2014 Sunday Times Fast Track 100 Research Report

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0 1 I N t r o D U c t I o N0 2 t o p 1 0 Fa s t t r a c k 1 0 0 c o M pa N I e s0 3 e X e c U t I V e s U M M a r Y0 3 o V e r V I e W0 3 k e Y t h e M e s0 4 k e Y s tat I s t I c s0 4 s a L e s B r e a k D o W N0 4 s ta F F a N D J o B c r e at I o N0 5 p r o F I ta B I L I t Y0 5 o p e r at I N G p r o F I t M a r G I N s0 6 e X t e r N a L c a p I ta L0 6 M e r G e r s a N D a c Q U I s I t I o N s0 7 s e c t o r B r e a k D o W N0 8 I N D U s t r Y B r e a k D o W N0 9 r e G I o N a L B r e a k D o W N0 9 s U s ta I N e D G r o W t h1 1 k e Y t h e M e s & s e L e c t e D c o M pa N Y p r o F I L e s1 1 F o U N D e r ’ s a G e1 1 F e M a L e o W N e r s1 1 p r o F I ta B I L I t Y1 2 e X t e r N a L c a p I ta L1 2 I N t e r N at I o N a L a c t I V I t Y1 2 M a N U Fa c t U r I N G1 3 e N e r G Y e F F I c I e N c Y1 3 W e L L - k N o W N B r a N D s1 4 2 0 1 4 Fa s t t r a c k 1 0 0 L e a G U e ta B L e1 8 M e t h o D o L o G Y1 8 Q U a L I F I c at I o N c r I t e r I a1 8 r e s e a r c h a p p r o a c h1 8 D I s c L a I M e r s1 9 t h e V I e W F r o M B G F1 9 o U t s I D e I N V e s t o r s c a N r e a L LY p U M p Y o U r p e r F o r M a N c e2 2 c o N ta c t D e ta I L s

Fa s t t r a c k 1 0 0 r e s e a r c h r e p o r t 2 0 1 4

0 1 I N t r o D U c t I o N

This the second year that BGF has been a main sponsor of Fast Track 100, and we are now also sponsors of the Tech Track 100 too.

The main league table ranks Britain’s one hundred private companies with the fastest-growing sales over their latest three years, and it identifies growth companies across all sectors except technology.

Over the past 18 years, the Fast Track 100 has featured many companies that have gone on to greater success. Past stars include ARM, which is now worth £12.5bn; B&M Retail, which floated in June 2014 and is now worth £2.7bn; and innocent smoothies, which was sold to Coca-Cola for £160m. Some of this year’s household names include fashion retailer Victoria Beckham (No 14), cycling apparel maker and retailer Rapha (No 74), brewer BrewDog (No 40), and restaurant operator Bill’s Restaurants (No 19).

2014’s companies achieved, on average, sales growth of 71% a year over their last three years of accounts, to a total of £3.8bn in 2013/14. Together the companies employ 18,500 staff, and have added 13,500 jobs over the last three years. These figures show the contribution of the Fast Track 100 companies to the British economy, and are outlined in more detail in the following pages.

As always I hope you find both inspiration and insight in the report.

Stephen Welton Chief Executive

The Sunday Times Fast Track 100 identifies the UK’s fastest growing private companies and over the past 18 years has become the definitive barometer of privately-owned growth companies in the UK.


0 2 I N t r o D U c t I o N

t o p 1 0 Fa s t t r a c k 1 0 0 c o M pa N I e s

Rank 2014

Rank 2013 Company Activity HQ location

Financial year end

Annual sales growth over 3 yrs

Latest sales £000 Staff Founded

1 1Anesco Energy efficiency consultancy

Reading Mar 14 374.94% 106,654 92 2008

2The Car Finance Company Vehicle finance provider

Portsmouth Dec 13 229.65% †18,584 200 2007

3Day Webster Healthcare recruitment consultancy

Northeast London Mar 14 205.63% †28,917 90 2009

4Metcalfe's Food Company Retail food brand

Central London May 14 200.78% †9,131 21 2010

5Missguided Online fashion retailer

Manchester Mar 14 191.17% †51,000 443 2009

6Right Formula Motorsport marketing agency

Central London Dec 13 179.77% †5,730 20 2009

7 10G2 Energy Electrical and civil engineer

Buckinghamshire Mar 14 178.61% 12,771 33 2006

8Ambrey Risk Security risk management

Herefordshire Jun 14 175.07% †23,268 60 2010

9Zeus Capital Corporate finance services

Manchester Mar 14 152.72% 25,936 27 2003

10Ovo Energy Energy supplier

Bristol Dec 13 140.14% 171,678 247 2009

§ compound annual growth rate between 2010/11 and 2013/14 † draft, audit exempt or accounts not filed at Companies House

The top company this year is energy efficiency specialist Anesco, led by

chief executive Adrian Pike (pictured).

#1


0 3 e X e c U t I V e s U M M a r Y

o V e r V I e W

n The Fast Track 100 companies increased their sales by an average of 71% a year over three years from a total of £749m to £3.8bn.

n Combined operating profits of the 100 companies were £351m in 2013/14, and more than half of the companies (56) increased their operating profit margins over the last three years.

n 73 companies are majority-owned by an entrepreneur and/or founders.

n Services (44 companies) and retail (36) are the dominant sectors on the league table.

n The majority of the companies are based in London (29) and the Southeast (19).

k e Y t h e M e s

Founder’s age: The founders were, on average, almost 40 years old when they started their business, showing that it is never too late to create your own venture. A fifth of the founders were young entrepreneurs, aged 30 or below, when they set up their business.

Female owners: Nearly a quarter (24) of this year’s league table companies have female co-founders or executives with stakes of 20% or greater.

Profitability: Combined operating profits of the 100 companies were £351m in 2013/14, with a healthy average profit margin of 13.4%.

External capital: Thirty-eight companies have raised external capital, whether from private equity/venture capital firms, business angels, or corporate investors.

International activity: More than half the companies (51) have expanded overseas to boost revenue growth.

Manufacturing: Twenty-six companies are engaged in manufacturing, either directly or indirectly (by outsourcing to third parties).

Energy efficiency: Nine companies provide energy efficiency products or services, such as smart meters, boilers and wind turbines. Their growth has been fuelled by rising energy prices, increased government subsidies and environmental awareness.

Well-known brands: Household names on the league table include fashion retailer Victoria Beckham (No 14), cycling apparel maker and retailer Rapha (No 74), and hairbrush brand Tangle Teezer (No 35).

Growth in sales

Number of companies in each range of Compound Annual Growth Rate (CAGR) of sales over the last three years.

Characteristics of an averageFast Track 100 company

SalesGrowth 2010/11 – 2013/14 71% paSales in 2010/11 £5.9mSales in 2013/14 £29.8m

ProfitsOperating profit in 2013/14 £3.2mMargin 13.4%

StaffTypical number of staff 20-500 in 2013/14 Typical increase in staff 54% pa over three years

Company characteristicsRegion London & southeast (48)Sector Services (44)Founded 2005Majority ownership Entrepreneur

and/or founders (73)

>150%

80%–150%

60%–80%

50%–60%

40%–50%

9

23

15

26

27


0 4 k e Y s tat I s t I c s

Sales breakdown

Number of companies in each sales range

Companies with the biggest sales

Rank Company Activity

2013/14 sales £m

55First Utility Energy supplier

283.5

50Redfern Travel Business travel agent

202.5

94CNG Commercial gas supplier

196.6

56Huntswood Customer service provider

190.4


171.7

s a L e s B r e a k D o W N

n The top ranked company, energy efficiency consultancy Anesco, grew sales by 375% a year, from £996k in 2011 to £106.7m in 2014. It tops the league table for a second consecutive year.

n The 100th ranked company is sports goods retailer SportsShoes.com. Its sales grew 45% a year, from £11m in 2011 to £33.5m in 2014.

n Energy supplier First Utility (No 55) reported the highest sales on the table at £283.5m. Concrete Canvas (No 16), which manufactures concrete impregnated fabrics, had the lowest sales at £5.1m.

n Four fifths (80) of the companies had sales of more than £10m in their latest year, and 19 companies reported sales in excess of £50m, including restaurant operator Bill’s Restaurants (No 19) and online fashion retailer Missguided (No 5).

s ta F F a N D J o B c r e at I o N

n The 100 companies employed 18,700 staff in 2013/14, which accounts for average revenues per employee of approximately £230,000.

n Some 13,500 jobs have been added by the 100 companies over the past three years, which means that their combined workforce has almost quadrupled during that period.

n However, some of these jobs are a result of acquisitions. For example, Nurture Landscapes (No 92) has quadrupled staff numbers to 231 over the past three years, having grown partly through a buy-and-build acquisition strategy.

n The biggest employers on the league table were customer services provider Huntswood (No 56) with 1,695 staff, and restaurant operator Côte Restaurants (No 70), with 1,479.

n 15 companies directly employed fewer than 25 staff, including sports nutrition developer Grenade (No 33), with 10 staff and sales of £6.3m, and media agency Cream (No 30), with 12 staff and sales of £11.2m.

n BullionByPost (No 63) recorded the highest sales per employee. This online gold dealer had 21 staff and sales of £96m in 2014, resulting in average revenues per employee of £4.6m.

33

>£50m

£21m–£50m

£10m–£20m

<£10m

28

19

20

Number of employees

Number of companies in each staff range

>500

151–500

101–150

51–100

26–50

<=25

11

9

21

15

18

26



p r o F I ta B I L I t Yn The Fast Track 100 companies are required to make an operating profit of at least £500,000 in their most recent financial period.

n Combined operating profits of the 100 companies were £350m in 2013/14. This is a 26% increase on last year’s table.

n Customer services provider Huntswood (No 56) achieved the highest operating profits of £42.4m on sales of £190.4m in 2013.

o p e r at I N G p r o F I t M a r G I N sn Zeus Capital (No 9) achieved the highest profit margin of 62%. It had operating profits of £16m on sales of £25.9m in 2014.

n The average profit margin of the Fast Track 100 companies was 13% in 2013/14.

n More than half of the companies (56) increased their profit margins over the last three years. These include companies moving from loss to profit, such as Coryton Advanced Fuels (No 39), which was founded in 2010 and improved margins to 15% on sales of £8.6m in 2014.

1 0 c o M pa N I e s W I t h t h e B I G G e s t p r o F I t s

Rank#

Company Activity Latest FYE

2013/14 OP £m

2013/14 sales £m OP margin

56Huntswood Customer service provider

Sep 13 42.4 190.4 22.3%


Mar 14 16.0 25.9 61.6%

54Centek Oilfield equipment manufacturer

Oct 13 14.8 37.1 40.0%

1AnescoEnergy efficiency consultancy

Mar 14 11.1 106.6 10.4%

88Express Engineering Precision engineer

Mar 14 10.8 37.8 28.5%

70Côte Restaurants Restaurant operator

Jul 13 10.4 64.7 16.0%

44Help-Link UK Energy-saving & heating specialist

Mar 14 10.2 73.5 13.9%

48GSM London Higher education provider

Sep 14 8.2 39.5 20.8%

46The Gym Gym operator

Dec 13 7.4 36.2 20.3%

37Oak Furniture Land Wood furniture retailer

Sep 13 7.2 145.5 4.9%

1 0 c o M pa N I e s W I t h t h e B I G G e s t p r o F I t M a r G I N s

Rank#

Company Activity Latest FYE OP margin

2013/14 OP £m

2013/14 sales £m


Mar 14 61.6% 25.9 16.0

42Enterprise Finance Secured lending broker

Dec 13 53.2% 7.7 4.1

71RMEC Oilfield services provider

Mar 14 48.9% 9.0 4.4

54Centek Oilfield equipment manufacturer

Oct 13 40.0% 37.0 14.8


Dec 13 35.8% 18.6 6.7


Dec 13 34.9% 5.7 2.0

29Supernutrients Health food wholesaler

Mar 14 32.3% 7.1 2.3

27Roberts Jackson Legal services provider

Jul 14 31.6% 12.4 3.9

31LION Trackhire Temporary roadway provider

Mar 14 31.1% 11.9 3.7

11AlphaSights Business information provider

Dec 13 30.0% 18.8 5.6

#39Coryton Advanced Fuels provides 6.5m litres of specialist fuel a year to clients including Ford and improved profit margins to 15% in 2014, on sales of £8.6m.



e X t e r N a L c a p I ta L

n 38 companies have secured equity investment from venture capital/private equity firms, corporations and/or business angels.

n 25 are backed by PE/VC firms, of which 13 are majority-owned by the PE/VC house.

n PE/VC houses hold a minority stake in 12 companies, including gym operator Xercise4Less (No 21), which has been funded by £9.5m from BGF.

n 10 companies have received equity investment from business angels. They include brewery BrewDog (No 40), which has raised £7m from the public through its crowdfunding scheme called ‘Equity for Punks’.

n 73 companies are majority-owned by an entrepreneur and/or founders, such as Manchester-based online cosmetics retailer Beautybay.com (No 78), wholly owned by brothers David and Arron Gabbie.

n 3 companies have received backing from corporate investors, including Naked Wines (No 79), which is backed by German wine seller WIV Wein.

M e r G e r s a N D a c Q U I s I t I o N s

Nearly a fifth (16) of the companies on the league table have grown through acquisitions of other businesses. Many of these transactions are bolt-on acquisitions of small businesses that provide quick growth in new markets.

The table below shows a selection of recent Fast Track 100 company acquisitions.

Sector breakdown

Number of companies by sector

PE and/or VC

Business angels

Corporate investors 3

25

10

Note: some companies have received backing from more than one type of investor.

Date of transaction Rank

Company Activity

Sales £m

OP £m Notes

Oct 14 92 Nurture Landscapes Landscape maintenance

12.0 1.0 Has grown through a buy-and-build strategy, with recent acquisitions including Scotland’s JMK Groundcare in October, bought for an undisclosed sum.

Sep 14 42 Enterprise Finance Secured lending broker

7.7 4.1 Used backing from Isis Equity Partners to help fund the acquisition of bridging lender West One Loans this September. Deal terms were undisclosed.

Apr 14 44 Help-Link UK Energy-saving & heating specialist

73.5 10.2 In April it acquired loft and cavity insulation specialist Miller Pattison, formerly known as SIG Energy Management, from SIG PLC, for an undisclosed sum.

Jul 13 17 Earthmill Wind turbine installer

13.4 1.4 Last year it paid an undisclosed sum to buy the wind energy division of TGC Renewables.

Jul 13 88 Express Engineering Precision engineer

37.8 10.8 Set up a £2m joint venture in Brazil in 2010 to manufacture subsea products and gained full control of the business last year. Deal terms were undisclosed.

Feb 13 26 Bridge Leisure Holiday park operator

9.7 1.6 Bought Turnberry Holiday Park in Scotland in 2013 for an undisclosed amount, the third holiday park it has acquired.

Apr 11 3 Day Webster Recruitment agency

28.9 1.4 Bought Care Providers, a provider of nursing staff, in 2011, for an undisclosed sum.

Dec 10 93 Distinction Doors Door distributor

33.3 2.6 In 2010 it bought competitor, Evergreen Doors, for an undisclosed sum, from the Epwin Group.



s e c t o r B r e a k D o W N

n The two largest sectors are services (44 companies) and retail (36).

n Services (44 companies) encompasses a wide range of industries, including leisure, finance, recruitment and business services. Examples include gym operators Pure Gym (No 18), Xercise4Less (No 21) and The Gym (No 46), nightclub, bar & restaurant business Inception Group (No 47), and pet insurance provider Animal Friends Pet Insurance (No 77).

n Retail (36 companies) mainly comprises companies selling food and drink, fashion and home furnishings, such as online wine merchant Naked Wines (No 79), ladies’ clothing brand Mint Velvet (No 66), and furniture retailer Loaf (No 52).

n Manufacturers (26 companies), including those that outsource to third parties, are represented by Concrete Canvas (No 16), which pioneered a building in a bag that requires only water and air for construction, and Original BTC (No 89), whose lighting products are manufactured in Britain and exported worldwide.

n Wholesalers (11 companies) include Supernutrients (No 29), which sources organic superfood products from 12 countries, and Abra Wholesale (No 85), which exports groceries, toiletries, tobacco and licensed goods.

n Construction (6 companies) includes housebuilder Chartway Group (No 65), engineer G2 Energy (No 7) and Miers Construction Products (No 36), a supplier of concrete and brickwork accessories to the construction industry.

6

44

36

26

11

Sector breakdown

Number of companies by sector

Services 44 Retail 36 Manufacturing (inc. outsourced) 26 Wholesale 11 Construction 6



I N D U s t r Y B r e a k D o W N

n Consumer goods (21 companies) includes firms selling high-end goods, such Childrensalon (No 80), which stocks designer childrenswear, and Rapha (No 74), which specialises in premium clothing for cyclists. It also includes companies selling items at a discount, such as The Genuine Gemstone Company (No 91), the affordable gemstone jewellery designer and home shopping retailer. League table companies in this industry represent combined sales of £639m and employ 3,304 people.

n Food and drink (15 companies) are represented by four restaurant chains, including retro-American eatery Ed’s Easy Diner (No 59) and Bill’s Restaurants (No 19). The group also includes health food makers Natural Balance Foods (No 68) and BEAR & Urban Fruit (No 53), and Scotland’s biggest independent brewery, BrewDog (No 40). These represent combined sales of £419m and employ 5,326 people.

n The building related industry provides a further 14 companies, including conveyor belt manufacturer Sovex (No 82), temporary roadway provider LION Trackhire (No 31) and door distributor Distinction Doors (No 93).

Industry breakdown

Consumer goods 22

Recruitment 6

Food and drink 15

Finance 6

Other 8

Oil & Gas 7

Engineering 4

Business services 10

Leisure 8

Building related 14



r e G I o N a L B r e a k D o W N

n Greater London is home to the highest proportion of Fast Track 100 companies and is the base for nearly a third (29) of the companies. The next highest is the Southeast with 19. Last year there were more companies in London (34) and the southeast (26).

n 12 companies are headquartered in the northeast, including Durham’s Andrew James (No 24), which sells kitchen equipment online, and West Yorkshire-based Earthmill (No 17), which supplies and installs wind turbines. A further 10 are based in the northwest, including online cosmetics retailer Beautybay.com (No 78).

n The regions with the lowest representations are the East, with three, Wales with two, and one in Northern Ireland.

s U s ta I N e D G r o W t h

n 58 of this year’s list have not appeared on any previous Fast Track 100 league table, including security provider Ambrey Risk (No 8), which was only founded in 2010, and Concrete Canvas (No 16), whose sales climbed to £5.1m in 2013, just above the threshold for the league table.

n 4 of these companies were tipped as Fast Track ‘Ones to Watch’ in 2013:

– Metcalfe’s Food Company (No 4), a retail food brand;– Ovo Energy (No 10), an energy supplier;– Express Engineering (No 88), a precision engineer;– Loungers (No 98), a café and bar operator.

n 34 companies appear on the league table for a second consecutive year and six make a third consecutive appearance, including The Genuine Gemstone Company (No 90), which was ranked No 1 in 2012.

n Only energy supplier First Utility (No 55) has appeared for four years in a row.

Regional breakdown of HQ in UK

Greater London 29

South East 19

North East 13

Midlands 10

North West 10

South West 8

Scotland 5

East 3

Wales 2

Northern Ireland 1

5

110

13

10

2

3

198

29

Fa s t t r a c k 1 0 0 r e s e a r c h r e p o r t 2 0 1 4


The table below shows the six companies that have appeared for at least three years in a row:

c o M pa N I e s a p p e a r I N G F o r at L e a s t t h r e e c o N s e c U t I V e Y e a r s

Company ActivityLatest

sales £mRank 2014

Rank 2013

Rank 2012

Rank 2011

Anesco Energy efficiency consultancy 106.7 1 1 19

BrewDog Brewery 18.1 40 38 29

The Gym Gym operator 36.2 46 25 13

First Utility Energy supplier 283.5 55 24 20 21

BathEmpire.com Online bathroom retailer 18.6 64 49 37

The Genuine Gemstone Company Home shopping jewellery retailer 99.6 90 6 1


1 1 k e Y t h e M e s & s e L e c t e D c o M pa N Y p r o F I L e s

#46

#28

#25

F o U N D e r ’ s a G e

The founders of Fast Track 100 companies were, on average, almost 40 years old when they started their business, showing that it is never too late to create your own company. Ian Savage and Philip Cunningham founded housebuilder and contractor Chartway Group (No 65) in their forties, and are two of 41 entrepreneurs who were aged between 40 and 50 when they started. Other examples of older entrepreneurs are profiled below. A fifth of the founders were 30 or younger when they set up their company, including the directors of Missguided (No 5), BrewDog (No 40) and BathEmpire.com (No 64).

F e M a L e o W N e r s

Women entrepreneurs and investors make a strong showing on this year’s league table. Twenty-four companies have female co-founders or executives holding stakes of 20% or more.

These encompass a wide range of industries and include eponymously-named fashion retailer Victoria Beckham (No 14) and pet food manufacturer Lily’s Kitchen (No 28), and the other example companies below.

p r o F I ta B I L I t Y

The 100 companies generated combined operating profits of £351m. Seventy-five companies have profits above £1m and 17 have passed the £5m mark, including wood furniture retailer Oak Furniture Land (No 37), whose profits reached £7.2m in 2013 on sales of £145.5m. The average profit margin is a healthy 13.4%, reflecting the economic recovery as well as a tightening of the league table criteria for recruiters, and more than half the companies (55) increased their profit margins over the last three years.

Former England squash player John Treharne, 60, founded The Gym in his 50s and has transformed the low-cost gym chain into a multi-million pound business.

Henrietta Morrison launched premium pet food manufacturer Lily’s Kitchen in 2008 after concluding that a dog’s diet was just as important as a human’s.

Online snack retailer Graze.com moved from loss-making in 2011 to operating profits of £7m on sales of £52.7m in 2014.



#61

e X t e r N a L c a p I ta L

Thirty-eight companies have received equity funding from investors such as venture capital, private equity firms, business angels and/or corporations. Twenty of these have sold minority stakes to external investors. The 62 companies that have not secured outside investment have typically been financed through personal savings, retained profits, or debt. Examples of companies that are backed by external investors are profiled below.

I N t e r N at I o N a L a c t I V I t Y

51 companies have expanded overseas to boost revenue growth. Some, such as fashion retailer Missguided (No 5), have launched international websites to target non-UK customers. Others have opened overseas offices to expand their geographical reach, such as LION Trackhire (No 31), which supplies temporary trackways from offices in England and Germany. Other examples of international businesses are profiled below:

#33Grovepoint Capital bought a majority stake in Grenade in February, in a deal valuing the sports nutrition developer at £35m.

Running shoes business inov-8 generates 45% of its sales in America.

#25

M a N U Fa c t U r I N G

Twenty-six companies are engaged in manufacturing, either directly (13 firms), or indirectly, via outsourcing to third parties (13 firms). The 13 direct manufacturers all make their products in Britain, although five of these also have factories abroad, such as conveyor belt manufacturer Sovex (No 82), which opened a factory in Malaysia in 2013. Companies that outsource their manufacturing typically choose low-cost production bases in the Far East. They include Metcalfe’s Food Company (No 4), which outsources some production to South Korea, Japan and Thailand.

Concrete Canvas produces its innovative concrete material products in South Wales.



#14

e N e r G Y e F F I c I e N c Y

Nine companies provide energy efficiency products or services, ranging from boilers and smart meters, to the installation of wind turbines. Examples include this year’s No 1 company, Anesco, as well as Earthmill (No 17), which supplies and installs wind turbines, and the other businesses profiled below. The growth of these companies has been fuelled by rising energy costs, government subsidy and regulation, in addition to growing environmental awareness among consumers.

W e L L - k N o W N B r a N D s

Household names on the league table include fashion retailer Victoria Beckham (No 14), gym operator Pure Gym (No 18), online snack retailer Graze.com (No 25), restaurant chain Ed’s Easy Diner (No 59), restaurant operator Côte Restaurants (No 70), and hairbrush brand Tangle Teezer (No 35), as well as the other examples below.

#17Earthmill has supplied and installed more than 200 wind turbines across the UK in the five years since founder Stephen Milner started the company.

Spice Girl turned designer Victoria Beckham founded her eponymous fashion label in 2008, helped by a global following and backing by pop impresario Simon Fuller.


1 4 L e a G U e ta B L e

2 0 1 4 Fa s t t r a c k 1 0 0 L e a G U e ta B L eRank 2014


Financial year end



1 1Anesco Energy efficiency consultancy

Reading Mar 14 374.94% 106,654 92 2008


Portsmouth Dec 13 229.65% †18,584 200 2007

3Day Webster Healthcare recruitment consultancy

Northeast London Mar 14 205.63% †28,917 90 2009

4Metcalfe's Food Company Retail food brand

Central London May 14 200.78% †9,131 21 2010

5Missguided Online fashion retailer

Manchester Mar 14 191.17% †51,000 443 2009


Central London Dec 13 179.77% †5,730 20 2009

7 10G2 Energy Electrical and civil engineer

Buckinghamshire Mar 14 178.61% 12,771 33 2006

8Ambrey Risk Security risk management

Herefordshire Jun 14 175.07% †23,268 60 2010


Manchester Mar 14 152.72% 25,936 27 2003


Bristol Dec 13 140.14% 171,678 247 2009

11 3AlphaSights Business information provider

Central London Dec 13 139.73% 18,807 108 2008

12Spencer Ogden Recruitment consultancy

West London Dec 13 129.68% 51,382 237 2009

13Cawingredients Soft drinks manufacturer

North Yorkshire Sep 13 125.57% 44,328 100 2010

14Victoria Beckham Fashion retailer

Southwest London Dec 13 120.24% †30,000 100 2008

15LSE Retail Group Online lighting retailer

Manchester Dec 13 120.17% 6,771 32 2010

16Concrete Canvas Concrete impregnated fabrics manufacturer

Wales Aug 13 118.33% †5,060 26 2005

17Earthmill Wind turbine installer

West Yorkshire May 14 112.58% †13,415 27 2009

18 23Pure Gym Gym operator

Leeds Dec 13 108.66% *48,291 150 2008

19Bill's Restaurants Restaurant operator

Central London Jul 14 108.43% †53,856 1,419 2004

20The Alchemist Bar and Restaurant Bar and restaurant operator

Cheshire Mar 14 104.69% †9,629 175 2009

21xercise4less Gym operator

Leeds Jul 14 104.16% †13,008 481 2006

22 21Medstrom NHS product supplier

Derbyshire Dec 13 98.85% 9,967 117 2006

23Spark Energy Energy supplier

Scottish Borders Jun 14 97.46% †83,007 207 2007

24Andrew James Kitchen appliance manufacturer

Durham Oct 13 96.21% †13,217 79 2005

25 11Graze.com Online snack retailer

Richmond Feb 14 95.67% †52,661 169 2007

§ compound annual growth rate between 2010/11 and 2013/14 * annualised figure † draft, audit exempt or accounts not filed at Companies House



Rank 2014


Financial year end



26Bridge Leisure Holiday park operator

Milton Keynes Dec 13 95.39% 9,661 131 2008

27Roberts Jackson Legal services provider

Cheshire Jul 14 94.82% †12,378 204 2009

28Lily's Kitchen Pet food manufacturer

Northwest London Mar 14 93.15% †6,082 29 2008

29Supernutrients Health food wholesaler

Bath Mar 14 88.50% †7,104 29 2010

30 56Cream Media agency


31 26LION Trackhire Temporary roadway provider

Worksop Mar 14 88.13% †11,895 97 2009

32Ventia Serviced office provider

Central London Apr 14 87.31% †5,897 40 2009

33Grenade Sports nutrition developer

Coventry Aug 14 86.33% †6,340 10 2009

34Southampton Football Club Football club

Southampton Jun 14 86.20% †106,099 289 1885

35 19Tangle Teezer Hair products supplier

South London Mar 14 85.16% †14,413 15 2005

36Miers Construction Products Construction products supplier

Cambridgeshire Sep 14 80.27% †10,617 36 2010

37 51Oak Furniture Land Wood furniture retailer

Swindon Sep 13 79.56% 145,543 616 2004

38RACS Payroll services provider

Wiltshire Mar 14 77.53% 67,976 71 2007

39Coryton Advanced Fuels Specialist fuel manufacturer

Essex Jun 14 76.61% †8,624 26 2010

40 38BrewDog Brewery

Aberdeenshire Dec 13 75.75% 18,088 186 2007

41Monica Vinader Jewellery maker

Norfolk Jul 14 74.45% †13,988 121 2007

42Enterprise Finance Secured lending broker

Borehamwood Dec 13 74.44% 7,742 20 2009

43Channel 3 Consulting Healthcare consultancy

Leatherhead Mar 14 74.11% †11,015 45 2009

44Help-Link UK Energy-saving & heating specialist

Leeds Mar 14 73.96% 73,483 307 1998

45 65eResponse Recruitment Recruitment consultancy

Worcestershire Sep 14 71.64% †20,132 57 2003

46 25The Gym Gym operator


47Inception Group Nightclub, bar & restaurant operator


48 93GSM London Higher education provider

Southeast London Sep 14 70.92% †39,511 646 1973

49Clarke Design & Build Construction contractor

Essex Sep 13 70.32% †7,329 17 2008

50Redfern Travel Business travel agent

Bradford Mar 14 69.14% †202,514 93 1937


2 0 1 4 Fa s t t r a c k 1 0 0 L e a G U e ta B L e



Rank 2014


Financial year end



51Engage Partners Recruitment consultancy

Watford Dec 13 69.10% 18,259 91 2009

52 40Loaf Furniture retailer

Central London Mar 14 68.04% 15,925 55 2008

53 60Centek Oilfield equipment manufacturer

Devon Oct 13 67.34% 37,077 223 2001

54BEAR & Urban Fruit Fruit snack manufacturer

Central London Oct 14 67.33% †16,200 tbc 2006

55 24First Utility Energy supplier

Warwick Dec 13 67.31% 283,531 312 2006

56 59Huntswood Customer service provider

Reading Sep 13 67.14% 190,420 1,695 1996

57Notonthehighstreet.com Online retail marketplace

Richmond Dec 13 65.90% 21,136 119 2006

58Dual Energy Energy supplier

Worthing Jul 14 65.00% †43,992 64 2008

59 72Ed's Easy Diner Restaurant operator

Central London Sep 14 63.99% †26,260 714 1987

60Transwaste Waste recycler

East Yorkshire Dec 13 63.33% 33,190 66 1999

61inov-8 Specialist shoe retailer

Cumbria Dec 13 60.52% †17,373 59 2003

62Elmgrove Foods Offal distributor

County Tyrone Mar 14 59.95% †24,500 11 2008

63BullionByPost Online gold dealer

Birmingham Apr 14 59.57% †96,002 21 2008

64 49BathEmpire.com Online bathroom retailer

Nuneaton Dec 13 58.97% †18,594 98 2007

65 9Chartway Group Housebuilder and contractor

Maidstone May 14 58.61% †21,849 59 2009

66 14Mint Velvet Ladies' clothing retailer

High Wycombe Apr 14 58.45% 48,103 454 2009

67Strongvox Housebuilder

Somerset May 14 57.25% 15,468 24 2003

68Natural Balance Foods Health food maker

Buckinghamshire Mar 14 57.12% †13,230 24 2004

69 55Kinapse Pharmaceutical regulatory consultancy

Southwest London Mar 14 56.45% 17,126 232 2005

70Côte Restaurants Restaurant operator

Central London Jul 13 56.01% 64,729 1,479 2007

71RMEC Oilfield services provider

Forfar Mar 14 55.19% 9,027 16 2004

72 39La Fosse Associates Technology recruitment consultancy


73 32Entiér Facilities management services

Aberdeen Sep 13 54.05% 32,213 136 2008

74 88Rapha Cycling apparel maker & retailer

North London Feb 14 53.99% *28,121 170 2004

75Golden Charter Funeral plan provider

Glasgow Mar 14 53.54% 32,591 355 1990





Rank 2014


Financial year end



762 Heads Exhibition design agency

Buckinghamshire Jul 13 52.90% 10,860 31 1986

77Animal Friends Pet Insurance Pet insurance provider

Wiltshire Dec 13 52.79% 11,695 96 1998

78Beautybay.com Online cosmetics retailer

Manchester Dec 13 52.73% 15,705 52 1999

79 16Naked Wines Online wine retailer

Norwich Dec 13 52.36% 38,670 80 2008

80 68Childrensalon Childrenswear retailer

Tunbridge Wells Dec 13 52.32% 20,068 93 1952

81Staffgroup Recruitment consultancy


82Sovex Conveyor belt manufacturer

Wirral Dec 13 51.75% 20,417 149 2002

83 76Nasco Consumer goods distributor

West London Dec 13 51.33% †22,299 45 2003

84BDB Design Build Car showroom builder

Sheffield Mar 14 50.56% 24,106 19 1994

85Abra Wholesale Consumer products wholesaler

North London Mar 14 50.35% †34,927 50 2003

86 27Zigma Ground Solutions Temporary roadway provider

Stansted Mar 14 49.95% †11,005 15 2007

87LA Micro UK IT reseller

Windsor Apr 14 49.83% †9,722 19 2004

88Express Engineering Precision engineer

Gateshead Mar 14 49.75% *37,792 251 1973

89 71Original BTC Lighting manufacturer

Oxfordshire Oct 13 49.59% †8,191 46 1989

90 6The Genuine Gemstone Company Home shopping jewellery retailer

Worcestershire Mar 14 49.38% †99,564 579 2008

91Clubhouse Golf Golf retailer

Manchester Sep 13 49.23% 7,807 49 2003

92Nurture Landscapes Landscape maintenance

Surrey Mar 14 48.29% 11,984 231 2008

93Distinction Doors Door manufacturer

Barnsley Dec 13 47.83% 33,346 49 2004

94 79CNG Commercial gas supplier

Harrogate Apr 14 47.62% †196,554 74 1994

95Glide Utilities Utility payment services provider

Birmingham Sep 14 47.20% †13,000 63 2006

96 42Tandom Metallurgical Group Metal processor

Cheshire Aug 13 47.18% 58,211 66 2008

97Vibrant Energy Matters Energy services provider

Caerphilly Dec 13 46.99% 7,201 158 2008

98Loungers Café and bar operator

Bristol Apr 14 45.61% †33,731 880 2002

99Corbin & King Restaurant and hotel operator

Central London Mar 14 45.45% †35,402 674 2003

100SportsShoes.com Sports goods retailer

West Yorkshire Feb 14 44.57% 33,475 101 1982




1 8 M e t h o D o L o G Y

M e t h o D o L o G Y

The Fast Track 100 league table ranks the UK’s privately-owned companies with the fastest-growing sales over their latest three years of available accounts, i.e. between 2010 and 2013, or 2011 and 2014. The league table identifies the fastest-growing companies in a cross-section of sectors, excluding technology companies, which are covered in our sister league table, The Sunday Times Tech Track 100.

Q U a L I F I c at I o N c r I t e r I an Registered in the UK, unquoted and not subsidiaries.

n Annualised sales of at least £250,000 in their base year (2010 or 2011).

n Annualised sales of at least £5m in their final year (2013 or 2014).

n Year-on-year sales growth in their latest year from 2012 to 2013, or 2013 to 2014, and a forecast of further growth.

n Sales growth was measured by unrounded compound annual growth rate (CAGR). over the latest three financial years but for clarity the table shows figures rounded to two decimal places.

n Making operating profits of at least £500,000 in their latest year (2013 or 2014).

n More than 25 trading weeks in their base and final year.

n Ten or more employees in their latest year (2013 or 2014).

n Excluded companies include technology, LLPs, pure property and financial trading companies, and companies with sales over £500m.

n This year, for the first time, recruiters and payroll umbrella companies must make gross profits of at least £5m in their latest year.

r e s e a r c h a p p r o a c hThe research was conducted by the Fast Track research team predominantly between August and November 2014.

The final 100 companies are ranked by growth in sales over their latest three years of available accounts which were not necessarily required to be audited, i.e. between 2010 and 2013, or 2011 and 2014. Companies were selected from a database of around two million private companies in the UK followed by extensive desk and research.

Of the 100 companies, 45 had financial years ending in 2013 and 55 had financial years ending in 2014.

Most companies on the league table were interviewed over the telephone and/or visited by the Fast Track research team.

D I s c L a I M e r sThese companies are not endorsed, guaranteed or recommended by Fast Track or the sponsors of Fast Track 100. They are not necessarily the best-run companies, and are ranked on historical sales growth to the latest available financial year end.

Private company information can be incomplete and, while every effort is made to include all qualifying companies, there may be omissions. Nominations for next year’s table would be 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.


1 9 t h e V I e W F r o M B G F

o U t s I D e I N V e s t o r s c a N r e a L LY p U M p U p Y o U r p e r F o r M a N c eOne of the most encouraging trends to come out of this year’s Fast Track 100 is the rise in use of growth capital by the companies that feature. There are 38 companies that have drawn on outside equity, business angels or corporate investors to help fund their growth, up significantly on last year when 24 were funded in this way.

Look back to 2011 and only 20 companies had chosen this path to fast-growth. So we have seen an almost doubling in the use of outside equity by Fast Track 100 companies in the last three years.

It’s noteworthy that 2011 was also the year that Britain’s major banks joined forces to set up BGF, which has £2.5bn to invest in fast-growing businesses that require long term capital to drive their future success.

Part of our mission was to change the perception of equity investment among Britain’s entrepreneurs and owner-managers, to prove that raising growth capital did not mean losing control of your business. We take a minority stake in businesses with sales of between £5m and £100m, with strong management teams and prospects, and we help them to realise their full potential.

The rise in the use of external finance suggests that there is demand if the approach and terms are right. We have invested in 73 companies in the last three years, including budget gym operator Xercise4Less, which appears this year at number 21, and nine companies that have featured in the past, including retailer Better Bathrooms and innovative fancy-dress firm Morphsuits. That’s tremendously encouraging as well as exciting.

From our side of the table, the decision to invite an outside investor into your business has multiple positive benefits.

First, for most companies it is a catalyst for growth. To convince investors to share the risk, you need a clear plan and the ability to execute it using a talented team. Not all companies possess all three of these elements and those that do stand a much better chance of success.

Second, once you have equity investment it can be easier to bring in skills that may be missing from the business. Ambitious people want to be associated with businesses that are growing and that are rewarding, as well as demanding places to work.

Third, the ability for the founders to realise some of the wealth they have created can be powerful. It is not that they want to buy a yacht, clock off and sail off around the Mediterranean. Many simply want to remove some of the pressure on their personal lives – pay off the mortgage, and possibly know their children’s education is safe. For some, an element of de-risking can also remove a threat that undermines many businesses – fear of failure. The more successful a business becomes, the more the individual at the top has potentially everything to lose if something goes wrong. By taking away some of the day-to-day pressures of life, entrepreneurs can be released to continue what they do best: take the calculated risks that others are not prepared to countenance. In partnership with BGF we believe that many of these businesses can achieve so much more. >

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AFG Media

Sales growth 000.00% pa2013 sales £00.0m2010 sales £0.0m2013 staff 00Founded ???Location of HQ ???

#21Xercise4Less???


2 0 t h e V I e W F r o M B G F

> The founder & CEO of Xercise4Less, Jon Wright, says BGF’s £5m initial investment in his budget gym operator was “essential” for its current growth trajectory – its sales have risen by 104% a year on average for the last three years to £13m. We also helped Jon find a finance director and chairman to support his plans.

However, he plays down the impact that realising some wealth has had on him personally. “BGF have allowed me to take some cash out of the business. Does it make me any less cautious? Probably sub-consciously it might do. My wife is certainly happier,” he says.

Instead, for Jon our investment has enabled his business to achieve its potential by accelerating its expansion across the north of England and attracting key members of his team. Jon says: “We did our first deal with BGF in August last year and at the time we had nine clubs open. We are now opening our 24th and we have significantly increased our roll-out and our plan is to now have 100 by 2016. We are in a relatively young sector and right now everyone is rolling out gyms quickly. It’s like Monopoly – everybody is trying to set up as many sites as they can.”

He adds: “Their investment has also allowed us to secure more than £15m in bank debt, as there’s no doubt that having BGF on board lends you credibility. And we have been able to attract and retain the right people into the business to support our growth. Our existing staff can see lots of opportunities as they understand we are growing quickly. For instance, if you look at our property team it has gone from one person 12 months ago to eight people now.”

Critically BGF is also able to provide follow-on finance to help businesses grow over the longer term. We have just completed our third round of investment in Xercise4Less, and have now invested a total of £12m for a minority stake. As Jon says, we completed the latest deal in three weeks. “It’s quick and easy as they know us and we know them”.

The experience has also altered Jon’s perception of working with professional investors for the better. “I am not a big fan of private equity,” he says, “but BGF have done exactly what they said they would do. As well as only taking a minority stake, they have been hands-off and let management do the job. They are genuinely different. So I have no complaints.”

We hope more companies aspiring to appear in the Fast Track 100 follow Jon’s lead and pick up the phone. If the trend over the last few years is sustained, outside equity investors can, and should, finally fulfil the role for which they were intended – to back Britain’s growth stars for the long term.

BGF is one of a range of initiatives designed to forge better, more effective relationships between the banking sector and UK businesses. BGF works in close collaboration with the British Bankers’ Association as well as with other key business organisations and government across the UK. BGF is authorised and regulated by the Financial Conduct Authority.

Aberdeen 0845 600 3699Birmingham 0845 266 8862Bristol 0845 266 8864Edinburgh 0845 266 8863Leeds 0845 600 0142London 0845 266 8860Manchester 0845 266 8861

Website www.bgf.co.ukEmail [email protected] @bgf_team

Get in touchBusiness Growth Fund has been established to help Britain’s growing, smaller and medium sized businesses. Growth potential is the key criterion. BGF will invest between £2m and £10m per business in return for a minority equity stake and a seat on the board for a BGF director. BGF has up to £2.5bn with which to make long-term equity investments in growing companies across the UK that today do not have access to this source of capital.BGF is an independent company, backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered. BGF also works closely with other key business organisations.BGF has specifically been set up on a local basis to be close to the businesses we invest in. If you want to understand more about BGF or talk about how we might support your business, or your clients, please get in touch with us.

Sometimes, I ask myself whyI’m building this business?Because I want to be my own boss.Because I’m really, really good at this.Because I want a bright future for my kids.Because I love what I do.Because my town needs jobs.Because if I don’t, nobody else will.Because if I don’t, somebody else will.Because I have big ambitions.Because it’s now or never.Because it’s my responsibility.Because I’ve been given a chance.Because they said I’d never make it.Because I want a yacht.Because I want another yacht.Whatever you’re in it for, BGF canhelp you to build something great.

BGF is one of a range of initiatives designed to forge better, more effective relationships between the banking sector and UK businesses. BGF works in close collaboration with the British Bankers’ Association as well as with other key business organisations and government across the UK. BGF is authorised and regulated by the Financial Conduct Authority.

Aberdeen 0845 600 3699Birmingham 0845 266 8862Bristol 0845 266 8864Edinburgh 0845 266 8863Leeds 0845 600 0142London 0845 266 8860Manchester 0845 266 8861

Website www.bgf.co.ukEmail [email protected] @bgf_team

Business Growth Fund has been established to help Britain’s growing, smaller and medium sized businesses. Growth potential is the key criterion. BGF will invest between £2m and £10m per business in return for a minority equity stake and a seat on the board for a BGF director. BGF has up to £2.5bn with which to make long-term equity investments in growing companies across the UK that today do not have access to this source of capital.BGF is an independent company, backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered. BGF also works closely with other key business organisations.BGF has specifically been set up on a local basis to be close to the businesses we invest in. If you want to understand more about BGF or talk about how we might support your business, or your clients, please get in touch with us.

andyjennings

Sticky Note

Jon, Which ad do you want here instead of this one?

Documents

2014 Sunday Times Fast Track 100 Research Report