Fuel retailer and distributor
Bakkavor
28 Dec 16 1,730 Floated on the LSE valued at £1.1bn in November
Fresh prepared meals producer
Lycamobile
43 Feb 17 1,300 Did not file accounts before close of research
Prepaid mobile telecoms provider
Keepmoat Homes Sold regeneration division to French energy firm Engie for £330m in 2017
50 Mar 17 423
Housebuilder and sales dropped to £423m
Alexander Mann Solutions
63 Dec 16 202 Early adoption of new accounting rules meant that sales dropped to £202m
Recruitment consultancy
First Utility
68 Dec 16 917 Company was sold to Shell in Dec for an undisclosed sum
Bundled utility supplier
Monarch Holdings Entered administration in October, following a £165m capital injection in
71 Oct 15 828
Airline and tour operator 2016, which failed to turn around the airline
de Poel Sold to a US recruitment firm, Geometric Results Inc, in January for
78 Dec 16 775
Recruitment outsourcing specialist undisclosed sum
Camelot Sales did not grow fast enough to reach the £675m required for inclusion
86 Mar 17 668
Lottery operator this year
Farmfoods Sales dropped 4% to £669m in 2016, below the £675m threshold required
90 Dec 16 669
Frozen food retailer for inclusion this year
Four Seasons Health Care Sales dropped 6% to £660m in 2017, below the £675m threshold required
92 Dec 17 660
Healthcare provider for inclusion this year
AT Kearney
99 Dec 16 702 Company did not sign off information required for inclusion
Management consultancy
Expro International
100 Mar 17 517 Sales dropped to £517m due to drop in oil & gas sector activity
Oilfield services provider
The company ranked No 100 in this year’s table has sales of £708m
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 10
CORPORATE ACTIVITY
Public-to-private take-overs
After a five-year hiatus, two companies joined the Top Track 100 last
year due to a delisting. This year one company is new to the table
following a de-listing from the London Stock Exchange.
• Formerly known as Optimal Payments, online payment services
Bill Holmes, founder and CEO, tops out Radius Payment
provider Paysafe (No 67) was taken private in December by
Solutions’ (No 23) new HQ, having sold a 24% stake in the private equity firms Blackstone and CVC Capital Partners in a
fleet services provider last year for £150m
£3bn deal
Ownership changes
Two companies changed ownership in the past year:
• Bridgepoint, majority owner of Pret a Manger (No 69), sold
the sandwich chain to JAB Holdings, the investment office for
Germany’s Reimann family in a deal reportedly valuing it at £1.5bn
• The Range (No 86): Founder and managing director Chris Dawson
transferred 100% of the ownership of the value retailer from
himself and his family to his wife Sarah Dawson (as sole owner),
possibly in preparation for a £2bn flotation this year or next
Significant minority investments
• Iceland (No 13) and New Look (No 42): South African private
equity firm Brait Capital upped its stake in its two UK Top Track
100 portfolio companies by 3% and 10% respectively
• Fleet services provider Radius Payment Solutions (No 23) sold
an 18% stake to Inflexion Private Equity in November, in a deal
valuing the business at £800m
• Thames Water (No 24): USS, the UK pension fund for the
universities, acquired an 11% stake, sold by two Canadian
investors; a third investor, Omers, the Canadian municipal
workers’ pension fund, acquired a further 5% stake, upping its
total to 27%
• Anglian Water Group (No 43): 3i sold its 15% stake to Dalmore
Capital and GLIL Infrastructure for £395m, valuing the water
company at £2.6bn
• KCA Deutag, the drilling contractor at No 66, sold a 22% stake to
Al Qahtani Investments to fund its acquisition of Dalma Energy’s
Omani and Saudi Arabian businesses. Dalma Energy is owned by
Al Qahtani Investments
• Private equity firm JC Flowers is in the process of selling its 21%
stake in Pension Insurance Corporation (No 41) to the Abu Dhabi
Investment Authority in a deal valuing the bulk annuity insurer at
£2.9bn
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 11
Acquisitions, mergers and disposals
The Top Track 100 companies have made a number of deals in
the past year, selling divisions and acquiring new entities, despite
the current political and economic uncertainties following Brexit.
The companies are reshaping their structure, in order to meet the
challenges of this year and beyond.
Acquisitions:
EG Group (No 5), founded by brothers Mohsin and A number of companies on this year's table have made large
Zuber Issa, acquired five fuel and convenience store acquisitions in the past year, including:
brands from US retailer Kroger, including Loaf 'N Jug
• INEOS (No 1) bought BP’s Forties pipeline in a $250m (£190m) deal,
which completed in November 2017; and it acquired upmarket
motorcycle jacket brand Belstaff in October, and Swiss football club
Lausanne-Sport, in November, both for undisclosed sums
• Following two acquisitions in mainland Europe in 2017, fuel
forecourt operator EG Group (No 5) acquired 762 US sites from
supermarket chain Kroger for £1.5bn in February
• Bestway Group (No 10) took advantage of the difficulties faced
by several high street chains and operators to acquire 180
vans from P&H’s receivership, in January, for an undisclosed
sum; and Conviviality’s 769 retail outlets Bargain Booze, Select
Convenience and Wine Rack, in April, for £7.5m
• Pentland Brands (No 8) bought cycling accessory brandEndura in
March for an undisclosed sum, and its quoted subsidiary JD Sports
acquired US sports chain Finish Line for $558m (£412m) in June
• Rigby Group (No 22) continued to build its Regional & City
Airports subsidiary when it bought Bournemouth airport in
December for an undisclosed sum; it had previously bought
Exeter and Norwich airports
Mergers:
• Advent International formed Rubix (No 27) in September when
it merged French industrial supplier IPH with UK counterpart
Brammer, which it had taken private in a £222m deal in
February 2017.
Disposals:
Several Top Track 100 companies have sold off divisions in the past
year, including:
• 2 Sisters Food Group (No 11) sold its Goodfella’s pizza division
to Nomad Foods in April a deal estimated to be worth £200m
• Marshall Group (No 19) sold its leasing division, which operated
a 6,000-strong contract-hire fleet, to Bank of Ireland in September
for £42.5m
• A.F. Blakemore (No 44), the retailer and distributor, sold four of
its 12 cash & carry depots in June - two to Bestway wholesale -
and closed three
• Doncasters Group (No 97) sold its subsidiary Nelson Fastener
Systems to US manufacturer Stanley Black & Decker in April this
year for $440m, to pay down debt
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 12
Possible future exits
The following companies on this year’s Top Track 100 are reported to
have flotation plans.
Possible flotations:
• Aston Martin (No 70): is reportedly considering a stock market
flotation, expected to value the car maker at between £4bn and
Aston Martin (No 70) which is both an automotive £5bn
manufacturer and competes in racing events, has
reportedly appointed advisers for a £4bn-£5bn
flotation
• The Range (No 86): founder Chris Dawson was reported in
January to be considering a listing of his value retail chain
• In October, TV masts operator Arqiva (No 64) was said to be
planning a flotation with an estimated price tag of £6bn
• Vue International (No 81) postponed its mooted IPO in June
when its Canadian pension fund owner Aimco reportedly starting
talks with prospective buyers of its 37% stake
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 13
SEVENTEEN YEARS OF TOP TRACK 100
Top Track 100 was launched 17 years ago to track and recognise the
success of the UK’s biggest private companies. Since its launch, 260
companies have appeared on the table, of which 23 have appeared
every single year (see table page 16).
The trends over the 17 years are outlined on page 15.
Shoemaker Clarks (No 37) has featured every year
since 2002, and is bringing some manufacturing back
to the UK this year Stock market flotations
More than 30 companies have floated since featuring on the
table, but some of these were later delisted or merged with other
businesses. There are currently 23 companies still listed on a stock
exchange that previously featured on Top Track 100. They include:
• Bakkavor, the fresh prepared foods producer, featured five
times between 2013 and 2017 before floating in November
valued at £1bn
How the Top Track 100 • Biffa, the waste management company, floated in October 2016
has changed at a market cap of £450m. It is now valued at £600m
• B&M Retail listed in June 2014 valued at £2.7bn, having featured
2002 2018 in 2012 and 2013. It is now valued at £4.1bn
• Visitor attraction operator Merlin Entertainment listed in
Total November 2013 with a £3.2m market cap. It is now valued at £3.9bn
sales
£72bn £205bn
Acquisitions & mergers
Approximately 50 Top Track 100 companies have been acquired
including:
Total
staff • Cash and carry operator Booker first featured on the Top Track 100
in 2005 with sales of £3.4bn. It floated four years later before being
704,000 938,000 acquired by supermarket chain Tesco in a £3.7bn deal in March
• Worldpay, the payment processor, featured three times between
Top 2013 and 2015 before listing in October 2015 valued at £4.8bn. It
company merged with US rival Vantiv in August last year in a deal valuing the
sales £4bn £26.9bn combined group at £22.2bn, of which Worldpay was valued at £9.3bn
• Formula One, the motor racing administrator, was sold to US
Liberty Media for £3.3bn in September 2016, having appeared on
the league table 11 times since 2003
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 14
The first Top Track 100
Companies that appeared in the first Top Track 100 table in 2002
include:
• Virgin Money, the bank, featured with sales of £425m. It floated
in November 2014, and was valued at £1.5bn when the owners
of Clydesdale and Yorkshire banks agreed a £1.7bn takeover with
shareholders in June
• Sir Michael Bishop’s BMI British Midland, with sales of £739m.
Jayne-Anne Gadhia has led Virgin Money since 2006
including through its £1.7bn sale to CYBG in June He sold the airline to Lufthansa in 2009 for an undisclosed sum
2018; and is reported to be stepping down.
• Mike Ashley’s Sports Soccer featured with sales of £325m. It was
later renamed Sports Direct and floated on the stock exchange
in 2007. It is now valued at £2.2bn
Failures
• Department store operator BHS featured between 2002
and 2009. It was sold by Arcadia to investment group Retail
Acquisitions for £1 in 2015, before going into administration in
2016, with the closure of all 164 stores. Its online arm, Bhs.com,
was sold separately, but was shut down in June this year
• Palmer & Harvey, the wholesale distributor, featured every year
from 2002 to 2017, but went into administration in November
despite securing new funding in April 2017
• Airline and tour operator Monarch Holdings first featured in
2009 at No 62 with sales of £813m. It went into administration in
October 2017 due to mounting costs and competition
• MG Rover first featured in 2002 and produced more
than 500,000 cars a year in the 1990s, before it went into
administration in 2005; it was later bought by China's Nanjing
Automobile Group
Example Top Track 100 alumni
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 15
Total sales Trends over the 17 years of the Top Track 100
Over the last 17 years, the biggest private companies in the UK
2018 £205bn
have made an important contribution to the nation’s economy.
2017 £185bn
2016 £173bn
Sales & profits
2015 £178bn
• The combined sales for the companies on the first table was
2014 £202bn
£72bn. Combined sales are now almost three times as much,
2013 £195bn at £205bn
2012 £183bn
• Profits generated by the companies are not directly comparable
2011 £175bn over the period. Operating profits climbed from £2.9bn in 2002
2010 £160bn to £7.7bn in 2007, after which our profit measure changed to
2009 £161bn
ebitda. That was £13.6bn in 2008 rising to £23.5bn this year
2008 £149bn • The increases were due in part to the entry of INEOS in 2003,
2007 £118bn whose profits account for 21% of the total profits of the Top
Track 100 this year
2006 £106bn
2005 £97bn • The fall in sales and staff from 2014 to 2015 was a result of
Boots leaving the table when it was acquired by US chemist
2004 £89bn
chain Walgreens. It had sales of £23.4bn and employed 77,000
2003 £80bn people at the time
2002 £72bn
Changes since first league table
Staff employed
• John Lewis Partnership was ranked at No 1 on the first league
2018 938,000 table in 2002 with sales of £4bn. It is now ranked at No 4 with
2017 982,000 sales of £10.2bn
2016 957,000 • This year’s No 100 has sales of £708m, which would have been
2015 921,000 enough to rank at No 36 in 2002, above Specialist Computers
International, an IT systems integrator, which today is part of
2014 1,010,000
The Rigby Group (No 22). That year, the company ranked at No
2013 1,005,000
100, was window maker Anglian Group with sales of £266m
2012 963,000
• The wealthiest individual owner of Top Track 100 companies
2011 1,011,000
this year, according to the Sunday Times Rich List, is INEOS’ Sir
2010 970,000 Jim Ratcliffe with £21bn. In 2002, it was Sir Philip Green, then
2009 970,000 owner of BHS, with wealth estimated at £1.2bn
2008 950,000
2007 871,000
2006 887,000
2005 930,000
2004 869,000
2003 750,000
2002 700,000
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 16
Companies appearing every year since 2002
Twenty-three companies have featured every year, with all of them,
bar one, owned by the founding families or their staff. The one
private-equity owned company, steel business Stemcor Global
Holdings (No 33) was family-owned from 1951 until three years ago,
when the company restructured following heavy losses, and Apollo
Global Management and others swapped the debt they held in the
business for equity.
Lord Bamford is chairman of JCB (No 17), which has The list below includes companies that have changed over the
appeared on Top Track 100 every year since 2002, and
recently launched the company's first electrical digger
past 17 years. Arcadia (No 28) was merged with BHS in 2009: it is
included on the list on the basis that at least one of the two has
appeared on the Top Track 100 in each of the past 16 years. In
2004, The Rigby Group merged its two entities, Specialist Computer
Holdings and Specialist Computers International, both of which
appeared on the table in 2002 and 2003.
23 companies appearing for 17 consecutive years
Rank Rank Latest
Name Activity FYE Ownership
2018 2002 sales £m
3 4 Swire Conglomerate Dec 17 *10,454 Swire family (67%), Others (33%)
4 1 John Lewis Partnership Food and general retailer Jan 18 10,204 Employees (100%)
7 24 Arnold Clark Automobiles Car dealer Dec 17 *3,931 Clark family & trusts (100%)
12 83 EMR Metal recycler Dec 17 *3,100 Sheppard family (100%)
16 8 Virgin Atlantic Airline and tour operator Dec 17 2,664 Virgin Group (51%), Delta Air Lines (49%)
17 25 JCB Construction machinery manufacturer Dec 16 2,621 Bamford family interests (100%)
19 47 Marshall Group Conglomerate Dec 17 *2,604 Sir Michael Marshall, Robert Marshall & family trusts (71%), others (29%)
22 37 The Rigby Group Conglomerate Mar 17 2,167 Sir Peter Rigby and family (100%)
26 5 Shop Direct Internet retailer Jun 17 1,930 Sir David Barclay & Sir Frederick Barclay family settlements (100%)
28 15 Arcadia Fashion retailer Aug 17 1,905 Lady Tina Green and family, Lloyds Banking Group
33 19 Stemcor Global Holdings Steel trader Dec 17 1,651 Apollo Global Management (32%), Monarch (25%), Others (43%)
35 58 Wates Construction contractor Dec 17 1,530 Wates family (100%)
36 28 Wilko Value retailer Jan 17 1,513 Wilkinson family (100%)
37 20 Clarks Shoe retailer and wholesaler Feb 18 †1,511 Clark family (84%), employees & institutions (16%)
38 87 Arup Design & engineering consultancy Mar 17 1,510 Employees through trusts (100%)
40 70 Bloor Investments Builder and motorcycle maker Jun 17 1,442 John Bloor (100%)
43 55 A.F. Blakemore & Son Retail, wholesale and distribution Apr 17 1,300 Blakemore family (100%)
50 49 Virgin Trains Train operator Mar 17 1,141 Virgin Group Holdings (51%), Stagecoach (49%)
58 71 OCS Group Facilities services provider Jan 18 1,025 Goodliffe family (100%)
63 65 River Island Fashion retailer Dec 16 †952 Bernard Lewis & family (100%)
65 81 Bowmer & Kirkland Construction contractor Aug 17 928 Kirkland family & family trusts
72 34 Sir Robert McAlpine Construction contractor Oct 16 870 McAlpine family (100%)
88 9 Unipart Group Manufacturing & logistics consultancy Dec 17 758 Management & staff (52%), pension schemes (48%)
* Supplied by the company † Annualised figure
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 17
2018 TOP TRACK 100 LEAGUE TABLE
% annual
Rank Rank Company Sales sales Ebitda
2018 2017 Activity HQ location FYE £m growth £m Staff Main shareholders
INEOS Sir Jim Ratcliffe (60%), John Reece (20%),
1 1 Switzerland / UK Dec 17 *26,862 35.7 *4,891 18,500
Chemicals manufacturer Andy Currie (20%)
Greenergy Brookfield Business Partners (85%),
2 2 Central London Dec 17 †*15,682 5.5 †*94 793
Fuel supplier management (15%)
Swire
3 4 Central London Dec 17 *10,454 31.3 *1,688 94,235 Swire family (67%), Others (33%)
Conglomerate
John Lewis Partnership
4 3 Central London Jan 18 10,204 1.8 798 84,500 Employees (100%)
Food & general retailer
EG Group
5 6 Blackburn Dec 17 *4,516 18.3 *265 10,752 Issa family (50%), TDR Capital (50%)
Fuel forecourt operator
MFG Clayton Dubilier & Rice (>50%),
6 St Albans Dec 17 **4,080 178.7 **177 828
Fuel forecourt operator management inc. Alasdair Locke (Top Track 100 research report 2018 18
2018 TOP TRACK 100 LEAGUE TABLE
% annual
Rank Rank Company Sales sales Ebitda
2018 2017 Activity HQ location FYE £m growth £m Staff Main shareholders
Shop Direct Sir David Barclay & Sir Frederick Barclay
26 27 Liverpool Jun 17 1,930 5.7 236 3,869
Internet retailer family settlements (100%)
Rubix
27 87 Central London Dec 17 *1,913 13.2 *109 8,330 Advent International, management
Industrial parts distributor
Arcadia Lady Tina Green & family,
28 24 Central London Aug 17 1,905 -5.6 198 23,424
Fashion retailer Lloyds Banking Group
Home Bargains
29 33 Liverpool Jun 17 1,869 16.6 209 18,048 Tom Morris & family (100%)
Value retailer
Healthcare at Home Burton upon Vitruvian Partners (73%), Hutton Collins (17%),
30 32 Oct 17 1,813 10.7 19 1,706
Home healthcare provider Trent management (10%)
ISG
31 34 Central London Dec 17 *1,709 8.8 *45 2,659 Cathexis (100%)
Construction services provider
Finastra
32 31 Central London May 17 *1,653 147.9 *n/a 10,000 Vista Equity Partners
Financial software provider
Stemcor Global Holdings Apollo Global Management (32%),
33 37 Central London Dec 17 1,651 13.5 38 475
Steel trader Monarch (25%), Others (43%)
Mott MacDonald
34 41 Croydon Dec 17 *1,549 10.1 *62 14,730 Employees (88%), trust (12%)
Engineering, management & development
Wates
35 40 Surrey Dec 17 1,530 6.1 27 3,972 Wates family (100%)
Construction contractor
Wilko
36 36 Nottinghamshire Jan 17 1,513 3.3 49 11,243 Wilkinson family (100%)
Value retailer
Clarks Clark family (84%),
37 29 Somerset Feb 18 †1,511 -8.7 †96 13,897
Shoe retailer & wholesaler employees & institutions (16%)
Arup
38 45 Central London Mar 17 1,510 21.7 198 13,346 Employees through trusts (100%)
Design & engineering consultancy
Willmott Dixon
39 42 Hertfordshire Dec 17 1,480 21.0 20 2,062 Family & management (100%)
Construction contractor
Bloor Investments
40 49 Derbyshire Jun 17 1,442 25.5 215 3,230 John Bloor (100%)
Builder & motorcycle maker
Pension Insurance Corporation Renet Investments, JC Flowers, CVC Capital
41 Central London Dec 17 1,432 25.8 432 154
Bulk annuity insurer partners, Legend Holdings
New Look Brait (90%), Tom Singh & other
42 38 Central London Mar 18 1,348 -7.3 -34 17,943
Fashion retailer management (10%)
Anglian Water Group CPPIB (32.9%), CFSGAM (32.3%), IFM Investors (19.8%),
43 48 Cambridgeshire Mar 17 1,348 10.6 672 4,726
Water services provider Dalmore Capital & GLIL Infrastructure (15%)
A.F. Blakemore & Son
44 44 West Midlands Apr 17 1,300 1.4 17 7,735 Blakemore family (100%)
Retail, wholesale & distribution
JCT600
45 47 Bradford Dec 17 *1,251 2.0 *31 2,185 Jack Tordoff (100%)
Car dealer
Listers Stratford-upon-
46 46 Mar 18 *1,230 0.4 *20 2,355 Bradshaw family (50%), Lister family (50%)
Automotive retailer Avon
Rontec Ronson Family Trusts / Charitable
47 55 Watford Sep 17 1,230 23.1 39 298
Roadside retailer Foundation (100%)
Bibby Line Group Sir Michael Bibby & family (89%),
48 39 Liverpool Dec 16 1,203 -16.5 14 4,934
Conglomerate management & others (11%)
British Steel
49 Scunthorpe Mar 17 †1,198 n/a †62 4,978 Greybull Capital (100%)
Iron and steel maker
Virgin Trains
50 51 Central London Mar 17 1,141 6.4 66 3,272 Virgin Group Holdings (51%), Stagecoach (49%)
Train operator
* Supplied by the company † Annualised figure
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 19
2018 TOP TRACK 100 LEAGUE TABLE
% annual
Rank Rank Company Sales sales Ebitda
2018 2017 Activity HQ location FYE £m growth £m Staff Main shareholders
W&R Barnett
51 59 Belfast Jul 17 1,113 17.7 64 1,485 Robert Barnett & family (100%)
Conglomerate
Reed Specialist Recruitment
52 57 Central London Jun 17 1,068 7.6 14 2,101 Reed family (100%)
Recruiter
Matalan
53 53 Liverpool Feb 18 *1,063 2.4 *105 13,579 Hargreaves family (100%)
Value retailer
William Grant & Sons
54 66 Banffshire Dec 16 1,062 20.3 270 2,113 Grant & Gordon families
Sports distiller
Lamex Food Group Phil Wallace & family trusts (24%), Steve Anderson (24%),
55 72 Hertfordshire Mar 17 1,061 28.6 21 438
Food importer & exporter Colin Dicker & family trusts (16%), others (36%)
Greenhous Group Derek Passant (52%), Kerry Finnon (46%),
56 54 Shropshire Dec 17 1,052 3.8 5 1,049
Car and van dealer Mike Pawson (2%)
Bourne Leisure Peter Harris, families of the late John
57 56 Hertfordshire Dec 17 *1,035 3.9 *247 13,721
Caravan park operator Cook & David Allen, management
OCS Group
58 58 Gatwick Jan 18 1,025 1.6 43 82,623 Goodliffe family (100%)
Facilities services provider
M Group Services
59 Stevenage Mar 18 *1,025 15.2 *56 6,885 First Reserve (80%), Management (20%)
Infrastructure services provider
Yorkshire Water (Kelda) Corsair Infrastructure, GIC, Pan-European
60 52 Bradford Mar 17 1,004 2.8 575 3,674
Water services provider Infrastructure Fund, SAS Trustee Corp
Samworth Brothers
61 64 Leicestershire Dec 16 991 8.8 89 8,550 Samworth family trusts (100%)
Food producer
Harrods Group
62 69 Central London Jan 17 979 16.6 298 4,607 Qatar Holding (100%)
Department store operator
River Island
63 61 West London Dec 16 †952 2.1 †164 11,244 Bernard Lewis & family (100%)
Fashion retailer
Arqiva Canada Pension Plan Investment Board (48%),
64 65 Central London Jun 17 944 6.7 468 2,100
Communications services provider Macquarie (25%), other investors (27%)
Bowmer & Kirkland
65 62 Derbyshire Aug 17 928 -0.3 63 1,319 Kirkland family & family trusts
Construction contractor
KCA DEUTAG Group Pamplona Capital, Al Qahtani Investments,
66 60 Aberdeen Dec 17 904 -3.4 171 6,117
Drilling & engineering contractor BlackRock, Golden Tree, EIG Partners, other funds
Paysafe
67 East London Dec 17 *893 29.5 *236 2,553 Blackstone, CVC, management
Online payment services
RES
68 81 Hertfordshire Oct 17 886 16.7 103 1,602 McAlpine Trusts (100%)
Renewable energy developer
Pret A Manger
69 77 Central London Dec 17 *879 13.2 n/a 12,000 JAB Holdings
Sandwich shop operator
Aston Martin
70 Warwickshire Dec 17 876 47.6 207 1,753 Institutional investors (95%), Daimler AG (5%)
Sports car maker
McLaren Group Bahrain Mumtalakat Holding Company (56%),
71 Woking, Surrey Dec 17 871 -3.0 45 3,178
Automotive technology group TAG Group (14%), Nidala (10%), other investors (20%)
Sir Robert McAlpine
72 67 Hertfordshire Oct 16 870 8.7 8 2,199 McAlpine family (100%)
Construction contractor
Cordant Group Ullmann family (98%),
73 70 West London Dec 17 *851 2.8 *9 38,159
Manpower services provider employee benefit trust (2%)
Nando's Southwest
74 75 Feb 17 848 16.1 142 16,625 Dick Enthoven & family (100%)
Restaurant operator London
WSH Alastair Storey & family (80%),
75 84 Reading Dec 17 *828 13.2 *65 16,270
Hospitality services provider Intermediate Capital (12%), management (8%)
* Supplied by the company † Annualised figure
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 20
2018 TOP TRACK 100 LEAGUE TABLE
% annual
Rank Rank Company Sales sales Ebitda
2018 2017 Activity HQ location FYE £m growth £m Staff Main shareholders
Ovo Energy Stephen Fitzpatrick (75%), Mayfair Private
76 Bristol Dec 17 *822 14.6 *18 1,439
Energy supplier Equity (17%), others (8%)
Morson Ged Mason & family (85%), Paul Gilmour (7.5%),
77 73 Manchester Dec 17 *814 1.0 *25 1,615
Engineering recruitment consultancy Kevin Gorton (7.5%)
Southern Water JP Morgan (40%), UBS Global (22%),
78 74 West Sussex Mar 17 810 0.7 504 2,120
Water services provider Hermes (21%), others (17%)
Pertemps Network Group Management & employees (53%),
79 Warwickshire Dec 17 *805 8.4 *21 1,700
Recruitment consultancy LDC (25%), Tim Watts (22%)
Langley Holdings
80 83 Nottinghamshire Dec 17 792 7.3 110 4,332 Tony Langley (100%)
Engineering equipment maker
Vue International Canadian pension funds AIMCo & OMERS (74.2%),
81 79 West London Nov 17 790 2.3 125 9,714
Cinema operator management (25.8%)
Park's Motor Group
82 Lanarkshire Mar 17 777 41.0 29 1,847 Douglas Park & family (100%)
Car dealer
Moto Universities Superannuation Scheme (60%),
83 76 Bedfordshire Dec 17 776 -0.4 104 5,165
Motorway services provider CVC (40%)
Domestic & General CVC Capital Partners (>50%),
84 91 Wimbledon Mar 18 *771 7.6 *97 2,823
Warranty provider management (Top Track 100 research report 2018 21
METHODOLOGY
Qualification criteria
Sales are taken as turnover as reported in companies' latest
accounts or more up-to-date figures as provided directly to Fast
Track by a chief financial officer, finance director or other senior
company representative. Sales are given net of VAT, and shares from
joint ventures and associate companies are excluded. Sales from
discontinued operations are included where the company prepares
accounts under GAAP but excluded if it prepares accounts under
IFRS. Bookmakers, betting and gaming companies are ranked by net
revenue (amounts wagered less winnings paid out) rather than gross
amounts wagered
Fuel duty is included in turnover, in line with common industry
practice among oil companies. The revenues of recruiters and travel
agents represent a combination of gross fees, commission and
monies handled on behalf of clients. Exchange rates are as quoted
in the accounts or the average for the financial year. For financial
years with fewer or more than 52 weeks, the figures are annualised
on a simple pro-rata basis.
Profits: Companies are not required to be in profit. Profits
are defined as earnings before interest, tax, depreciation and
amortisation (ebitda). Exceptional items, joint ventures and
impairment of assets were excluded.
Data collection: Companies were identified by researching accounts
filed at Companies House, as well as financial data provided by
Bureau van Dijk's Fame database. Where companies were willing
to provide them, Fast Track also reviewed more up-to-date draft
accounts, management account extracts, pro-forma accounts and
accounts filed in overseas territories or available on the companies’
websites. The table is based on historic information, with the latest
available accounts ranging from December 2016 to March 2018.
Corporate structure: Companies have to be unquoted, registered
in the UK and not subsidiaries. They may have their ultimate holding
company offshore, as is the case for more than 30 of the companies.
Exclusions: Cooperative societies were excluded, as were mutual
societies such as Nationwide Building Society, provident associations
such as Bupa, member-owned buying groups such as Nisa, and
partnerships such as lawyers, accountants and management
consultants. Companies that are majority owned by, or equal joint
ventures between, quoted companies are excluded. Companies with
fewer than 100 staff are also excluded.
Incomplete data: Private company information can be incomplete
and, while every effort is made to include all qualifying companies,
as well as up-to-date financial information, there may be omissions.
Nominations for next year’s league table are welcome. Some
exceptions were made to the qualification criteria set out above.
The compiler’s decision is final and no correspondence will be
entered into.
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 22
Other assessments
Main ownership: For the purposes of this report, companies were
classed as being “owned” by private equity firms where these held
more than 50% of the business and “backed” by private equity where
they held 20% to 50%. If the founding entrepreneur retained control
of the company, it was categorised as an entrepreneur-owned
company. This category also includes companies such as Arcadia,
which are owned, although not founded, by an entrepreneur. The
family category was used for companies still under the control of
the family of a deceased or retired founder. The management and
employee category was used for companies where a majority of the
company is owned by management or employees.
Research approach
The main research was conducted by Fast Track between March and
June 2018.
The top 100 companies are ranked by sales from either their latest
audited accounts or on latest figures provided by the companies.
Thirty-five companies provided figures that were not publicly
available by 30 June 2018.
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 23
Sales ranking
Top Track 100 ranks the UK's 100 privately-owned companies by
latest sales, as opposed to other criteria, because:
• Other publications such as Forbes and Fortune have compiled
similar league tables in the US based on sales
• Sales are a relatively simple measure. They are easy to
understand and relatively unambiguous
• Sales are a reasonable indication of size, even if they may not
completely reflect the performance of companies
However, a limitation of ranking companies by sales is that they are
biased towards 'volume' businesses such as wholesalers and retailers.
Gross profit was used to rank one company, Pension Insurance
Corporation (PIC) (No 41), as its statutory turnover represents the
pensions liabilities of its customers, which they pay PIC to take on. Its
sales figure could therefore be regarded as a balance sheet transfer,
and we have chosen to rank it on gross profits.
Alternative rankings
Other measures by which to rank companies were evaluated but had
a number of limitations, including:
• Operating profits or ebitda: are reported more consistently across
companies than gross profit but are volatile from year-to-year. A
league table based on operating profits would exclude many large
companies that operate with low margins
• Pre-tax profits: unquoted companies are likely to keep pre-tax
profits to a minimum to reduce tax liabilities
• Staff: a limited indicator of company size, and distorts toward
labour-intensive sectors, such as retail and services
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 24
SPONSORS & MEDIA PARTNER
Fast Track would particularly like to thank the title sponsor of
Top Track 100, HSBC, for sponsoring the league table for the fifth
year; and our main sponsors Linklaters, which is sponsoring the table
for a fifth year, and PwC, which is sponsoring it for a second year.
The sponsors do not endorse, guarantee or recommend investment
in any of the companies.
Sponsors
HSBC is the title sponsor of Top Track 100 for a fifth year; and has
sponsored Fast Track league tables for 15 years.
HSBC is one of the world’s largest banks. We support over 1 million
UK businesses, among 37 million customers worldwide. In 2017, we
Amanda Murphy
Head of Commercial
won the title of ‘The World’s Best Bank’ in Euromoney magazine’s
Banking, UK Awards for Excellence.
Our international banking network covers 54 international markets
and gives us access to around 90% of world trade flows.
Our regional heads work with experts in markets, liquidity and cash
management to design sophisticated, cross-border solutions.
Alongside specialist teams serving eight key sectors, two further
teams offer core financing support. Our Leverage Finance service
supports deals of all sizes, facilitating M&A, syndication financing, and
access to high-yield bonds and Treasury. Our Commercial Banking
Origination service facilitates and advises on sophisticated corporate
financing in the UK and Europe.
business.hsbc.uk @HSBCUKBusiness
© 2018 Top Track 100 fasttrack.co.ukTop Track 100 research report 2018 25
Linklaters is a main sponsor of Top Track 100 for a fifth year.
Linklaters LLP specialises in advising the world's leading companies
and their owners, financial institutions and governments on their most
challenging transactions and assignments. The firm is a recognised
market leader for delivering outstanding service to clients throughout
John Lane
Partner & Global the world on takeovers, mergers and acquisitions, equity and debt
Co-Head of Equities capital markets transactions, joint ventures, disposals and other
corporate advisory matters.
linklaters.com @LinklatersLLP
PwC is a main sponsor of Top Track 100 for a second year; and has
sponsored Fast Track league tables for 17 years.
We are private business specialists with over 16,000 private
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Private Business Markets business, family business and entrepreneur clients, with more
Leader dedicated specialists on the ground than any other firm. We can
@SuziLDavis
help you spot opportunities for growth, manage risk, save money
and create value and will work with you to put all the pieces
together. We are focused on building long-term relationships,
based on honesty, trust and commitment, and work with our clients
through the ups and downs.
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