Research report 2018 · Fast Track 211 research report 0128 1 Co-founders Mark Waters and Ben Everington of this year’s No 1 company Midwinter Solutions, a clinical trials supplier,

years1997-201822

Research report 2018Britain's private companies with the fastest-growing sales

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Fast Track 100 research report 2018 i

CONTENTS

INTRODUCTION 1Top 10 Fast Track 100 companies

EXECUTIVE SUMMARY 2 KEY STATISTICS 3Sales breakdown Staff and job creation Foundation date Profitability 4 Operating profit margins Ownership 5 External capital Sector breakdown 6Industry breakdown Regional breakdown 7Sustained growth

22 YEARS OF FAST TRACK 100 8 Stock market flotations Acquisitions and mergers 9Failures Fast Track 100 alumni 10

KEY THEMES & SELECTED COMPANY PROFILES 11 Women founders Family-run businesses 12 External capital 13 International activity 14 Manufacturing 15 Emerging brands 16 Housebuilding and construction 17 2018 FAST TRACK 100 LEAGUE TABLE 18

ONES TO WATCH 22

DISRUPTORS TO WATCH 23

METHODOLOGY 24

SUPPORTERS 25 Media partner Cornerstone supporter Sponsors 26

ABOUT FAST TRACK 27Compiler & publisher The authors Fast Track 28

CONTACT DETAILS 29


Fast Track 100 research report 2018 1

Co-founders Mark Waters and Ben Everington of this year’s No 1 company Midwinter Solutions, a clinical trials supplier, together with directors Tony Phillips and Tim Morgan

INTRODUCTIONThis is the 22nd year of The Sunday Times Virgin Atlantic Fast Track 100, the league table of Britain’s private companies with the fastest-growing sales. Virgin Atlantic is the title sponsor of the league table, and Barclays, BDO, BGF, and N+1 Singer are main sponsors. The league table identifies the fastest-growing companies over their latest three years across all sectors except technology, which is covered in our sister league table, Tech Track 100.

Over the past 22 years, the Fast Track 100 has become the definitive barometer of privately-owned growth companies in the UK, and has featured many companies that have gone on to greater success.

Past star alumni include ARM, which floated and was acquired by Japan's SoftBank for £24bn in 2016; B&M Retail, which floated in 2014 and is now worth £3.5bn; and FeverTree, which floated on AIM in 2014 valued at £154m, and is now worth £2.8bn.

1,558 companies have featured on the Fast Track 100 over the 22 years. Forty-four companies have floated and 393 have been been acquired.

This year’s 100 companies achieved, on average, sales growth of 78% a year over their last three years of accounts, to a combined total of £3.1bn. They employ 16,900 staff, and added 12,200 jobs over the same three-year period, some as a result of acquisitions.

Emerging household names include burger restaurant chain Five Guys (No 43), beauty product retailer Charlotte Tilbury Beauty (No 21) and brewery BrewDog (No 71), which appears for a record seventh consecutive time and is valued at £1bn.

1 Midwinter Solutions Clinical trials supplier Burton-on-Trent Feb 18 233.29% 61,823 20 2013 Its co-founders worked at Clinigen, which was No 1 on

Fast Track 100 in 2011

2 Crep Protect Footwear accessories developer West London Feb 18 190.74% *27,465 29 2012 Its footwear protection and cleaning products are

sold in 52 countries around the world

3 Revolution Beauty Beauty product retailer Kent Dec 17 152.92% 71,788 94 2013 Has a range of cruelty-free beauty and cosmetic

products starting at just £1

4 Missoma Online jewellery brand West London Mar 18 148.26% 5,970 15 2008 Plans to use 3D printing to create crystals for

future jewellery collections

5 Mission Mars Bar and restaurant operator Manchester Sep 18 147.37% †*27,744 531 2015 Raised £10.2m from BGF in July to fund the expansion

of its Rudy's and Schloss hospitality brands

6 Warner Edwards Gin distiller Northamptonshire Dec 17 142.58% *6,052 21 2012 Each bottle of its rhubarb gin contains one-third

fresh rhubarb juice

7 One Retail Group Consumer products retailer Northwest London Dec 17 141.53% *13,970 12 2013 Founder Joshua Stevens started his first business

aged 13

8 [1]

Aerfin Aircraft and spares services Caerphilly Dec 17 140.68% 70,221 87 2010 Has spent more than £100m buying aircraft,

engines and spares worldwide

9 AFC Bournemouth Football club Bournemouth Jun 17 138.23% 136,456 575 1890 Achieved a ninth place finish in the Premier League

last year, its second season in the top flight

10 ISO Spaces Modular buildings designer Truro Sep 18 135.38% *5,575 29 2013 Constructed, fitted and finished 60 apartments made from

shipping containers in just 24 weeks for Ealing Council

Rank2018

FYEHQ locationActivity[2017]Company

Annual sales growth over

3 yrs§

Latest sales

£000 Staff Founded Comment

Top 10 companies on the league table

§ compound annual growth rate between 2014/15 and 2017/18 * supplied by company † annualised

Fast Track research report 2018


2

EXECUTIVE SUMMARY

Overview• This year’s Fast Track 100 companies increased their sales

by an average of 78% a year over three years from a total of £623m to £3.1bn

• Combined operating profits of the 100 companies were £339m and more than half of the companies (56) increased their operating profit margins over the last three years

• 78 companies are majority-owned by an entrepreneur and/or founders

• Services (40 companies) and manufacturing (38) are the dominant sectors on the league table

• The majority of the companies are based in London (34) and the Southeast (20)

Key themes

Women founders: There are 22 female founders or chief executives running businesses on this year’s league table, the same as last year and the joint highest number in the 22 years of Fast Track 100 [page 11].

Family businesses: More than a quarter of companies (28) were founded or are run by families, including married couples, siblings and parents-and-children, up from only 18 in 2015 [page 12].

External capital: Forty companies have raised external capital from PE/VC firms, business angels, crowdfunding or corporate investors [page 13].

International activity: More than two-thirds of the companies (67) have expanded overseas to boost revenue growth, up from 23 companies on the first Fast Track 100 in 1997 [page 14].

Manufacturing: Thirty-eight companies are engaged in manufacturing, either directly or indirectly by outsourcing to third parties [page 15].

Emerging brands: Some companies are becoming household names, including brewer BrewDog (No 71), beauty products retailer Charlotte Tilbury Beauty (No 21) and online sportswear retailer Gymshark (No 12) [page 16].

Housebuilding and construction: There are 13 companies working in building-related industries on this year’s table, including 7 engaged in housebuilding – which have benefitted from government-backed schemes like Help to Buy [page 17].

78% pa

£3.4m

London & southeast (54)

20-500

£6.2m

13%

Services (40)

53%

£31.4m

2006Entrepreneur and/or

founder (78)40

Average growth over three years

Operating profit in 2017/18

Region

Typical number of staff in 2017/18

Sales in 2014/15

Margin

Sector

Typical increase in staff over three years

Sales in 2017/18

FoundedMajority ownership

PE/VC, angel or corporate investment

Sales

Profits

Company characteristics

Staff

Characteristics of a typical Fast Track 100 company

29

25

26

80-150%

60-80%

40-50%

50-60%

>150% 3

Growth in sales

Number of companies in each range of compound annual growth rate (CAGR) of sales over latest 3 years

17



KEY STATISTICS

Sales breakdown• The top ranked company, Burton-on-Trent-based clinical trials

supplier Midwinter Solutions, grew sales by 233% a year, from £1.7m in 2015 to £61.8m in 2018

• The 100th ranked company is South Yorkshire-based biopharmaceutical forum organiser BioPhorum; where sales grew 46% a year, from £1.7m in 2014 to £5.2m in 2017

• Sporting events promotor Matchroom Sport (No 60) reported the highest sales on the table at £137.2m; and BioPhorum (No 100) had the lowest sales at £5.2m

• More than three-quarters (77) of the companies had sales of more than £10m in their latest year, and 19 companies reported sales in excess of £50m – including seven with sales of more than £100m

Staff and job creation• The 100 companies employed more than 16,900 staff in

2017/18, which accounts for average revenue per employee of approximately £185,700

• Some 12,200 jobs have been added by the 100 companies over the past three years, which means that their combined workforce has more than trebled during that period

However, some of these jobs are a result of acquisitions. For example, furniture manufacturer Ocee International (No 97) more than doubled staff between 2016 and 2018, having acquired Denmark-based Four Design during that period.

• The biggest employers on the league table were burger restaurant chain Five Guys (No 43) with 2,086, and beauty product retailer Charlotte Tilbury Beauty (No 21) with 989

• 14 companies directly employed fewer than 25 staff, including luxury bathroom retailer Lusso Stone (No 18) with 11 staff and sales of £8m; and property developer Henley Homes (No 38) with 17 staff and sales of £36.5m

Foundation dateFast Track 100 companies are typically young and dynamic, with 90 founded after the turn of the century, and 18 founded in the last five years.

Two companies were founded in 2014, pub operator Urban Pubs & Bars (No 28) and charity sector recycler ARB Recyling (No 87); and the youngest company – bar and restaurant operator Mission Mars (No 5) – was founded in 2015.

Companies with the biggest sales

Rank CompanyActivity

2017/18 sales £m

60 Matchroom Sport Sporting events promoter 137.2

9 AFC Bournemouth Football club 136.5

43 Five Guys Burger restaurant chain 122.0

71 BrewDog Brewery 111.6

12 Gymshark Online sportswear retailer 103.2

25

26

19

13

51-100

26-50

<25

10

7

101-150

>500

151-500

Number of employees

Number of companies in each staff range

31£21-50m

£10-20m

<£10m 23

>£50m

Sales breakdown

Number of companies in each range

19

27



4

Profitability• The Fast Track 100 companies are required to make an

operating profit of at least £500,000 in their most recent financial period

• Combined operating profits of the 100 companies were £339m in 2017/18, up fivefold from £69m in 2014/15

• Online menswear retailer END. (No 69) achieved the highest operating profits of £23m on sales of £101.1m in 2018

10 companies with biggest operating profit margins

10 companies with biggest operating profits

Rank CompanyActivity FYE Profit

£mSales

£mOP

margin

69 END. Online menswear retailer Mar 18 23.0 101.1 22.8%

60 Matchroom Sport Sporting events promoter Jun 18 21.0 137.2 15.3%

12 Gymshark Online sportswear retailer Jul 18 20.3 103.2 19.6%

9 AFC Bournemouth Football club Jun 17 16.1 136.5 11.8%

3 Revolution Beauty Beauty product retailer Dec 17 11.5 71.8 16.0%

62 The Office Group Shared workspace provider Dec 17 10.8 90.1 12.0%

1 Midwinter Solutions Clinical trials supplier Feb 18 10.7 61.8 17.3%

95 Blackrock Expert Services Dispute resolution consultancy Oct 17 10.6 29.7 35.8%

34 Pure Retirement Specialist mortgage broker Dec 17 8.5 21.1 40.2%

30 Ennismore Hotel developer and operator Dec 17 7.9 17.4 45.3%

Rank CompanyActivity FYE OP*

margin 2017/18

OP £m2017/18 sales £m

30 Ennismore Hotel developer and operator Dec 17 45.3% 7.9 17.4

18 Lusso Stone Luxury bathroom retailer Sep 18 40.2% 3.2 8.0

34 Pure Retirement Specialist mortgage broker Dec 17 40.2% 8.5 21.1

4 Missoma Online jewellery brand Mar 18 36.0% 2.1 6.0

95 Blackrock Expert Services Dispute resolution consultancy Oct 17 35.8% 10.6 29.7

6 Warner Edwards Gin distiller Dec 17 31.5% 1.9 6.1

23 Beat Concepts Bespoke uniform supplier Sep 17 28.3% 3.2 11.4

68 Send For Help Lone-worker protection provider Mar 18 27.5% 3.5 12.8

100 BioPhorum Biopharmaceutical forum organiser Dec 17 27.4% 1.4 5.2

36 Boxpark Retail leisure developer Apr 18 26.2% 2.2 8.4

END. (No 69) launched its London flagship store in Soho two months ago, and also ships 6,000 online orders a day. Its operating profits have grown fivefold in the past three years, reaching £23m this year

Operating profit margins• Ennismore (No 30) achieved the highest profit margin of 45%.

The hotel developer and operator had operating profit of £7.9m on sales of £17.4m in 2017

• The average profit margin of the Fast Track 100 companies was 12.5% in 2017/18

• Over half of the companies (56) increased their profit margins over the last three years. These include companies moving from loss to profit such as microbrewery and pub operator Brewhouse & Kitchen (No 19), and others more than doubling margins, such as leisure and retail developer Boxpark (No 36), which quadrupled its margin between 2017 and 2018 to 26%

*Operating profit margin



Ownership• 78 companies are majority-owned by an entrepreneur and/or

founders, such as Berkshire-based travel agency TravelUp (No 37), which is entirely owned by founder Ali Shah

• Seven are majority-owned by a private equity/venture capital firm (PE/VC), such as Hertfordshire creative agency Smyle (No 66), which sold a majority stake to Rockpool Capital in April

• Six companies are majority-owned by management, including energy and waste consultancy Sustainable Advantage (No 70), whose management team is led by finance director Chris Sykes

• Five are majority-owned by business angels, such as beauty products manufacturer Tropic Skincare (No 42), which is backed by Lord Sugar

• Three are majority-owned by family, including football club AFC Bournemouth (No 9), which is 75% owned by the family of Maxim Demin

• One company is majority-owned by its employees: sustainability consultancy Anthesis Group (No 88)

External capitalTwo-fifths of companies (40) have secured equity investment from PE/VC, business angels, crowdfunding investors, or corporations (compared with last year’s 44).

The 23 that have disclosed how much they have raised, secured in excess of £500m, according to data supplied by Beauhurst. This includes £271m by BrewDog (No 71), the Scottish brewery valued at £1bn.

In addition to the seven companies majority-owned by PE/VC:

• PE/VC houses hold a minority stake in 15 companies, including: Charlotte Tilbury Beauty (No 21), the London-based beauty products retailer, which was valued at $600m last year when it sold a minority stake to Sequoia Capital; and Mission Mars (No 5), which raised £10.2m from growth-capital firm BGF in July

• 12 companies have received equity investment from business angels, including Boxpark (No 36), the Brighton-based retail and leisure developer, which is backed by Carphone Warehouse founder Sir Charles Dunstone

• Four companies are backed by corporate investors: housing materials manufacturer Staircraft (No 73), which sold a 15% stake to Travis Perkins in 2015; furniture designer naughtone (No 81), which sold a 50% non-controlling stake to US furniture giant Herman Miller in June 2016; craft brewer Beavertown Brewery (No 35), which sold a minority stake to Heineken for £40m in June; and Vanarama (No 90), which is backed by Pentland Group

Susie Ma's beauty products manufacturer Tropic Skincare (No 42) has benefitted from capital investment from Lord Sugar

22

Corporate investors

PE and/or VC

14

4

Business angels

External investor breakdown



6

Sector breakdown• The two largest sectors are services (40 companies) and

manufacturing (38)

• Services (40) encompasses a wide range of industries, including leisure, finance, recruitment and business services. Examples include sustainability consultancy Anthesis Group (No 88), specialist recruitment consultancy Xcede Group (No 57), and aircraft and spares service Aerfin (No 8)

• Manufacturers (38), including those that outsource to third parties, are represented by food-to-go manufacturer Real Wrap Co. (No 41), which makes sandwiches, wraps and other food items at its Avonmouth factory; and TRB (No 94), which manufactures lightweight materials and components used in trains and planes

• Retail (29) mainly comprises companies selling food and drink, fashion, and home furnishings such as Aussie café chain Daisy Green (No 52), wedding dress retailer Wed2b (No 32), and travel agency TravelUp (No 37)

• Construction (12) includes London-based building and civil engineering contractor CField Construction (No 15), and Truro-based modular buildings designer ISO Spaces (No 10), which creates residential and commercial buildings by converting old shipping containers

• Wholesalers (7) include Agon Systems (No 78), which supplies specialist security tags to prevent shoplifting; and Fizz Creations (No 80), which sells novelty goods to retailers like Argos, Debenhams and Tesco

Industry breakdown• Consumer goods (21) include firms selling their own-branded

products, such as Charlotte Tilbury Beauty (No 21), which sells high-end beauty products. It also includes companies supplying others’ products, such as Vaporized (No 24), which sells 500 flavours of e-liquids via its online store and 100 retail outlets.

Consumer goods accounts for combined sales of £741m and employs 3,100 people.

• Food and drink (16) firms are represented by restaurant and pub operators, including pizza restaurant chain Homeslice (No 65) and steak restaurant chain Flat Iron (No 39). Other examples include three alcohol manufacturers: brewers BrewDog (No 71) and Beavertown Brewery (No 35), and gin distiller Warner Edwards (No 6), as well as sports nutrition brand Grenade (No 47), and food-to-go manufacturers Around Noon (No 79) and Real Wrap Co (41).

Food and drink accounts for combined sales of £446m and employs 6,100 people.

• The Business services (14) firms include energy and waste consultancy Sustainable Advantage (No 70) and conference organiser Corinium Global Intelligence (No 27).

Business services accounts for combined sales of £329m and employ 2,500 people.

Sector breakdown

Note: companies can operate in more than one sector

Wholesale 7

Services 40

Retail 29

Construction 12

Manufacturing 38

Industry breakdown

Other

Healthcare

Media

Automotive & transport

Leisure

Business services

Building related

Food & drink

Consumer goods

12

4

6

7

14

7

13

16

21



Regional breakdownGreater London is home to the highest proportion of this year's Fast Track 100 companies and is the base for a third (34), the same number as last year. The next highest is the Southeast with 20, compared with 16 last year.

• 12 companies are headquartered in the Midlands, including advertising space leaser Elonex Group (75)

• Eight are based in the northeast, including bathroom distributor Harrison Bathrooms (No 53); and another eight are in the northwest, including Manchester-based international courier ITD Global (No 56)

• Five are based in the southwest, including modular buildings designer ISO Spaces (No 9) and TV show producer Plimsoll Productions (No 92)

The regions with the lowest representations are: the East of England and Northern Ireland, with four in each; Wales, with three; and Scotland, with two.

Sustained growth• 59 companies on this year’s list have not appeared on any

previous Fast Track 100 league table, including consumer products retailer One Retail Group (No 7)

• 25 companies appear on the league table for a second consecutive year, and nine make a third consecutive appearance, including online sportswear retailer Gymshark (No 12)

• Three companies have appeared for four years in a row: CarFinance247 (No 48), Honest Burgers (No 91), and Giggling Squid (No 99)

• One company has appeared for five years in a row: Grenade (No 47)

• One company, BrewDog (No 71), has appeared for a record seven consecutive years

Southwest

Wales

N. Ireland

Scotland

Northwest

Northeast

East

Midlands

Southeast

London34

8

5

12

2

8

43

4

20

Regional breakdown of HQ in UK

Companies that have featured on Fast Track100 for four or more consecutive years

CompanyActivity

Latest sales

£mRank2018

Rank2017

Rank2016

Rank2015

Rank2014

Rank2013

Rank2012

BrewDog Brewery 111.6 71 62 64 35 40 38 29

Grenade Sports nutrition developer 33.8 47 67 74 65 33

CarFinance247 Vehicle finance provider 47.5 48 9 5 6

Honest Burgers Burger restaurant chain 22.3 91 31 19 2

Giggling Squid Thai restaurant chain 23.7 99 60 57 42

The table below shows the five companies that have appeared for four or more consecutive years:



8

22 YEARS OF FAST TRACK 100Fast Track 100 was launched 22 years ago to recognise Britain’s private companies with the fastest-growing sales.

The vital statistics of the league table companies have changed significantly over the last 22 years. The combined sales figure for all 100 companies has more than doubled to £3.1bn, and total staff has increased by 1,400 to 16,900.

Since its launch, 1,558 companies have featured on the Fast Track 100 over the 22 years. Forty-four companies have floated, 393 have been acquired, and just 15% (240) have gone bust; despite over 50% of start-ups typically failing after four years.

Stock market flotationsForty companies have floated on the stock market, including:

• AO.com, the household appliance supplier, first featured in 2007 with sales of £52.8m, it floated in 2014 when it was valued at £1bn

• ARM, the chip designer, featured on the first Fast Track 100 in 1997 with sales of £16.7m, floating the following year. It was acquired by Japan’s SoftBank in 2016 for £24bn, the largest acquisition of a European tech business

• B&M Retail, the discount retailer, first featured in 2009 with sales of £256m, floated in 2014 at £2.7bn and is now valued at £3.5bn

• Carphone Warehouse, the mobile-phone retailer, featured on the first Fast Track 100 in 1997 with sales of £107m. It floated on the stock exchange in 2000 valued at £1bn, and in 2014 it merged with Dixons to create Dixons Carphone, which now has a market cap of £2bn

• Clinigen, the Staffordshire-based pharmaceutical services provider, featured as No 1 in 2011, floated in 2012 on AIM valued at £135m and is now valued at £1.2bn

• Fever-Tree, the mixer drinks manufacturer, first featured in 2011, with sales of £7m, floated on AIM in 2014 at £154m, and is now valued at £2.8bn

• Hotel Chocolat, the chocolate retailer, featured as No 1 in 2008 with sales of £18.4m, floated in 2016 at £167m, and is now valued at £355m

• Joules, the lifestyle retailer, first featured in 2008 with sales of £22m; floated in 2016 valued at £140m and is now worth £223m

• Markit, the financial information services provider, first featured in 2010 with sales of £305m, and floated in 2014 at $4.3bn. It merged with US data provider IHS in a $13bn deal in 2016, and is now valued at $19.5bn

• Moneysupermarket, the financial website operator, first featured in 2003 with sales of £14m, floated in 2007 at £843m and is now valued at £1.6bn

• Pets at Home, the pet products retailer, first featured in 1991 with sales of £36.1m, floating in 2014 valued at £1.2bn

• Softcat, the IT reseller, featured in 1999 with sales of £9m, floated in 2015 valued at £472m and is now worth £1.2bn

Charles Rolls and Tim Warrilow founded drinks brand Fever-Tree in 2005; it floated on AIM in 2014 valued at £124m and is now worth £2.8bn

How the Fast Track 100 has changed

Total sales

Total staff

Exporters

Companies with external investment

Top company sales

1997

£1.6bn

15,500

23

21

£12m

£3.1bn

16,900

67

40

£61.8m

2018



04.12.16 / 11

FROM the publishers of bestselling booksto the distributors of hit films, Fast Track100’s focus on financial performance cutsthrough the hype to recognise privatecompanies that are not necessarilyhousehold names, but have succeededbyworking behind the scenes.The actress Keira Knightleywas just 17

when she starred in the hit film Bend ItLike Beckham,which helped launch hercareer. Themovie wasmade possible by

Simon Franks’ co-production companyRedbus, whichwas No 1 on the 2003league table, with sales of £15.2m, beforeit sold its production and distributionoperations to the US studio Lionsgate fora reported $35m (£28m) in 2005.A gamble on an obscure crime novel

paid off for another Fast Track 100business, Quercus Publishing, withknock-on effects for the reading habitsof the nation. The Girl with the Dragon

Tattoowas the first in a trilogy of booksthat went on to sell millions of copies andmade the Swedish author Stieg Larsson ahousehold name. Quercus appeared onFast Track 100 in 2011 andwas acquiredbyHodder & Stoughton three years laterfor £12.6m.If you bought one of those Swedish

page-turners on Amazon, youmay haveultimately been dealingwith anotherFast Track 100 company. The Book

Depository, whichwas first featured in2008, was acquired by Amazon foran undisclosed sum in 2011 and nowoffersmore than 16m titles across theUS giant’s platform.Sometimes thework of a Fast Track

100 businessmight be right beneathyour feet. Lion Trackhire supplies itsaluminium trackways for eventsincludingWimbledon and the Leeds andReadingmusic festivals. The business wasfirst ranked on the league table in 2013andwas acquired by a subsidiary ofFTSE 100-listed Ashtead for anundisclosed sum this summer.Other invisible service providers are

helping to keep essential services suchas schools running. Take Softcat, whichprovides IT infrastructure and support.It first appeared on Fast Track 100 in 1999with sales of £9m and is now valued atmore than £600m after listing on thestockmarket in 2015.Another, The Key, provides support to

head teachers in nearly half of all schoolsin England. Started as a government

project in 2007, it was spun off as aprivate business in 2009 under chiefexecutive Fergal Roche, a former headteacher, and ranked on last year’sFast Track 100with sales of £6.9m.Others areworkingwith the NHS to

keep us healthy. Clinigen Group suppliesmedicines to hospitals, pharmacies andindividual patients in the UK andmorethan 100 other countries. Its mainproduct is Foscavir, an antiviral medicinethat is used by HIV-positive people andby patients undergoing bonemarrowtransplants. It was No 1 on the leaguetable in 2011 with sales of £35m, beforefloating on AIM in 2012 at £135m. It isnow valued atmore than £860m.Dr Foster Intelligence— a Fast Track

100 company in 2005, when it had salesof £6.8m— conductsmarket research tobenchmark anything fromGP referrals tohospital mortality rates. It was acquiredby Australia’s Telstra last year in a dealestimated to beworth up to $50m.Some companies are helping to take

the pain out of daily life. Joanne

Whittaker started Fideliti during hermaternity leave in 2005, helped by a£50,000 investment from the Betfredco-founder Fred Done. Her business,which appeared on Fast Track 100 from2011 to 2013, reduces the admin burdenfor companies and employees that usethe government’s childcare vouchers.The ideas for these companies can

come from unexpected situations. Abrainstorm over its co-founders’ sharedgarden fence led to the creation of A-GasInternational in 1993. It suppliesenvironment-friendly gases to replaceharmful CFCs in products such asrefrigerators and insulation foam. Thebusiness supplies overseasmarketsincluding South Africa, where it says itsCape Town plant is the largest of its kindon the continent. It featured on FastTrack 100 in 1998with sales of £12m,which have since grown to £94m.There aremanymore examples from

20 years of Fast Track 100. The economyand our daily lives wouldn’t be the samewithout them.

Not every company on the league table is a household name, butmanyhave had a big impact on Britain, writesChrisMarshall

Heroes behind the headlines

Meet some of Fast Track’s greatest hits

Innocent’s co-founders — Cambridge University friends Adam Balon, Jon Wrightand Richard Reed, above, left to right — dreamt up the idea for this brand while ona snowboarding holiday in 1998. They managed to do what big drinks companieshad told them was impossible: make a profit from 100% fruit smoothie drinksfor a mass market. They built the brand into a household name that appeared onFast Track 100 for a record five consecutive years. Innocent had sales of £207mand operating profits of £28m in 2012 before Coca-Cola acquired a 90% stakein 2013, valuing the company at a reported £440m. The three have since set upJamJar Investments, an early-stage fund investing in consumer brands includingthe snack company Graze, which has appeared in Fast Track 100.

InnocentSimon Arora, pictured above, and his brother Bobby acquired 21 discount shopsin 2004 and have since turned B&M into a group with nearly 600 stores serving3m customers a week in the UK and Germany. Sales stood at £2bn last year.An outrider of the surge in value retailing in the UK, offering everything fromfurniture and electrical goods to clothing and cosmetics, the Merseyside-basedcompany first featured on Fast Track 100 in 2009 with sales of £256m. In 2012the Arora brothers sold a stake to the private equity firm Clayton Dubilier & Rice,valuing the company at £965m, and appointed Sir Terry Leahy, of Tesco fame,chairman. They listed the business on the London Stock Exchange in 2014,when it was valued at £2.8bn.

B&MSet up by 12 engineers led by Robin Saxby, above, in a converted barn in 1990,ARM Holdings designs microchips that are now found in 95% of the world’ssmartphones. In 1997 it featured on the first Fast Track 100 with sales of £17m.Simon Segars joined as ARM’s 16th employee in 1991 and became chief executivein 2013. ARM has championed British technology and in May this year acquiredApical, an imaging software specialist and Tech Track 100 alumnus, for $350m(£284m). It had sales of £968m in 2015 and employed 4,200 people worldwidebefore it was bought by Japan’s SoftBank in September for £24.4bn. As the“internet of things” continues to grow, ARM is set to expand. To support growth, itsnew owner has pledged to double the number of engineers at its Cambridge base.

ARM

“It’s all about the ingredients,” said Charles Rolls, co-founder of Fever-Tree, at lastyear’s Fast Track 100 awards ceremony. He was telling the story of how he andco-founder Tim Warrillow travelled the world to find the right ingredients to createa top-quality tonic to accompany gin. Their Premium Indian Tonic Water, launchedin 2005, was followed by other premium drinks, including lemonade and gingerbeer, which the company now exports to more than 50 countries. It first featuredon Fast Track 100 in 2011 with sales of £6.7m, which grew to £59m in 2015. Thefounders sold a 49% stake to the private equity firm LDC in 2013, before floatingthe business on AIM in 2014, when it was valued at £154m. After repeatedlyexceeding its profit forecasts, it is now worth £1.2bn.

Fever-TreeFounder Lance Uggla struck more than 30 deals to expand his financialinformation firm Markit, before signing the biggest of all — a $13bn (£11bn) mergerof equals with the American data provider IHS in July this year. The firm providesdebt and derivatives pricing, reference data, indices and processing services tomore than 3,000 financial institutions. Uggla started it with a group of colleaguesin a shed in St Albans in 2001 and it was first ranked on Fast Track 100 in 2010,when it had sales of £305m. It listed in New York in 2014, pictured above, at avaluation of $4.3bn, when it raised $1.3bn for further acquisitions. Before themerger with IHS this year, Markit had sales of $1.1bn and more than 4,000employees in 28 offices worldwide.

MarkitCharles Dunstone was 25 when he co-founded Carphone Warehouse in 1989with just £6,000 of savings. He anticipated the rapid adoption of mobile phonesand was recognised on the first Fast Track 100 in 1997 when the companyachieved sales of £65m. He listed it in 2000, when it was valued at £1.7bn, andled it into broadband. In 2010 Carphone Warehouse spun off its broadband arm,TalkTalk — now valued at £1.5bn — and merged the phone retail business withDixons Retail in 2014, to create a £3.8bn group with sales of £9.7bn, operatingprofits of £304m and 42,000 staff. Dunstone, who was knighted in 2012, ischairman of the combined group and has served as an investor in and director ofother fast-growing businesses, including the UK arm of burger chain Five Guys.

CarphoneWarehouse

Acquisitions & mergers393 Fast Track 100 alumni companies have merged with or been acquired by other businesses, including:

• Euro Garages, the fuel forecourt operator, featured in 2006 with sales of £79m. In 2015, it bought 172 sites from Exxon Mobil and Shell, before private-equity firm TDR Capital acquired a minority stake, valuing the group at £1.3bn. In 2016, it merged with European Forecourt Retail, and a series of overseas acquisitions took sales to £4.5bn in 2017

• Geneva Technology, the billing software developer, which featured in 2001 with sales of £13.4m, the same year it was sold to Convergys for £477m

• ghd, the hair products supplier, featured as the No 1 company in 2005. LDC bought a 40% stake in a £55m deal in 2006, and there have been two further buyouts in 2007 and 2013. It had sales of £167m and operating profits of £15m before the company was acquired by US firm Coty for $510m in 2016

• innocent, the fruit drinks maker, featured for five consecutive years from 2004, when it had sales of £11m. It generated sales of £207m and operating profit of £28m in 2012 before Coca-Cola acquired a 90% stake in 2013, valuing the company at a reported £440m

• Jimmy Choo, the luxury accessories designer, which first featured in 2005 with sales of £27.8m, before being acquired by Michael Kors in 2017 for £896m

• Naked Wines, the online wine retailer, first featured in 2013 with sales of £34.9m, making another appearance in 2014 before being bought by Majestic for £70m

• NET-A-PORTER, the online fashion retailer, featured in 2006 with sales of £21m. It was sold to Richemont for £350m in 2010, merged with Yoox in 2015, and the combined group is now valued at £4.2bn

• Travelex, the foreign exchange operator, featured in 2003 with sales of £463m; it was sold to the owner of UAE Exchange for £1bn in 2014

• Watchfinder, the pre-owned watch retailer which first featured on Ones to Watch in 2014 with sales of £25.1m and featured on the main table for three years before being acquired by Richemont in June 2018

Failures15% of the Fast Track 100 companies have gone bust over the past 22 years. This compares favourably with the over 50% of start-ups that fail within four years.

Companies that have failed include Land of Leather, which first featured in 2000 before going into liquidation during the recession in 2009; Focus DIY, which featured in 2002 but fell into administration in 2011 after having grown to be the fourth-largest DIY retailer in the UK; and Spark Energy, which featured in 2014 but ceased trading last month – the 7th energy supplier to fold in 2018.

Sir Robin Saxby, former CEO and chairman of ARM, which featured on the first league table with sales of £17m, was acquired by SoftBank for £24bn in 2016

Richard Reed, Adam Balon and John Wright of innocent, which generated sales of £207m in 2012, before Coca-Cola bought a 90% stake in 2013, valuing the company at a reported £440m

Started by Mohan and Zuber Issa, Euro Garages merged with fuel forecourt operator European Forecourt Retail in 2016, and it now has sales of £4.5bn

Dame Natalie Massenet, founder of NET-A-PORTER, which featured in 2006 with sales of £21m and was sold to Richemont for £350m in 2010; and merged with Yoox and is now valued at £4.2bn



10

Example Fast Track 100 alumni



4

52

84

Its explosive growth has mostly taken place in the last three years, thanks in part to being seen on the likes of Meghan Markle and Margot Robbie. It uses social media and digital marketing to market its rings, earrings and necklaces, and attributes almost three-quarters of sales to Instagram publicity. The range is stocked in high-end department stores Harvey Nichols and Selfridges, as well as online by Nordstrom in the US. Sales climbed to £6m in March, roughly half of which were to customers overseas.

Her London chain’s Aussie-inspired offering is available between 7am and 11pm, with Instagrammable dishes including smashed avocado on charcoal toast in the morning, and ‘Hot Bondi’ prawns in the evening. It also offers a bottomless brunch with free flowing prosecco at five of its nine bars and eateries across London, including at Darcie & May Green – two floating barges, designed by Sir Peter Blake, on the Grand Union Canal at Paddington. It recently raised £2m on Crowdcube to support its rapid expansion, seeing sales hit £5.8m in the year to April.

Looking for a way to pick her own hours and spend time with her newborn daughter, Joanne Bass, 41, decided to become her own boss, using £3,000 of her savings to create a website. Now a mother-of-four, her Peterborough-based firm sells a range of exhibition and promotional equipment like stands, signs and banners. Turnover hit £5.5m last year thanks to signing up new customers and repeat business from its blue-chip clients, which include Virgin, Dyson and John Lewis. Roughly 50% of products are manufactured in-house at its 28,000 sq ft production facility.

CAGR§ 148%Sales 2018 £6mSales 2015 £0.4mOP 2017 £2.1mStaff 15Founded 2008Location West London

CAGR§ 49%Sales 2017 £5.5m*Sales 2014 £1.6mOP 2017 £0.5mStaff 42Founded 2010Location Peterborough

CAGR§ 66%Sales 2018 £5.8m*Sales 2015 £1.3mOP 2017 £0.6mStaff 175Founded 2012Location West London

Missoma Online jewellery brand

Daisy Green Aussie café chain

XL DisplaysExhibition equipment retailer

A childhood love of gemstones inspired Marisa Hordern to start her online jewellery brand Missoma (No 5)

Joanne Bass, 41, started the business in 2010 while on maternity leave after the birth of her first child

A childhood passion for gemstones inspired Marisa Hordern, 39, to set up this London firm in 2008

Australian-born Prue Freeman, 37, a former banker, founded the firm in 2012 with husband Tom Onions, 40

KEY THEMES & SELECTED COMPANY PROFILESOn the following pages we profile examples of companies that demonstrate some of the key themes from this year’s league table.

Women foundersThere are 22 female founders or chief executives running businesses on this year’s league table, the same as last year and a joint record high in the 22 years of Fast Track 100. The second highest point was in 2002, with 17 female founders.

Examples include Susie Ma, 30, who set up beauty product manufacturer Tropic Skincare (No 42) in 2011; and Pranee Laurillard, 48, who started Thai tapas chain Giggling Squid (No 99) with her husband Andy, 47, in 2009.

§ compound annual growth rate between 2014/15 and 2017/18 * supplied by company



12

6

24

79

Family-run businesses

Over a quarter (28) of the companies were founded or are run by families, including husband-and-wife teams, siblings or parents and children, up from 18 in 2015. Some have been passed down through the generations – such as Welland Power (No 59), whose managing director Charlie Farrow is the fourth generation to head up the firm. At others, multiple generations work together, including at Cussins (No 46), whose father-and-son co-founders Peter and Jabin Cussins are chairman and chief executive respectively.

Other examples are profiled below.

Based at Falls Farm in Harrington, Northamptonshire, this firm produces six flavours of small batch, handcrafted gin, including honey-infused, elderflower and rhubarb. Husband-and-wife team Tom Warner, 40, and Tina Warner-Keogh, 35, both come from farming stock, but were working in procurement and private equity respectively when they established Warner Edwards in 2012. Early success was boosted by Fast Track 100 alumnus Fever-Tree recommending its ginger ale be paired with the firm's rhubarb gin, while stockists now include M&S, Waitrose and Majestic Wines. Sales hit £6.1m last year, and there are plans to expand the distillery in 2019.

He says the idea for the firm came after a friend offered him an electronic cigarette in the pub. A heavy smoker for over 15 years, the device helped him kick the habit, and provided the inspiration for a new business venture. The first Vaporized store opened in Edinburgh in 2013, and there are now 112 outlets across Britain – making it the country's largest chain of vaping stores – as well as an online shop stocking over 500 flavours of e-liquids. Total sales hit £22.7m last year, and in October, it announced plans to open another 200 stores by 2021.

Established in 1989, this County Down-based firm is now run by Gareth Chambers, 33, the son of the founders, chairman Howard Farquhar, 60, who led a management buyout in 2016. Sandwiches, wraps, salads and cold-pressed juices are among the products produced under its Scribbles brand. It acquired Sweet Things bakery in 2016 and Slough-based Chef in a Box in 2017, both for undisclosed sums. Sales hit £19.2m last year.

Warner Edwards Gin distiller

Vaporized Vaping shop chain

Around NoonFood-to-go manufacturer

Husband-and-wife team Tom Warner and Tina Warner-Keogh set up gin distiller Warner Edwards (No 6) in 2012

Founded in 1989 by husband and wife Francis, 59, and Sheila Chambers, 58, it is now run by son Gareth, 33

Husband-and-wife team Tom Warner, 40, and Tina Warner-Keogh, 35, established the firm in 2012

Callum Henderson, 32, joined forces with his brother Connor, 29, to open the first Vaporized store

CAGR§ 143%Sales 2017 £6.1m*Sales 2014 £0.4mOP 2017 £1.9m Staff 21Founded 2012Location Northamptonshire

CAGR§ 51%Sales 2017 £19.2m*Sales 2014 £8.9mOP 2016 £0.7m Staff 235Founded 1989Location Co Down

CAGR§ 97%Sales 2017 £22.7mSales 2014 £1.2mOP 2016 £0.9m Staff 220Founded 2012Location Edinburgh




10

63

99

External capital

Forty companies have raised external capital from PE/VC firms, business angels, corporate investors or crowdfunding investors. Half have disclosed how much they have raised, securing in excess of £500m, according to data supplied by Beauhurst. For example, Scottish brewery BrewDog (No 71) has raised £271m and is valued at £1bn; while Mission Mars (No 5) secured £10.2m from BGF in exchange for a minority stake in July.

Other examples of companies that are backed by external investors are profiled below.

Clients of this firm include Fever-Tree, Jeep, the BBC and Boxpark – which features on Fast Track this year at No 10. Founded in 2013 by former stockbrokers Ben Treleaven, 37, and Gregg Curtis, 38, it converts shipping containers into bespoke spaces like cafes, bars and offices, which are manufactured at its factory in Truro. Last year, it completed a 60-apartment project for Ealing Council, which was constructed, fitted and finished in just 24 weeks. Sales grew to £5.6m in September, thanks in part to a merger with sister company CargoTek.

This firm helps to keep customers happy by answering their questions via email, LiveChat and on the phone, working on behalf of clients like Jimmy Choo, New Look and UGG Australia. Founder Dino Forte, 52, anticipated that there would be demand for such a business when he founded Ventrica in 2009, because of the rise of online shopping. Sales hit £9.4m in 2017. It plans to open a contact centre in Holland next year, as well as create another 150 jobs in Southend-on-Sea.

The first Giggling Squid restaurant was in the basement of a former fisherman’s cottage in Hove, which husband-and-wife team Andy and Pranee Laurillard, 47 and 48, bought for £1 in 2009. The chain now has 30 eateries serving "Thai tapas" – small sharing dishes inspired by authentic and rustic Thai cooking. It made a surprise discovery last year while renovating its newly-acquired Windsor site – £20,000 worth of fine wine stashed in a secret cellar by the previous owners. Sales hit £23.7m in March.

ISO Spaces Modular buildings designer

Ventrica Outsourced contact centre operator

Giggling SquidThai restaurant chain

Mowgli Street Food (No 23) secured £3.5m from Foresight Partners last year in exchange for a minority stake

It secured £6.4m investment from the growth-capital firm BGF in 2015

It has completed two crowdfunding rounds on Crowdcube to support its expansion, the most recent of which raised 130% of its £500,000 target

Mobeus Equity Partners bought a 36% stake in the firm for £9m in September

CAGR§ 135%Sales 2018 £5.6m*Sales 2015 £0.4mOP 2018 £0.6m Staff 29Founded 2013Location Truro

CAGR§ 46%Sales 2018 £23.7m*Sales 2015 £7.7mOP 2016 £1.8m Staff 492Founded 2009Location Guildford

CAGR§ 58%Sales 2017 £9.4mSales 2014 £2.4mOP 2017 £1.8m Staff 354Founded 2009Location Southend-on-Sea




14

12

69

81

International activity

More than two-thirds of the companies (67) have expanded overseas to boost revenue growth, up from 58 last year and 23 that featured on the first league table in 1997.

Examples include AerFin (No 8), which sells aircraft and parts to overseas customers like Philippine Airlines and Lufthansa; and Welland Power (No 59), which produces over 3,000 generators per year, roughly 95% of which end up abroad.

Other examples are profiled below.

Ben Francis, 26, started this fitness clothing brand in 2012 at the age of just 20. Since then its range of fitness apparel has gone global, under the steer of chief executive Steve Hewitt, 45, who joined in 2015. It has focused on creating an aspirational brand and innovative products, building a community of fans and customers through its social media programme, which has seen it sponsor popular YouTubers and Instagram stars. It now has a combined audience of 65m followers, creating such demand for its products that many new launches sell out within hours. In April, it opened its new headquarters – GSHQ – in Solihull, creating 450 jobs for the Midlands region, and in July, sales hit £103.2m.

Starting life as a shop in Newcastle in 2005, co-founders and university friends John Parker and Christiaan Ashworth, both 36, saw the potential of the internet 12 months after launch and set up an online store. It stocks a carefully curated selection of luxury fashion, emerging designers and exclusive sport and streetwear, from brands such as Moncler, Off-White and Alexander McQueen. Taking investment from Index Ventures in 2014 has helped it expand its retail footprint, opening a Glasgow flagship in 2017. Sales reached £101.1m in March, and it opened its London Soho store in October.

Google, Twitter and AstraZeneca are among the clients of this Yorkshire firm, which was founded in 2005 by Mark Hammond, 38, Kieron Bakewell, 40, and Matt Welsh, 41. Its contemporary furniture can be found in hotels, restaurants, offices and even airports, including Manchester's Terminal 3. Launching its first international showroom in Chicago has helped boost sales, which hit £23.4m in May, roughly 70% of which were overseas.

Gymshark Online sportswear retailer

END. Online menswear retailer

naughtoneFurniture designer and manufacturer

Industry veteran Bob James started AerFin (No 8) in 2012; it now generates more than 80% of its £70.2m revenues overseas

To open the way for sales in the US, it sold a 50% non-controlling stake to US furniture giant Herman Miller in 2016

This year, 80% of its sales were to its overseas customers in 177 countries

Ships up to 6,000 parcels a day to its customers around the world

CAGR§ 128%Sales 2018 £103.2m*Sales 2015 £8.7mOP 2018 £20.3m Staff 202Founded 2012Location Solihull

CAGR§ 50%Sales 2018 £23.4m*Sales 2015 £6.9mOP 2016 £4.5m Staff 40Founded 2005Location North Yorkshire

CAGR§ 56%Sales 2018 £101.1mSales 2015 £26.7mOP 2017 £23m Staff 316Founded 2005Location Newcastle




35

67

73

Manufacturing

Thirty-eight companies are engaged in manufacturing, either directly or indirectly (by outsourcing to third parties), up from 33 last year.

Examples include Real Wrap Co (No 41), which manufactures a range of sandwiches, wraps and other food-to-go from its Avonmouth factory; and luxury bathroom retailer Lusso Stone (No 18), which outsources the manufacture of its composite stone baths and sinks to a partner in China.

Logan Plant, 39 – son of Led Zeppelin frontman Robert Plant – founded Beavertown in 2011. Its beers are now stocked in Young's, Fuller's and Greene King pubs nationwide, as well as in Waitrose and M&S stores. Its quirkily-named pale ales include Gamma Ray, Neck Oil and Lupuloid, all of which are sold in eye-catching cans featuring psychedelic prints and comic book-style cartoons. Sales frothed up to £12.7m in March, and it announced in June that Heineken had taken a minority stake in the business for £40m. BeaverWorld – its new brewing site with a visitor centre – will open next year, seeing production capacity rise to 45m litres a year.

This Wolverhampton-based business was set up in 2007 by managing director Ravi Patel, 62, along with his two sons Nikul, 29, and Kunal, 30. It manufactures lavatory paper and kitchen towel products for the consumer market, as well as commercial paper products like hygiene rolls and facial tissues. The growth of discount retailers – who are among its key customers – helped drive sales to £29.2m in 2017. It has recently invested in its equipment and production lines.

Staircases, joist floors, door linings and other timber products are manufactured at this firm’s ten UK facilities. Managing director, Andy Hamilton, 53, founded the Nuneaton-based company in 1985 with a £5,000 loan from his father after leaving school without any qualifications. Travis Perkins, the builders’ merchant, took a 15% stake in the business in 2015 for an undisclosed sum, with sales reaching £35.9m in 2017. It says it is now the largest staircase manufacturer in Europe, with 1,500 new houses built each week using its products.

Beavertown BreweryCraft brewery

Task Consumer ProductsLavatory paper manufacturer

StaircraftHousing materials manufacturer

Beavertown Brewery (No 35) produces 6.5m litres of beer a year at its site in Tottenham Hale, North London

It has 10 UK manufacturing facilities, and is backed by Travis Perkins

Produces 6.5m litres of beer annually at its site in Tottenham Hale

Produces 60,000 tons of paper products a year at its 250,000 sq ft factory in Wolverhampton

CAGR§ 77%Sales 2018 £12.7mSales 2015 £2.3mOP 2018 £1.3m Staff 74Founded 2011Location North London

CAGR§ 55%Sales 2017 £35.9mSales 2014 £9.6mOP 2017 £1m Staff 266Founded 1985Location Warwickshire

CAGR§ 56%Sales 2017 £29.2mSales 2014 £7.7mOP 2017 £2.5m Staff 45Founded 2008Location Wolverhampton




16

3

21

71

Emerging brands

Some companies are becoming household names, including US burger chain Five Guys (No 43), brewer BrewDog (No 71), and online sportswear retailer Gymshark (No 12), as well as other examples below.

Joint chief executives Adam Minto, 48, and Tom Allsworth, 53, launched the first Revolution Beauty product in 2014, under its Makeup Revolution brand, which Superdrug picked up for distribution less than six months after launch. The Kent firm sells items in its range at an affordable price point – eyeshadows, concealer and lipstick start at £1 – which it achieves by shunning expensive print and TV advertising in favour of social media and influencer marketing. Sales reached £71.8m in 2017, the same year US private equity giant TSG Consumer Partners took a minority stake. It says it is now launching a new product every week, all of which are certified cruelty-free.

Founder Charlotte Tilbury, 45, has been a make-up artist to the stars for more than 20 years, having worked with some of the world’s most famous faces, including Nicole Kidman, Kate Moss and Amal Clooney. She launched her eponymous line of beauty products in 2013 together with chief executive Demetra Pinsent, 44, and opened the brand’s flagship Covent Garden store in 2015. It has since expanded its distribution to the US, Canada, Europe, the Middle East and, most recently, Hong Kong. It now has 200 points of distribution worldwide, which helped boost sales to £100.7m last year. This year it launched in Sephora in the US, Canada, Germany and Spain.

This Aberdeenshire brewer is featuring on the league table for a record seventh time. Founded in 2007 by James Watt and Martin Dickie, both 36, it was valued at £1bn last April when it sold a 22% stake to US private equity firm TSG Consumer Partners for £213m; and it has since raised another £26m from crowdfunding. Its 95,000 'equity punks' have bought shares through a public prospectus and own 20% of the company. Sales hit £111.6m in 2017, and at its April AGM this year, it told shareholders that it was planning a stock market flotation as soon as 2020.

Revolution BeautyBeauty products retailer

Charlotte Tilbury BeautyBeauty products retailer

BrewDogBrewery

Charlotte Tilbury, the eponymous founder of Charlotte Tilbury Beauty (No 21) received an MBE for her services to the beauty industry last month

Its celebrity fans range from the Duchess of Sussex to JK Rowling and the Kardashian family

It has opened nearly 60 bars in locations as far afield as Brazil and Japan

Its 1.4m Instagram followers can buy its products at Superdrug, Ulta and Beautybay.com

CAGR§ 102%Sales 2017 £100.7mSales 2014 £12.2mEBITDA 2017 £4.3m Staff 989Founded 2011Location West London

CAGR§ 56%Sales 2017 £111.6mSales 2014 £29.6mOP 2018 £2.7m Staff 777Founded 2007Location Aberdeen

CAGR§ 153%Sales 2017 £71.8mSales 2014 £4.4mOP 2017 £11.5m Staff 94Founded 2013Location Kent




22

58

82

Housebuilding and construction

There are 13 building-related companies on this year’s league table, including six housebuilders and five building contractors.

Some have benefitted from government-backed schemes like Help to Buy, including Staircraft (No 73) which says 1,500 new houses a week are built using its products, and Highwood Group (No 74), which is building 750 homes at North Stoneham Park in Hampshire.

This Warrington firm focuses on building traditional houses with modern interiors, mostly in the suburbs of towns and cities in the Northwest. Turnover climbed to £13.3m last year, when it sold 36 homes – up from 31 the year before. It is looking into offsite methods of construction to help improve its build times.

Based in Newry, Northern Ireland, this office fit-out and construction contractor has benefitted from the influx of large US firms setting up offices in Ireland. Founder and managing director Paul McKenna, 51, who had worked as a joiner for £8 a day as a teenager, grew sales to £94.7m last year - all generated across the border in Ireland. A fortuitous call from a former client had led him to set the firm up in 2001, when he was contacted and asked to carry out a construction project. It is currently involved in a number of brownfield and greenfield development projects.

Rob Boughton, 45, established this West Sussex firm in 2010. The group of companies comprises a land promotion and housebuilding arm, Thakeham Homes, and a contracting arm, Thakeham Client. The former focuses on constructing quality new houses across the Southeast, and has benefitted from government-backed schemes like Help to Buy. Under its Thakeham Client arm, the firm works with external customers like Legal & General and housing association Clarion, on projects such as retirement villages and affordable housing schemes. Group sales climbed to £47.6m last year.

Eccleston HomesHousebuilder

mac-groupConstruction and fit-out contractor

Thakeham GroupHousebuilder and construction contractor

Paul McKenna worked as a joiner for £8 a day as a teenager, before setting up mac-group (No 58) in 2002

Its landbank comprises roughly 30,000 plots, and works with the likes of Legal & General

Founder Kevin Marren, 58, started this company using his share of the proceeds from the £26m sale of his previous venture to Bovis Homes in 2007

It has worked on more than 1,000 projects for clients like IBM and Oracle, and says it has 93% repeat business

CAGR§ 99%Sales 2017 £13.3mSales 2014 £1.7mOP 2017 £2.1m Staff 26Founded 2011Location Warrington

CAGR§ 50%Sales 2017 £47.6mSales 2014 £14.1mOP 2017 £3.5m Staff 13Founded 2010Location West Sussex

CAGR§ 63%Sales 2017 £94.7mSales 2014 £21.9mOP 2017 £4.5m Staff 83Founded 2002Location Newry




18

2018 FAST TRACK 100 LEAGUE TABLE

1 Midwinter SolutionsClinical trials supplier Burton-on-Trent Feb 18 233.29% 61,823 20 2013 Its co-founders worked at Clinigen, which was No 1

on Fast Track 100 in 2011 before it floated on AIM

2 Crep ProtectFootwear accessories developer West London Feb 18 190.74% *27,465 29 2012 Sells its footwear protection and cleaning products

in 52 countries around the world

3 Revolution BeautyBeauty products retailer Kent Dec 17 152.92% 71,788 94 2013 Has a range of cruelty-free beauty and cosmetic

products starting at just £1

4 MissomaOnline jewellery brand West London Mar 18 148.26% 5,970 15 2008 Plans to use 3D printing to create crystals for future

jewellery collections

5 Mission MarsBar and restaurant operator Manchester Sep 18 147.37% †*27,744 531 2015 Raised £10.2m from BGF in July to fund the

expansion of its Rudy's and Schloss hospitality brands

6 Warner EdwardsGin distiller Northamptonshire Dec 17 142.58% *6,052 21 2012 Each bottle of its rhubarb gin contains one-third

fresh rhubarb juice

7 One Retail GroupConsumer products retailer

Northwest London Dec 17 141.53% *13,970 12 2013 Founder Joshua Stevens started his first business

aged 13

8 [1]

AerFinAircraft and spares services Caerphilly Dec 17 140.68% 70,221 87 2010 Has spent more than £100m buying used aircraft,

engines and spares worldwide

9 AFC BournemouthFootball club Bournemouth Jun 17 138.23% 136,456 575 1890 Achieved a ninth place finish in the Premier League

last year, its second season in the top flight

10 ISO SpacesModular buildings designer Truro Sep 18 135.38% *5,575 29 2013 Constructed, fitted and finished 60 apartments made

from shipping containers in 24 weeks for Ealing council

11 Velocity OutletOnline electronics retailer Cambridge Dec 17 134.32% *13,269 22 2013 Names its speakers after natural landmarks such as

Mount Snowdon

12 [12]

GymsharkOnline sportswear retailer Solihull Jul 18 127.86% *103,232 202 2012 Its social media pages have a combined following of

more than 7m and combined audience of 65m

13 [7]

Cult BeautyOnline beauty retailer Central London May 18 125.88% *66,742 108 2008 Has raised £1.8m funding from investors including

the founders of Net-a-Porter and Lovefilm

14 Ridgepoint HomesHousebuilder and developer High Wycombe Dec 17 124.72% 34,619 21 2006 Is creating 135 family homes adjacent to the Grand

Union Canal in Aylesbury, Buckinghamshire

15 CField ConstructionBuilding and civil engineering contractor Central London Dec 17 111.99% 50,009 39 2011 Built Field of Dreams educational centre for adults

with Down’s syndrome in Cork

16 INSTAsmileDental veneer retailer Manchester Sep 18 109.45% *5,580 45 2012 Placed side-by-side, the veneers it has made since

2012 would cover roughly four miles

17 Mowgli Street FoodIndian restaurant chain Liverpool Jul 18 106.05% *8,066 254 2013 Founder Nisha Katona spent 20 years working as a child

protection barrister before opening her first restaurant

18 Lusso StoneLuxury bathroom retailer Middlesbrough Sep 18 105.41% 7,965 11 2013 Its baths, sinks and showers can be found in high-

end hotels such as Claridge’s in Mayfair

19 Brewhouse & KitchenMicrobrewery and pub operator North London Sep 17 103.82% †11,424 281 2012 Most expensive own-brand pint is under £6 and

48% of its customers are female

20 Oxford Summer CoursesEducational course provider Oxford Sep 18 103.80% *8,114 26 2010 Runs courses for overseas students across

Cambridge, London, Stanford and Bangalore

21 Charlotte Tilbury BeautyBeauty products retailer West London Dec 17 102.11% 100,653 989 2013 Charlotte Tilbury was appointed an MBE at

Buckingham Palace last month

22 [13]

Eccleston HomesHousebuilder Warrington Oct 17 99.01% 13,339 26 2011 Founder Kevin Marren sold his previous

housebuilding venture to Bovis Homes for £26m

23 [26]

Beat ConceptsBespoke uniform supplier Central London Sep 17 98.36% †*11,388 11 2008 Designed and supplied the eye-catching ultra-

reflective jackets worn by Deliveroo riders

24 VaporizedVaping shop chain Edinburgh Dec 17 96.65% 22,677 220 2012 In October it announced plans to open another 200

stores by 2021, bringing its total to over 300

25 [4]

VeezuTaxi hire provider Newport Dec 17 95.62% 25,929 304 2013 Donates 1p to charity for every ride booked through

its app

Rank2018 Annual sales

growth over 3 yrs§FYEHQ locationActivity[2017]

CompanyLatest

sales £000 Staff Founded Comment

* supplied by company † annualised



26 HalalBooking.comSpecialist online travel agency Reading Dec 17 90.01% *10,132 36 2009 More than 80% of its turnover is generated from

bookings made by overseas customers

27 Corinium Global IntelligenceConference organiser Cirencester May 18 87.35% *5,559 56 2013 All of its 56 employees across five continents work

remotely

28 Urban Pubs & BarsPub operator West London Apr 18 85.05% *16,805 241 2014 Co-founders sold their previous venture Realpubs

to Greene King for £53m

29 [3]

TFS HealthcareHealthcare recruitment consultancy Central London Mar 18 84.92% 38,621 100 2010 Runs a “Nurse of the Month” feature on its website

30 [19]

EnnismoreHotel developer and operator Central London Dec 17 84.12% 17,382 83 2012 Its portfolio includes six Hoxton-branded hotels, as

well as the Gleneagles golf resort in Scotland

31[20]

Pallet-TrackLogistics provider Wolverhampton Jan 18 84.04% 84,656 166 2004 Says it can transport anything that fits on a pallet,

including pianos, trees and fridges

32 [18]

Wed2bWedding dress retailer Milton Keynes Jul 18 81.68% *18,435 418 2009 Its wedding dresses range in price from £99 to £699

33 ClearabeeWaste collection services Birmingham Dec 17 77.51% *8,999 146 2012 Purchased 10 acres of native woodland in the

Scottish Borders to offset all of its CO2 emissions

34 Pure RetirementSpecialist mortgage broker Leeds Dec 17 77.17% 21,055 52 2013 Manages more than £600m in lifetime mortgage

loans across the UK

35 Beavertown BreweryCraft brewery North London Mar 18 77.16% 12,740 74 2011 It is the official craft beer supplier of the new

Tottenham Hotspur stadium

36 BoxparkRetail leisure developer Brighton Apr 18 75.77% *8,400 48 2010 Grime artist Stormzy launched his 2017 album Gang

Signs and Prayer at Boxpark Croydon

37 TravelUpTravel agency Berkshire Mar 18 75.34% 77,263 74 2004 Its websites receive 20,000 visits a day, up 65% on

last year

38 Henley HomesProperty developer

Southwest London Dec 17 75.23% 36,458 17 1999 The Victorian hospital it is converting in Manchester

was once used as the set of a horror film

39 [23]

Flat IronSteak restaurant chain Central London Aug 17 75.05% 11,715 220 2012 Customers regularly queue for up to two hours to

secure a table at its no-reservation restaurants

40 Cheevers HowardHigh-end construction contractor West London Mar 18 73.07% *25,930 95 2013 One of its directors drove to the south of France to

personally collect glass panels for a client

41 Real Wrap Co.Food-to-go manufacturer Bristol Mar 18 72.64% *7,110 105 2012 Supplied 15,000 sandwiches to 68 world leaders

and their entourages at the G8 summit in 2013

42 [32]

Tropic SkincareBeauty products manufacturer Croydon Jun 18 72.51% *22,475 120 2011 Founder Susie Ma started selling cosmetic products

at Greenwich Market aged 15

43 [8]

Five GuysBurger restaurant chain West London Dec 17 72.38% *121,965 2086 2013 Says customers have more than 250,000 combinations

to choose from when they order one of its burgers

44 [17]

Corley + WoolleyFit-out contractor Central London Dec 17 71.79% 25,849 27 2012 Fitted a bespoke oyster-shaped bar in the Rosebery

tea rooms at the Mandarin Oriental Hyde Park

45 BraidwaterHousebuilder Londonderry Mar 18 71.75% 24,103 46 2011 Growth-capital firm BGF has invested twice in the

past three years

46 [29]

CussinsHousebuilder Northumberland Sep 18 70.89% *33,063 88 2001 The Duke of Northumberland owns a 35% stake in

the business

47 [67]

GrenadeSports nutrition brand Solihull Dec 17 70.55% *33,820 33 2009 Says its Carb Killa protein bars outsell single Mars

bars in UK grocers

48 [9]

CarFinance247Vehicle finance provider Manchester Jun 18 69.49% *47,456 423 2006 More than £35m of loans are completed every

month via its website, it says

49 [58]

Chi Chi LondonOnline fashion retailer Enfield Dec 17 69.20% †*18,407 44 2008 Its designs have been spotted on celebrities such as

Love Island presenter Caroline Flack

50 [46]

Character.comBranded clothing retailer Swansea Jul 17 68.84% *12,242 26 2009 Products range from Star Wars stormtrooper

backpacks to Peppa Pig dressing gowns



CompanyLatest





20


51 [16]

SkinnydipFashion accessories retailer

Northwest London Dec 17 68.70% *15,603 85 2011 Miley Cyrus, Taylor Swift and Kylie Jenner have been

spotted with its products

52 Daisy GreenAussie cafe chain West London Apr 18 66.49% *5,819 175 2012 British pop art icon Sir Peter Blake designed this chain’s

floating bar on the Grand Union Canal in London

53 Harrison BathroomsBathroom distributor West Yorkshire Jun 18 66.48% *13,076 58 2013 Sells 12,000 pieces of bathroom stock per week

54 [28]

Total Management GroupEvents and travel agency Central London Mar 18 66.39% *12,002 39 2006 Over 20,000 people have attended its 180 events in 50

countries, including celebrities such as Eva Longoria

55 [52]

EasirentCar rental provider Liverpool Nov 17 64.35% *31,171 259 2009 Launched four US branches last year, all located at

Florida airports

56 ITD GlobalInternational courier Manchester Apr 18 63.70% *18,101 39 2004 It is integrated with delivery partners including

Hermes, UPS and FedEx

57 Xcede GroupSpecialist recruitment consultancy Central London Dec 17 63.07% *18,640 54 2003 Has placed staff at the likes of Deliveroo, British Gas

and Facebook

58 [59]

mac-groupConstruction and fit-out contractor Co Down Dec 17 62.95% 94,724 83 2002 As a teenager, founder Paul McKenna worked as a

joiner for £8 a day

59 [65]

Welland PowerGenerator manufacturer Lincolnshire Mar 18 59.40% 23,048 28 1950 Its diesel generators power schools, hospitals and

police stations in China and Pakistan

60 Matchroom SportSporting events promoter Essex Jun 18 58.60% *137,200 85 1982 This year its high-profile boxing matches have included

Joshua v Povetkin, held at Wembley in September

61 Shopper Media GroupMarketing agency Central London Sep 17 58.16% 24,362 84 2008 Co-founders started the firm with £1,000 savings

62 [44]

The Office GroupShared workspace provider Central London Dec 17 57.76% 90,091 241 2003 Its 31 flexible office spaces across London have features

such as gyms, roof terraces and meditation rooms

63 VentricaOutsourced contact centre operator Southend-on-Sea Oct 17 57.62% 9,448 354 2009 Provides online customer service for Jimmy Choo,

New Look and Ugg Australia

64 [63]

Red ArchAutomotive component manufacturer Northamptonshire Jul 18 57.12% 14,690 75 2010 It evolved from the engineering arm of early racing

car pioneer the Cooper Car Company

65 HomeslicePizza restaurant chain West London Apr 18 56.65% *5,537 145 2012 Co-founders Alan and Mark are the sons of the late

Sir Terry Wogan

66 SmyleCreative agency Hertford Mar 18 56.27% *26,948 65 2003 Its projects have included the Ryder Cup opening

ceremony in 2010, 2014 and 2018

67 Task Consumer ProductsLavatory paper manufacturer Wolverhampton Dec 17 56.16% 29,241 45 2008 Produces 60,000 tons of paper products a year at

its 250,000 sq ft factory

68 [80]

Send For HelpLone-worker protection provider

Southwest London Mar 18 55.97% 12,803 100 2010 Says it sells the world's smallest personal safety

alarm

69 [57]

END.Online menswear retailer Newcastle Mar 18 55.76% 101,051 316 2005 Launched its flagship store in London’s Soho in

October

70 Sustainable AdvantageEnergy and waste consultancy

Southwest London Apr 18 55.63% 5,762 23 2010 Reduces energy and waste costs for customers such

as Pret, Marriott and Transport for London

71 [62]

BrewDogBrewery Aberdeenshire Dec 17 55.59% 111,551 777 2007 Features in Fast Track 100 for a record seventh

consecutive year and was valued at £1bn in April 2017

72 ES BroadcastBroadcast equipment supplier Watford Jun 18 55.10% *21,400 28 2007 Plans to open a US office as part of its North

American expansion plans

73 [51]

StaircraftHousing materials manufacturer Warwickshire Dec 17 54.92% 35,867 266 1985 1,500 houses a week are built using Staircraft

products

74 Highwood GroupConstruction contractor and developer Hampshire Feb 18 53.62% 37,788 42 2003 Is developing 750 homes at North Stoneham Park

in Hampshire

75 Elonex GroupAdvertising space leaser Birmingham Dec 17 51.83% 6,715 39 2006 Its advertising boards on London taxi rooftops

deliver 10m impressions every fortnight, it says



CompanyLatest







CompanyLatest


76 AYMESNutritional supplement developer Haywards Heath Mar 18 51.63% *6,384 23 2008 Says its entry into the market has saved the NHS £40m

77 Prime GlobalMedical communications agency Cheshire Dec 17 51.61% †*17,163 157 1997 Has offices in Manchester, London, New York, and

San Francisco

78 Agon SystemsSecurity tagging manufacturer East Sussex Sep 18 50.58% *6,552 19 2007 Its client JD Sports recorded a 66% reduction in

shoplifting in stores where its tags are used

79 [72]

Around NoonFood-to-go manufacturer Co Down Dec 17 50.50% *19,246 235 1989 Acquired Slough-based Chef in a Box last year to

strengthen its presence in the UK mainland

80 Fizz CreationsNovelty items wholesaler West Sussex Jan 18 50.39% *14,138 44 2010 Started out as a way to make use of surplus

warehouse space at another of the owners’ businesses

81 [39]

naughtoneFurniture designer and manufacturer North Yorkshire May 18 50.12% *23,362 40 2005 Its furniture can be found in the offices of Google,

Twitter and LinkedIn

82 Thakeham GroupHousebuilder and construction contractor West Sussex Sep 17 50.12% *47,644 130 2010 Has more than 200 new homes under construction

across southeast England

83 James and JamesEcommerce fulfilment provider Northampton Dec 17 50.07% *8,936 100 2010 The firm is named after co-founders James Hyde

and James Strachan

84 XL DisplaysExhibition equipment retailer Peterborough Sep 17 49.29% *5,475 42 2010 Founder Joanne Bass started the business while on

maternity leave after the birth of her first child

85 C2eventsEvents agency Wakefield Dec 17 49.07% *6,904 17 2004 Three-quarters of its events take place outside the

UK

86 [77]

Third BridgeResearch services provider Central London Dec 17 48.56% 71,461 589 2007 Is named after a bridge in Botswana, the last before

you reach uncharted territory

87 ARB RecyclingCharity sector recycler Kent Jun 18 48.47% *8,200 74 2014 Its collection drivers cover the equivalent of four

journeys to the moon and back each year

88 Anthesis GroupSustainability consultancy Central London Dec 17 48.15% 13,755 201 2013 Claims it helps 26% of FTSE100 meet their climate

change goals

89 EakinSpecialist printer Co Armagh Dec 17 48.12% 50,896 319 1987 It aquired US licence plate manufacturer John R Wald

last year as part of its overseas expansion plans

90 [73]

VanaramaVehicle leasing broker

Hemel Hempstead Dec 17 47.83% 61,014 197 2007 Founder came up with its catchy jingle after hearing

the hymn Sing Hosanna at a wedding

91 [31]

Honest BurgersBurger restaurant chain Central London Jan 18 47.76% 22,258 476 2011 Produces 42,000 burger patties a week at its

in-house butchers

92 [5]

Plimsoll ProductionsTV show producer Bristol Aug 18 47.61% *19,458 102 2013 Is producing a Bear Grylls-hosted documentary series

Hostile Planet for the National Geographic Channel

93 CinosAudiovisual systems installer Surrey Oct 17 47.37% 10,294 49 2007 Has delivered systems for command and control rooms

in Singapore, America, the Middle East and the UK

94 TRBLightweight materials manufacturer Cambridgeshire Dec 17 46.64% 16,637 176 1952 Made the floors used in capsules on the London Eye

and the chassis for Heathrow's driverless PODs

95 [87]

Blackrock Expert ServicesDispute resolution consultancy Central London Oct 17 46.57% *29,708 84 2009 Consulted on construction disputes involving

London’s tallest building, the Shard

96 JDXBusiness consultancy Central London Mar 18 46.48% 34,505 547 2012 Co-founder set up financial consultancy DCG, which

he expanded to 450 staff in four years

97 [93]

Ocee InternationalFurniture manufacturer Northampton Jun 18 45.91% 39,648 190 1990 Its furniture can be found in offices and universities

across Europe, America, China and Australia

98 The LightCinema chain Central London Jul 18 45.88% *24,926 375 2007 Each of its 10 cinemas sells locally brewed craft beer

and its spirits and ice cream are also locally sourced

99 [60]

Giggling SquidThai restaurant chain Guildford Mar 18 45.77% *23,714 492 2009 Last March it found £20,000 of fine wine stashed in

a secret cellar by previous owners of its Windsor site

100 BioPhorumBiopharmaceutical forum organiser Sheffield Dec 17 45.53% *5,181 50 2009 Says more than half its staff have a masters degree,

and a quarter have a PhD



22

ONES TO WATCHOnes to Watch showcases a selection of 10 companies that do not meet the criteria of the Fast Track 100 league table, but which have achieved strong sales growth, or are forecasting strong growth.

The pre-owned watch retailer Watchfinder was in Ones to Watch 2014 with sales of £25m – and subsequently made three consecutive appearances on the league table. It achieved sales of £109m in the year to March, before being acquired by the Swiss luxury goods group Richemont for a significant undisclosed sum in June.

The burger chain Five Guys was tipped as a One to Watch in 2015, and is making its second appearance on the Fast Track 100 league table, this year at No 43.

The Ones to Watch companies have been judged by Fast Track.

Freddie Garland — the son of a florist — founded his bouquet subscription service in 2014. He is planning to test the Freddie’s Flowers model in the US next year

* supplied by company † annualised

Childs Farm Children's toiletries maker Hampshire Nov 17 †5,291 14,000 18 2010

With a 20% market share, it is the UK No 2 in baby and child toiletries behind Johnson & Johnson. Its products are now available in more than 6,000 stores nationwide

Chilly's Bottles Reusable bottle brand Central London Jul 18 *11,880 40,000 10 2010

Has quadrupled sales to £11.9m this year and forecasts £40m in 2019. Its colourful reusable water bottles are sold online and stocked by the likes of Urban Outfitters

Craft Gin Club Gin subscription service Central London Jan 18 *6,520 10,000 20 2015

Sources gins exclusively for its 42,000 members in the UK and plans to roll out in Ireland and Germany. Secured £75,000 from Dragons’ Den investor Sarah Willingham

Freddie's Flowers Flower delivery Central London Aug 18 *10,039 19,000 90 2014

Has helped to create a new market around regular flower delivery for the home and plans to test its model in the US next year. Is backed by Keith Abel of Abel & Cole

Huel Complete food brand Buckinghamshire Jan 18 *14,024 42,000 29 2015

Launched in 2015, it has grown sales to £14m and attracted £20m funding. Co-founder and serial entrepreneur Julian Hearn is aiming for a £1bn valuation in four years

Little Freddie Baby food manufacturer Central London Dec 17 *17,250 38,000 106 2014

This organic baby food brand is gaining popularity in China and the UK, selling through retailers such as Ocado and Boots. Forecasts sales of £38m this year

Micro-Fresh Antibacterial coating manufacturer

Leicester Jun 18 *10,000 11,800 7 2006Sells through the likes of John Lewis – and plans to add three overseas offices to its existing seven. Founder Byron Dixon was appointed an OBE this year

Mous Phone case designer Central London Mar 18 *5,417 11,200 31 2014

Viral marketing helped sales grow sixfold to £5.4m this year. Has raised $2.4m from crowdfunding and generates 85% of sales overseas

Sykes Holiday Cottages Holiday cottage rental Chester Sep 18 *49,600 63,200 504 1991

Offers 13,500 holiday cottages to rent in the UK and Ireland. Backed by private equity firm Livingbridge, it aims to take 2.5m customers on holiday a year by 2020

Torsion Group Developer & construction contractor

Leeds Dec 17 29,588 47,800 53 2015Founder and management bring experience from big construction firms and sales grew to £29.6m in its third year of trading; won a £28m contract in March

FYEHQ location Short profile

*Latest sales

£000

Forecast sales

£000 Staff FoundedActivityCompany



DISRUPTORS TO WATCHOur Disruptors to Watch list, now in its third year, aims to highlight 10 companies with disruptive potential from a cross-section of industries, rather than claiming to identify 10 companies with the most disruptive potential.

Our research took into account factors such as disruptive potential, the management team and investor credibility, as well as total funds raised. We also canvassed the opinion of the founders of three of our previous finalists: Ali Parsa of healthcare app Babylon Health, our overall winner in 2017; Tom Blomfield of mobile banking app Monzo; and serial entrepreneur Peter Roberts, who founded PureGym. The 10 companies we selected have raised more than £600m from investors.

This research carries the caveat that it is not possible for such a list to be comprehensive, but we hope it highlights potentially disruptive businesses across different industries.

Stan Boland, founder of FiveAI, has raised $35m to develop and operate a fully driverless shared taxi service in cities across Europe

Bulb Renewable energy provider

More than 850,000 households have signed up to its single, transparent green energy tariff since 2015, attracted by its renewable credentials, innovative technology and customer service. A £60m funding round in August reportedly valued the company at more than £400m, although it is operating in a competitive industry in which seven rivals went bust this year.

Callsign Authentication platform

Its artificial intelligence-driven cyber-security software removes the need for customer passwords, using data to enable smartphone users to confirm their identity with a single swipe. It raised $35m (£27m) in 2017 from investors including Accel to expand in the UK and US, and was valued at more than $100m.

Culture Trip Lifestyle content platform

This company’s online lifestyle, cultural and travel content – created by editorial hubs and more than 300 local freelancers – is viewed by 18m people a month. It uses AI to recommend content for its millennial audience. It has raised $103m in funding, including $80m in April, to drive revenue through booking links in the 1,600-plus stories it publishes each month.

Evox Therapeutics Drug therapy developer

Its technology delivers drugs directly to patients’ brains and central nervous system, overcoming the limitations of traditional treatments, and potentially providing a new way to target cancers and rare genetic diseases. It raised £35m in September from investors including GV, Google’s venture capital arm.

FiveAI Autonomous vehicle developer

Aims to develop and operate a fully driverless shared urban taxi service for Europe’s $400bn transport market, using AI-driven software and hardware that can be integrated into any modern car. It has received $35m in funding from venture capitalists, the highest sum for an autonomous car firm in Europe.

Graphcore Computer processor manufacturer

Says its computer processors are 10 to 100 times faster than existing products, with the potential to revolutionise advances in machine learning. It has raised $110m to launch its first product from Silicon Valley investors such as Sequoia Capital and UK angels including Robin Saxby, co-founder of ARM.

Monese Mobile banking service

Offers a smartphone-only, multilingual current account that can be opened in minutes, even without a UK or EU address – making access to banking easier for those who travel for work or study. The business has attracted more than 650,000 customers in 20 countries since 2015 and raised $60m in September from investors including PayPal.

Nested Online estate agent

Its data platform helps calculate the value of a house, on which it is prepared to offer sellers a cash advance of up to 94%, removing problems associated with property chains. It has sold £100m worth of property since 2016 and raised £165m in funding, including £120m in November from investors including Northzone.

Owlstone Medical Diagnostic breathalyser developer

Aims to save 100,000 lives and cut costs for healthcare providers by $1.5bn a year with its breathalysers that can detect cancerous cells earlier and at a lower cost than existing alternatives. Its products are being used by Glaxo Smith Kline and it has raised £56m from investors including Foxconn Technologies.

Oxford Nanoimaging Microscope manufacturer

Makes the world’s only portable super-resolution microscope, which offers resolutions 20 times higher than room-filling legacy models. The product is generating interest from life sciences researchers and pharmaceutical companies. The company completed its third funding round in July, raising an undisclosed sum from investors including Oxford Sciences Innovation.

Description of disruptive potentialActivityCompany



24

METHODOLOGYThe 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 2014 and 2017, or 2015 and 2018. 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.

Qualification criteria• UK registered, unquoted, and not subsidiaries

• Annualised sales of at least £250,000 in the base year (2014 or 2015)

• Annualised sales of at least £5m in the latest year (2017 or 2018)

• Year-on-year sales growth in the latest year from 2016 to 2017, or 2017 or 2018, plus forecast (or actual) sales growth

• Sales growth was measured by unrounded compound annual growth rate (CAGR) over the latest three financial years

• Operating profit of at least £500k in the latest year (2017 or 2018)

• Trading weeks in the base and latest years have to exceed 25

• Ten or more employees in the latest year (2017 or 2018)

• Recruitment firms are required to have gross profits of at least £5m and their sales are taken as total amount invoiced to clients

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

Research approachThe research was conducted by the Fast Track research team predominantly between August and November 2018.

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. Companies were selected from a database of around 2m private companies in the UK and self-nominations, followed by extensive desk-based research. Of the 100 companies, 50 had financial years ending in 2017 and 50 had financial years ending in 2018.

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

DisclaimersPrivate company information can be incomplete and, while every effort is made to include all qualifying companies, there may be omissions. Some exceptions were made to the qualification criteria set out above. The compiler’s decision is final and no correspondence will be entered into. Nominations for next year’s table would be welcome.



Fast Track would like to thank Virgin Atlantic for its title sponsorship of Fast Track 100, having previously been the launch title sponsors in 1997 for 10 years; Barclays for its sponsorship for an eighth year; BDO for its sponsorship for a fifth year, having previously been a sponsor for 2 years; BGF for its sponsorship for a sixth year, and N+1 Singer for its main sponsorship for the first time, having previously been an award sponsor for two years.

We would also like to thank our media partner The Sunday Times and Virgin Group for their continued support of the Fast Track 100 for all 22 years.

Neither Fast Track or our sponsors or media partner endorse, guarantee or recommend investment in any of the companies; the rankings are based on historical sales growth.

Cornerstone supporter

Media partner

Virgin has been a supporter of Fast Track 100 for all 22 years.

Virgin is a leading international investment group and one of the world's most recognised and respected brands. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors including mobile telephony, travel & transportation, financial services, leisure & entertainment and health & wellness. Today, Virgin companies employ more than 70,000 people in 35 countries and its global branded revenues exceed £16bn.

Sir Richard BransonFounder

SUPPORTERS

The Sunday Times has been Fast Track's media partner for all 22 years.

It is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over two million readers every week. Almost half (46%) of senior business decision-makers read The Sunday Times, a greater market share than any other publication, according to the latest 2018 Ipsos survey.

Oliver ShahBusiness editor

thesundaytimes.co.uk@ST_Business

virgin.com@virgin



26

Sponsors

Tony WalshHead of Mid-Corporate

Shai WeissChief executive elect

Virgin Atlantic has regained the title sponsorship of Fast Track 100 this year, taking over from Virgin Group, and having previously been the launch title sponsors in 1997 for 10 years.

Sir Richard Branson started Virgin Atlantic in 1984 with one plane and the pledge that “air travel should be exciting and enjoyable”. Today Virgin Atlantic is world famous for its customer experience – flying over 5.5 million passengers on business trips, dream holidays and adventures each year. Together with partner Delta Air Lines, they connect customers to over 220 destinations across the US every day.

virgin.com@virginatlantic

Stuart LislePartner, Tax

Accountancy and business advisory firm BDO is a main sponsor for a fifth year.

We are proud to put our clients – Britain’s economic engine, ambitious and high growth businesses that fuel the economy – and their challenges at the centre of our focus. We take the time to understand their objectives for the future, sharing insights, solutions and ideas to help them succeed in the market. Strong, professional relationships are important to us, which is why we continue to sponsor a number of Fast Track’s programmes.

bdo.co.uk@BDOaccountant

Barclays is a main sponsor for an eighth year.

Barclays is a transatlantic consumer and wholesale bank with global reach, offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people.

barclayscorporate.com@BarclaysCorp barclayswealth.com@Barclayswealth

Stephen WeltonFounder & chief executive

BGF is a main sponsor for a sixth year.

BGF is the most active investor in growing businesses in the UK and Ireland. An established and independent company, it has £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy. It has backed 20 Sunday Times Fast Track companies since 2011. Earlier this year, BGF became the first investment company to be honoured for Innovation in the Queen’s Awards for Enterprise.

bgf.co.uk@BGF_team

Tim CockroftFounder & chief executive

N+1 Singer is a main sponsor for the first time, having previously been an awards dinner sponsor for two years.

N+1 Singer is a specialist investment bank providing capital to small and medium-sized companies in the UK. With over 90 corporate clients, the firm has advised on more than 150 IPOs, secondary offerings and block trades, raising over £3.6bn in growth capital for their clients since 2013. It was recognised by the Financial Times as one of Europe’s fastest-growing companies in 2017, and winners of the ‘NOMAD of the Year’ award 2018.

n1singer.co.uk@nplus1singer



Jon MacLeod is director of research at Fast Track.

Prior to this he was a director in the equity research department of Citigroup Global Markets, where he worked for 17 years. Jon began his career in the fixed income markets and has also worked as a financial journalist. He has a masters in social and political science from Cambridge University.

Verity Krall is reponsible for managing the Fast Track 100 research.

Before joining Fast Track last year, she worked for IT consultancy White Cat Consultancy. She also held positions at football club Oxford United FC, and leisure management organision Fusion Lifestyle, while completing her undergraduate degree in Geography at University College London.

Ying Chen is head of research operations at Fast Track.

Before joining in 2005, she worked for the Beijing subsidiary of French consultancy Metizo. She has a masters in HR from Oxford University's Said Business School, and a degree in English from Beijing Foreign Studies University.

ABOUT FAST TRACK

Compiler & publisher

The authors

Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone sponsorship from Virgin and ongoing support from Sir Richard Branson. He works closely with leading entrepreneurs, sponsors and media partners.

He is an associate fellow at Green Templeton College, Oxford University, where he completed his masters and doctorate in management studies, and subsequently set up and held the Virgin research fellowship in entrepreneurship. He also has a degree in political science from the University of North Carolina, Chapel Hill.

Research support was also provided by Fast Track researchers Michael Cook, Malcolm Gilmour, Laura Kebble, Matt Elliott, Hannah Willison, Trevor Treharne, Noah Stevenson; and freelancers Ashley Cavers, Elizabeth Marsh, Luke Purser, Dan Robinson, Laura Parker, Suzie Pilkington and Francesca Woodhouse.



28

CONTACT DETAILS

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

Tel: 01865 297100

Email: [email protected]

Web: fasttrack.co.uk

@ST_FastTrack @FastTrackAlumni

The Sunday Times Fast Track

Fast TrackFast Track 100 is compiled by Fast Track, the UK's leading research and face-to-face networking events company, which ranks top performing private companies and entrepreneurs.

Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 22 years. It publishes six other annual league table awards programmes:

SME Export Track 100 ranks Britain's SMEs with the fastest-growing international sales (total sales between £5m and £25m)

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

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

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

Top Track 250 ranks Britain’s leading mid-market private growth companies with the biggest sales (the next tier below the top 100, and minimum 5% growth in sales or profits)

Top Track 100 ranks Britain’s private companies with the biggest sales (£700m to £27bn)

Fast Track is based in Oxford with 27 staff, and a network of 8 freelance researchers.

Documents

Research report 2018 · Fast Track 211 research report 0128 1 Co-founders Mark Waters and Ben Everington of this year’s No 1 company Midwinter Solutions, a clinical trials supplier,