The 100 fastest-growing private

companies in the UK
Welcome messag es
Ed Co t t rell
Head of Growth & Acquisition Finance
Investec
Its often lamented that Britain lacks the slice of high-performance,
innovative, medium-sized companies that make up the fabled
German Mittelstand, but its always been our instinct at Investec
that we do have such companies; its just that they arent as well
understood, or visible, as their continental counterparts. So earlier this
year we decided to uncover and harness the evidence around the UK
mid-market.
The findings, uncovered by our partners at DueDil, have been truly
revelatory: the first Investec Mid-Market Index, released in The Times,
showed that the UKs mid-market companies those with an annual
turnover of between 10m-200m account for almost 1trn of
revenues and around one-fifth to one-quarter of all private-sector
jobs. These companies form a considerable and vital segment of
the economy.
And today we celebrate the best of the best. The Mid-Market 100
are the UKs fastest-growing mid-sized companies, tested by a four-
year consistent, profitable turnover growth challenge. Collectively,
they generate 4.85bn of revenues and 347m of profits. They are
exporters, innovators, bedrocks of local communities, employers, and
are building brands that will become household names.
The Mid-Market 100 are dispersed across the UK, not just congregated
in the south-east. Many are established family companies. They
operate in many sectors, though food and drink is a notable high-flier.
These are role model companies for the rest of Britain.
What makes the Investec Mid-Market 100 and Mid-Market Index
different is that these arent one-off projects - the research equivalents
of a disposable Christmas album. We will be updating both the
Mid-Market 100 and Index throughout the year, so they reflect the
dynamism of the companies themselves, and become a genuine
monitor of the mid-market.
I hope that, above all, this demonstrates Investecs commitment to
the mid-market, Our success has been built on partnering with this
fascinating and fundamental part of the UK economy.
My personal congratulations to every company
on this years list!
D a m i a n K i m m e lm a n
CEO & Founder
DueDil
The FTSE 100 celebrated its 30th birthday this year, and its no
exaggeration to say that this moving index of the market cap of the
UKs 100 largest quoted companies has given Britain an edge in
the world.
Originally a joint venture between the London Stock Exchange and
the Financial Times, the FTSE 100 is now updated every 15 seconds
to give a real-time view of the economy. Its a globally recognised
bellwether of, and proxy for, economic wellbeing. Its statistical
credibility, as well as Britains broader financial services infrastructure,
have helped to attract many successful large companies to the UK.
While the FTSE 100 and the countless other public-company indices
have made a huge impact, most of our business community - unlisted,
private SME companies - dont enjoy the benefits of such a trusted,
visible information infrastructure. As a result, theyre perennially seen
as higher-risk, and outgunned when seeking finance, pitching for
contracts, attracting the best talent, applying for leases etc.
Over the past year, DueDil and Investec have been working to address
this problem. A few weeks ago, working with The Times, we released
the Investec Mid-Market Index. Today is the second milestone as we
launch the Investec Mid-Market 100, recognising the fastest-growing
companies in this segment.
Its an honour for DueDil to be the technology partner for these
initiatives. As a company, our mission is to organise and contextualise
the growing number of datasets related to private companies. We defy
those who say that such information is too fragmented to be made
useful. Just take a look at the Mid-Market 100 and Mid-Market Index
to see how rich the insights can be...
Congratulations to all the companies in the
Mid-Market 100.
1
A c el eb rati o n of
Britains heartland

Growth becomes more difficult for companies

to sustain as they become larger in size. Yet, the Bi gge st prof i t s
Mid-Market 100 shows that it is possible: here Ranking Company name Latest ebitda
are 100 companies that continue to outpace | 01 Softcat 28,615,219
their peers and the wider economy. | 02 Oldfield Partners 18,682,407
The average compound annual growth rate in turnover over three | 03 Charles Tyrwhitt 16,081,000
years that is, the single rate at which the starting turnover would
have to grow each year to reach the final amount for the Mid-Market | 04 Sterne Agee UK 13,522,799
100 is a healthy 37.8 per cent. That is enough to make even fast-
| 05 Poundworld Retail 11,272,000
growing early-stage companies envious.
Together, these 100 companies employ more than 25,000 people
| 06 Oaklands Farm Eggs 10,681,404
across the United Kingdom and account for nearly 5bn of turnover | 07 M.T.S. Cleansing Services 9,820,993
each year.
| 08 Leadenhall Capital Partners 9,402,810
The Mid-Market 100 list of Britains fastest-growing mid-market
companies makes it clear: the mid-market is growing faster than the | 09 JB Global 8,112,026
rest of the UK economy, and these companies need to become better | 10 UKFast.net 7,930,635
understood and recognised for their contribution to the economy.
The owners of these 100 businesses invest in the long term. They do
not allow themselves to be distracted by quarterly results and share- Bi gge st t u r n ove r
price fluctuations, they are reliable employers and therefore provide
the foundation of the British economy. Ranking Company name Latest turnover
| 01 Hudson Contract Services 502,098,645
 here is a great deal of information and analysis
T | 02 Softcat 395,755,868
of Britains startups, and also major companies,
| 03 Poundworld Retail 345,259,000
but there is still relatively little that is known
| 04 Glyn Hopkin 294,536,000
about the mid-market, says Philip Shaw, chief
| 05 JB Global 145,543,201
economist at Investec. Given its importance to
| 06 Charles Tyrwhitt 120,857,000
the economy, this is a major omission.
| 07 Moresand 112,731,035
| 08 Thomas Bell & Sons 95,378,948
| 09 M.V. Kelly 94,339,653
| 10 Millennium Cash & Carry 90,113,033

2
 M i d-M a rk e t 100 c om pa n i e s
Successful sectors

There is a wide spread of sectors represented in the

Mid-Market 100, but two industries stand out above
the rest. These are the so-called real industries (that
is, manufacturing and industrial companies) and food &
drink businesses.
Together, these two sectors account for nearly two-fifths of the Mid-Market 100, with 20
per cent and 19 per cent respectively. It begs the question of whether we are seeing a
resurgence of traditional industries that make things, rather than Britain relying on the
knowledge economy.

Of course, these sorts of businesses are to be expected in the

mid-market segment, which is made up of more mature businesses
instead of the shiny, fast-growing technology startups included in
other such lists. Mid-market companies are in it for the long term.
There is no bubble on the horizon.

As Wallace Menzies, the third-generation CEO of Scottish quarry firm Tillicoultry Quarries,
says, the tail does not wag the dog in mid-market companies.
Because Tillicoultry is an established, long-standing, privately-owned business he does
not have the pressure of continuously hitting external targets, Menzies explains:
We do not have to look at the business on a year-to-year basis, never mind quarterly
or monthly. If we have a rubbish couple of months, we know why and can deal with it.
We look at the long-term.
Food & drink companies are also outperforming the rest, which could be attributed
to Britains economic recovery over the last few years. As the country emerges from
recession, consumers and businesses feel more confident and have more capital
available to spend on food & drink. In particular, cash and carry businesses feature
heavily in this category. This could illustrate a trickle-down effect from consumers, who
buy from local independent shops, who themselves source their goods from the cash
and carry companies.
Farming and butchery businesses also stand out, particularly those selling premium
goods. This is important to businesses whether they sell to big-name brands, such as
County Downs Lynns Country Foods, which produces premium-quality sausages for
Marks & Spencer and Heston Blumenthal among others; or to a very localised market,
such as Cornish Farm Dairy, whose owners choose to restrict sales of their milk, butter
and clotted cream products to the local Cornish market only. Both illustrate how spending
more time and investment to produce top-quality products can reap dividends.

3 Investec Mid-Market 100

The proof is in the pudding: we spend a lot of time to understand
the food structure and how to get succulence into a given product.
And our customers get what were doing. It isnt a question of getting
it right most of the time you have to get it right all of the time,
says Denis Lynn, who set up Lynns Country Foods 27 years ago.
Success breeds success, and if something is working, you just keep
at it.
This applies to other industries, too. All of Britains strongest industries
are represented on the list, and it is a true cross-section of British
success: sectors include retail (13 per cent), professional services
(9 per cent), technology & software (8 per cent), financial services
(7 per cent), automotive (6 per cent), recruitment (6 per cent),
agriculture (4 per cent), transport & logistics (4 per cent) and arts &
leisure (4 per cent).
A striking feature of the list is that two of the companies are owned by
the same entrepreneur. Michael Oliver is the founder of Oliver Twinsafe
Valves (ranked 6) and Oliver Valves (34). The companies are separate
businesses: they operate in separate industries, they have separate
bank accounts, separate boards and even separate management
teams. Yet both have managed to achieve strong enough compound
annual growth for inclusion in the list.

companies in
Real indust ri e s

19 Fo od & dri n k

companies in 
06 A u t om ot i ve s
companies in

13 Ret ail
companies in 
06 Re c ru i t m e n t
companies in

09 Professiona l 04 
companies in companies in
A gri c u l t u re
ser vices

08 Technolo
companies in  n sport & l ogi s t ic s
04 Tra
companies in

so ft ware
gy &

04 A rt s & l e i su re
companies in

07 Financial s e rvi c e s
companies in

4
 Mid-Market 100 companies
Geographical
spread

S c ot l a nd
companies in

Nort h e r n I re la n d
companies in

Wa l e s
companies in

E n gl a nd
companies in

5 Investec Mid-Market 100

 Overall, English companies make up the bulk of
Mid-Market 100 companies in
the list (86 companies), followed by businesses
E n gl and
based in Scotland (7), Northern Ireland (5) and
| 22 London | 09 North West
Wales (2).
| 17 South East | 09 Yorkshire
Within England, there is a clear North-South divide. London,
| 11 Midlands | 05 East the South East and the South West account for 50 companies,
against 36 businesses in Yorkshire, the North East, the North
| 11 South West | 02 North East
West, the Midlands and the East.
Yet while London remains steadfastly the beating heart of the
British economy, the list shows that the capital does not overpower
the rest of the country, either: 22 firms are headquartered in
London. This shows that while politicians and the media can be
very London-centric when it comes to the economy, Britains
Mittelstand can be found all around the United Kingdom, not just
the South East.
In terms of geographical size vs impact, Northern Irelands five
companies stood out, pulling in 120m of sales and employing
just under 500 people. Brian Taylor, chairman of Cookstown-
based engineering firm TES, believes Northern Ireland needs to
shout more about its successes, and hopes his own firm can
lead the charge:

I think Northern Ireland needs more listed

companies, and I would like TES to be a listed
Northern Ireland company.

High
concentration of companies around
London and the South East.

6
Mi d -Market 1 00
Maturity

Taking the long view on success is important It can become boring, but you have to resist
to many of the entrepreneurs leading the the temptation to be clever and try new
businesses in the Mid-Market 100. things. Just tweak and get better at what
The majority of the companies (54 per cent) on youre doing. Keep the business simple and
the list were established more than 15 years stick to your knitting.
What is certain is that these 100 companies represent the best
ago, before the turn of the century, and many of Britain: these are serious companies that deserve serious
are much older, with the business passing praise for their long-term success. It is only by recognising and
championing Britains mid-market that the country can truly
down through several generations. become competitive on the world stage. These are companies
Then there are a handful of the companies which are very old, with that export, that make Britains name abroad. But these are also
their origins dating to the 19th century, such as fertiliser company companies that make Britain Great, that the British public needs
Thomas Bell & Sons, which can trace its history to 1878; quality to celebrate.
butchers Nigel Fredericks, established in 1890 and is still owned
by the original family; and violin specialist J&A Beare, which dates
to 1892.
These businesses are still successful today because they have built
up a world-class reputation that generations of owners have worked
to maintain.
This list is not just about established businesses, though it is about
established businesses that continue to grow fast. The key to this,
says Nick Wheeler, founder and CEO of shirtmakers Charles Tyrwhitt,
is to not let yourself get absorbed by making a quick buck.
To create a business with great compound growth, you have to take
a very long-term view and stick to it. A lot of people come up to me
to complain that theyve been working hard in their business for two
years and it isnt doing great. But after two years, I was making just
12,000 a year. So I tell them to come back to me after ten years,
he explains.

Th e In ve st e c M i d-M a r k e t 1 0 0
Methodology
The Investec Mid-Market 100 ranks active, UK-registered
companies on their four year average percentage turnover growth
rate (CAGR). Companies must be profitable throughout the four
year period. Over the four year period, year one turnover must be a
minimum of 1m; year four ebitda must be at least 1m; year four
turnover must be at least 10m. To focus the ranking on organic
growth, companies that have consolidated accounts within the four
year period are excluded. Latest accounts must have been filed
after 1 August 2013. This analysis was carried out in August 2014.

7
Investec
Mid-Market 100
4 Year
Company name Key directors Headquaters What they do Latest turnover Latest EBITDA
CAGR (%)

1 Hamiltons Galleries Tim Jefferies London Art gallery 31,374,939 131 1,489,350
2 T & E Ferris Thomas Ferris and Edward Ferris Surrey Jewellers 28,315,305 109 4,588,916
3 Fio's Cash And Carry Arthur Zoga and Firat Mayil London Alcohol and drinks wholesaler 21,101,789 106 1,369,478
4 Conway Bailey Transport Mark Bailey Cornwall Freight transport by road 13,993,900 81 1,415,307
5 Jb Global Jason Bannister Wiltshire Furniture retailer 145,543,201 80 8,112,026
6 Oliver Twinsafe Valves Michael Oliver Cheshire Precision valves manufacturer 25,553,054 71 7,469,614
7 Leadenhall Capital Partners LLP John Wells and Luca Albertini London Investment manager 11,551,732 67 9,402,810
8 Childrensalon Michele Harriman Smith Kent Childrens clothing retailer 13,185,773 64 1,970,764
9 Sterne Agee UK LLP Simon Mullaly London Financial trader 15,244,364 60 13,522,799
10 D.K. Engineering David Cottingham and Katherine Cottingham Buckinghamshire Vintage car repairs and sales 66,424,117 59 1,315,593
11 Cars 2 Allan Otley West Yorkshire Car dealer 36,287,197 58 1,091,643
12 Index Venture Management LLP Saul Klein London Venture capital firm 11,731,316 58 5,906,098
13 Ennismore Fund Management William Oldfield London Security broking and fund management 10,893,599 55 4,416,848
14 Animal Friends Insurance Services Elaine Fairfax and Christopher Fairfax Wiltshire Pet and equine insurance 11,694,952 53 2,945,654
15 Certeco Graham Smith and Richard Mossman London Technology consultants 14,386,736 52 1,488,715
16 Sadie Coles HQ Sadie Teller London Art gallery 38,834,239 51 5,564,031
17 Id Medical Group Michael Sacoor Buckinghamshire Medical locum recruitment 62,505,406 50 2,825,712
18 Bi Electrical Services (NI) Ian Humphreys County Antrim Electrical engineering 16,442,000 46 3,969,648
19 Wear Inns John Weir Cleveland Inns and pubs 11,750,035 46 1,788,368
20 P. Hughes Construction Philip Hughes Nottinghamshire Construction and civil engineering 18,624,763 46 1,823,648
21 Benson Park David Park and Alastair Benson North Humberside Meat and poultry producer 24,594,659 43 2,797,223
22 Victoria Plum Jason Walker North Humberside Online bathroom retailer 26,236,371 43 5,990,456
23 Lambert Metals International Howard Masters Middlesex Minor metals trader 54,741,383 42 4,685,829
24 Armstrong Packaging David Armstrong and David Mark Angus Packaging and cardboard manufacturer 10,926,719 42 2,487,993
25 Smart Solutions (Recruitment) Nathan Bowles Gwent Cross-sector recruiter 41,999,527 42 1,388,640
26 Interact Medical Marty Bettles and Steve Young Buckinghamshire Medical locum recruitment 39,391,361 42 1,797,646
27 Qualitycourse Jon Taylor and Paul Beasley West Yorkshire Temporary recruiter 70,823,630 41 1,748,456
28 Softcat Martin Hellawell and Colin Brown Buckinghamshire IT and software 395,755,868 40 28,615,219
29 Murfitts Industries Mark Murfitt Suffolk Rubber granule manufacturer 11,084,716 39 2,900,816
30 M.B. Crocker Mary Crocker Dorset Poultry farmer 16,633,290 38 3,373,869
31 FSR Trading Farooq Raja and Richard Hunter London IT consultants 16,072,656 38 3,623,154
32 Focusrite Audio Engineering Phil Dudderidge Buckinghamshire High-tech audio equipment manufacturer 36,078,236 38 5,387,163
33 Oaklands Farm Eggs Gareth Griffiths Shropshire Egg farmer 63,232,623 37 10,681,404
34 Oliver Valves Michael Oliver Aberdeenshire Precision valves manufacturer 31,590,433 37 6,428,068
35 Poundworld Retail Chris Edwards West Yorkshire Single-price retailer 345,259,000 37 11,272,000
36 Hoh Oilfield Services Darren Allport Buckinghamshire Oil and gas service provider 56,061,139 37 4,869,684
37 Harvard Engineering John McDonnell West Yorkshire Electronics manufacturer in power supplies 36,707,053 37 7,110,061
38 Simpson Oils Hugh Simpson Wick, Caithness Fuel deliveries 54,765,939 37 1,036,551
39 Pilgrim Foodservice Peter Bateman Lincolnshire Wholesale food retailer 20,527,721 36 1,139,308
40 J.E. Porter Graham Porter Lincolnshire Animal feed producer 52,983,889 35 2,406,066
41 Ocean Automotive David Kelly Dorset Audi car dealers 80,527,296 34 1,700,845
42 Cosatto Andrew Kluge Lancashire Manufacturer of childrens nursery products 13,825,000 33 1,414,000
43 Total Computer Networks Aidan Groom and Paul Jones Northamptonshire IT and software consultants 30,653,103 33 1,124,999
44 Troy Foods David Kempley West Yorkshire Salad and dressings producer 51,982,816 33 1,056,170
45 Greencroft Bottling Company Anthony Cleary Co. Durham Wine bottler 22,259,293 32 2,602,469
46 Financial Market Engineering Julian Barker-Ward and Charles Miller London Financial trader 10,420,231 32 1,658,959
 47 Dairy Partners Will Bennett, Clive Bennett and Robert Peel Gloucestershire Cheese maker 25,485,179 32 1,340,952
48 Please Hold (UK) Grant Reed Manchester Audio branding agency 11,136,974 32 1,777,289
49 Motis Ireland David McComb County Down Shipping 48,550,555 31 1,678,348
50 Independent Transition Management Grant Stanley and Dan Hockley London Pensions data software 10,706,170 31 2,096,935
51 Tithegrove Stephen Rayson and Paul Walton Wiltshire Civil engineering contractor 42,769,098 31 1,629,392
52 Davidson Brothers (Shotts) William Davidson Lanarkshire Animal feed producer 35,715,442 31 1,026,706
53 Lynn's Country Foods Denis Lynn County Down Artisan meat producer 20,205,214 31 1,974,979
54 Redrock Consulting Dean Harte Bristol, Avon Cross-sector recruiter 24,645,162 31 1,353,044
55 Watch Shop Kishore Naib Berkshire Online watch retailer 17,468,275 31 1,333,501
56 Quanta Consultancy Services Stephen Trigg Hertfordshire Cross-sector recruiter 29,547,827 31 1,418,141
57 Ukfast.Net Lawrence Jones Manchester IT consultant and data centre provider 19,869,984 30 7,930,635
58 Comline Auto Parts Divyesh Kamdar Bedfordshire Car-parts manufacturer 21,919,953 30 1,011,010
59 J & A Beare Simon Morris and Steven Smith London Violin auctioneers and restorers 52,950,294 30 1,318,450
60 Oxford Policy Management Simon Hunt Oxford Social and economic policy consultants 27,238,227 29 1,561,753
61 Intelliflo Nick Eatock and Akeel Ahmed Surrey CRM software provider 12,662,540 29 4,255,038
62 Caterers Choice Charles Pinder Cumbria Canned food wholesaler 48,954,157 29 1,727,596
63 John Pointon & Sons Carl Pointon Staffordshire Waste disposal and rendering of animals 50,037,031 29 2,861,106
64 Charles Tyrwhitt LLP Nick Wheeler SE1 2QG Shirtmaker and clothing retailer 120,857,000 29 16,081,000
65 Sweeep Kuusakoski Patrick Watts Kent Recycling of used electrical goods 11,213,777 29 1,369,085
66 M.V. Kelly Paul Wheelan West Midlands Civil engineering and building 94,339,653 28 1,316,900
67 Nigel Fredericks Nigel Tottman London Fine meat butcher 29,573,457 28 1,445,557
68 Excalon Des Donnelly and Kevin O'Donnell Lancashire Electrical utility service provider 27,613,286 28 1,608,695
69 Space Solutions (Scotland) Steve Judge Aberdeenshire Workplace design 33,960,373 28 2,176,446
70 The Bath Priory Andrew Brownsword Avon Luxury country house hotels 14,347,994 28 1,165,452
71 Pure Collection Nick Falkingham North Yorkshire Cashmere clothing retailer 30,759,015 28 1,032,421
72 Thomas Bell & Sons Andrew Major North Lincs Fertiliser importer 95,378,948 28 1,007,060
73 Cornish Farm Dairy Bill Clarke and Rachel Clarke Cornwall Dairy farm 25,856,526 27 1,939,689
74 Shopfittings Direct Paul Brooks and David Brooks Essex Retail environment specialists 21,714,228 27 1,012,984
75 Mitchell & Webber Robert Weedon Cornwall Oil delivery and boiler servicing 50,982,627 27 1,130,092
76 Millennium Cash & Carry Rishi Mashru Essex Food and drink wholesaler 90,113,033 26 1,579,668
77 Tillicoultry Quarries Wallace Menzies Fife Hard-rock quarries 43,834,052 26 6,094,490
78 Exponential-E Lee Wade London IT and network services provider 49,643,345 26 6,726,041
79 Chesterfield Poultry Mohammed Ahmed and Nadeem Iqbal Chesterfield Halal chicken producer 58,260,268 26 2,296,745
80 Harbour & Jones Nathan Jones and Patrick Harbour London Contract caterer 30,777,946 26 1,245,181
81 Henbury Katie Stewart West Lothian Corporate clothing manufacturer 12,686,634 26 1,481,672
82 A & L Restaurants Amir Atefi London McDonalds franchisee 14,606,309 25 1,094,094
83 First Call Contract Services David Mankelow London Temporary recruiter 27,714,920 25 1,223,155
84 TES (NI) Brian Taylor County Tyrone Environmental engineers 12,019,103 25 1,257,592
85 Baldwins Crane Hire Wayne Baldwin Slough Crane hire 16,687,165 25 5,057,331
86 Kingdom Security Terry Barton Lancashire Security services provider 27,686,835 25 2,217,548
87 Hudson Contract Services David Jackson North Humbersid Construction contract and payroll 502,098,645 25 3,515,193
88 Moresand Paramjit Singh Kang and John Kalia London Travel agency 112,731,035 25 1,032,636
89 Pump Supplies Andrew John West Glamorgan Submersible pump supplier 18,949,028 24 2,230,473
90 Silverstar Foods Toby Raphael Kent Food wholesaler 23,973,794 24 1,077,841
91 CDE Global Tony Convery and Brendan McGurgan Cookstown Industrial washing manufacturer 23,107,094 24 1,726,540
92 Pinnacle Foods Graham Reed and Chris Wilson Alton Meat and poultry producer 17,169,266 24 1,034,348
93 Cadline Debi Peppin Middlesex CAD design and data management 20,926,227 24 1,328,360
94 Oldfield Partners LLP Jamie Carter and Richard Oldfield London Investment manager 23,056,981 24 18,682,407
95 Glyn Hopkin Fraser Cohen London Car dealers 294,536,000 24 6,559,000
96 Olympus Distribution Keith Rice Tipton Automotive components distributor 13,055,799 24 2,865,999
97 Hit Training John Hyde and Jill Whittaker West Sussex Training and apprenticeship provider 24,088,000 24 1,827,000
98 Staples (Vegetables) Vernon Read Lincolnshire Vegetable farmer 74,999,437 23 2,289,171
99 Dams Furniture Chris Scott Merseyside Office furniture manufacturer and retailer 24,455,129 23 2,193,850
100 M.T.S. Cleansing Services Anthony Crust Kent Liquid waste management 51,818,712 23 9,820,993

Note: All companies are limited companies unless specified otherwise (for example, through the designation LLP)
Mi d -Market 10 0
Company profiles 01 www.hamiltonsgallery.com

Ha m i l t on s G a l l e ry
Located in the heart of Mayfair, in London, Hamiltons
Gallery has built up a reputation for exhibiting the so-
called modern masters of photography. Throughout
its 30 years of existence, Hamiltons has represented
luminaries ranging from Ir ving Penn to Richard
Avedon, Helmut Newton to Richard Mapplethorpe,
and many others.
Tim Jefferies, the companys sole owner, has run the business since 1984,
making it his mission to seek out and represent internationally-recognised
photographers.
Jefferies is, of course, also well known in the London arts scene. As the
chairman of the Serpentine Gallery Summer Party, Jefferies little black book
of contacts has become a veritable Whos Who, an intersection of the art and
celebrity worlds.
This has been instrumental to his own businesss success. For the opening
nights of the companys more famous exhibitions, it is not unusual to see
queues lining up around the block. Not just to look at the art but to look who
has come to look at the art.
While Jefferies does not boast who his clients are, it is well known that
musician Sir Elton John and fashion designer Tom Ford are among the
gallerys biggest fans. Jefferies himself is heavily involved in advising private
and corporate collections on acquisitions.
In what is a temperamental industry, Hamiltons has managed to grow at an
incredible rate. Compound annual growth over the last three years has been
131 per cent, which places the company firmly at the top of the Mid-Market
100 list.
Turnover exploded from 2.5m to 31.4m in just three years, led by a
particularly strong year in 2012, where sales grew by 25m. This is likely
to have been strongly led by a major Modern Masters exhibition which the
gallery held for three months and included works by Jefferies favourites:
Richard Avedon, Roger Ballen, Horst P. Horst, Annie Leibovitz, Helmut
Newton, Irving Penn, Jeanloup Sieff and Albert Watson.

10 Investec Mid-Market 100


The art world is an expensive, low-margin business, of course, so
while sales have shot up, so have the cost of sales. The gallery spent
some 28m on purchasing artwork in 2012, leaving the business
with fairly tight profit margins. On sales of 31.4m, Hamiltons ebitda
is 1.5m, which is actually less than half of the 3.6m average ebitda
on the Mid-Market 100 list.
This does not faze Jefferies though, who is truly passionate about
what he does: curating important photography collections.
One of the great aspects to photography is that for a fraction of the
cost of a comparably important painting, you can buy a photograph
by Richard Avedon or by Irving Penn for $20,000 or $30,000. Now
thats a fairly large sum of money for a new purchase, but youre
buying a work by a photographer who is as important in photography
as Picasso is in painting. Youre buying the work of a master, Jefferies
explained to Billionaire magazine in 2012.
Lets say youre worth $10m and you decide to
invest $200,000 in art. That sort of money might
get you a corner of a Warhol and a fraction of
a Picasso. But for $200,000 you could put
together quite a nice little photography collection,
with very, very important name photographers.
It affords a great entry point to collecting art.
And it makes people feel good.
02 www.swaguk.co.uk
T&E F e rri s
With compound annual growth at an eye-watering 109 per cent
over three years, T&E Ferris is jewellery designers Pandoras largest
UK franchisee. Brothers Tim and Edward Ferris opened 17 Pandora
franchises in just 17 months when the company won the rights to
Pandora. From its humble beginnings as a one-man toy shop in
Kingston-Upon-Thames in 1974, T&E Ferris Pandora stores can now
be found across London and the southeast of England. Last year,
the business sold close to 30m worth of the charm bracelets and
assorted accessories, and business is still strong, with turnover up by
another 30 per cent this year.
03
F i os Ca sh & Ca rry
Fios Cash & Carrys specialises in selling drinks and importing licensed
products and Eastern European Food. The company has operations
split between Tottenham in London and Peterborough, where the
companys 48,000 sq ft van depot is located. In London, the business
sells mainly to licensed retailers on a cash and carry basis, but it also
operates a deliveries service from Peterborough. Growth has been
impressive, with turnover jumping from 2.4m to 21.1m in just three
years. Ebitda is 1.4m.
04 www.conwaybailey.co.uk
Con w a y Ba i l e y Tra n spo r t
Headquartered in Redruth, Cornwall, Conway Bailey Transport is a
haulage firm specialising in refrigerated transport of perishable goods
across Cornwall, the UK and into Europe. The company was started
in 1951 by D. Conway Bailey, with a handful of trucks doing daily
deliveries of fresh Cornish farm produce to the London markets. Son
Mark Bailey is the boss now, overseeing the business from the same
yard near Redruth. The business employs 117 staff and now has a
turnover in excess of 14m.
11
 05 www.jbglobal.co.uk
JB G l oba l
Jason Bannister founded JB Global in 2002,
selling directly on eBay, and becoming the
auction sites largest retailer by turnover by
2006. The Swindon-based company is now
a household name, known under its brand
Oak Furniture Land, which sells oak furniture
and, more recently, leather and fabric sofas.
The companys 616 employees process
around 350,000 orders per year through the
companys website and its 57 showrooms
across Britain. JB Global operates its own
delivery and logistics company, JB Direct,
which has been instrumental to the companys
success, according to Bannister. Over the last
three years, the company has been growing at
80 per cent, growing from 25m to 145.5m
in 2013. This year sales are forecast to reach
more than 190m.
06 www.valves.co.uk
Oliver Twinsafe Valves
Oliver Twinsafe Valves is one of two separate
companies owned by Michael Oliver that
appears in the Mid-Market 100 list. Oliver
Twinsafe Valves was established in 2000 on
the back of an innovative new product the
single-unit double block and bleed valve,
which incorporates two separate valves into
a single body construction. These valves
were developed in response to increases in
safety regulations in the oil and gas industry,
requiring pipelines to always be isolated by
more than one cut-off valve. Headquartered in
Cheshire, but with another office in Aberdeen,
Scotland, the companys 59 employees have
helped the company grow by 71 per cent for
three years, to reach a turnover in excess of
25m last year.
12 Investec Mid-Market 100
07 www.leadenhallcp.com
L e a de n h a l l C a p it a l
P a rt n e rs L LP
Leadenhall Capital Partners is a London-
based investment manager, who focuses
entirely on investing in insurance-linked
investment portfolios for institutional investors.
The business a joint venture between the
companys management team and the Amlin
Group, a Lloyds underwriter of insurance is
led by chairman John Wells and CEO Luca
Albertini, who have overseen its growth into a
11.6m turnover and 9.4m ebitda company.
Total assets under management exceed
$1.8bn across three separate funds and
managed accounts.
08 www.childrensalon.com
Ch i l dre n sa l o n
When Sybil and Rene Harriman set up a
childrens clothes shop in Tunbridge Wells in
1952, they had no idea that their daughter,
Michele Harriman-Smith, would eventually
grow their company into a 20m business
selling boys and girls fashion across 130
countries. Childrensalon now stocks more
than 270 designer brands, selling via its
website and its shop, which is still located
on Tunbridge Wells high street. Today the
business employs 93 people, and pre-tax
profits stood at 3.8m last year.
09 www.sterneagee.com
S t e r n e A ge e UK L L P
This company was formerly known as Yorvik
Partners LLP, until it was acquired by US
firm Sterne Agee, last year. The company
specialises in trading anything from public
securities to private instruments, bankruptcy
claims and structured products. Yorvik, whose
name derives from the Viking name for the
City of York, was founded in 2009 by Simon
Mullaly, who has joined the new firm as head
of international credit for EMEA. Growth over
the last few years has been strong, seeing
turnover grow from 3.7m to 15.2m. Ebitda
stood at 13.5m in March 2013.
 10 www.dkeng.co.uk

D . K . Engi neering
Founded in 1977, D.K. Engineering specialises in vintage Ferrari sales and restoration work.
The company was founded by David and Kate Cottingham, who continue to run the business
alongside their three sons from their workshop in Chorleywood, Hertfordshire. Ferrari collectors
from around the world now use D.K. Engineering to source, sell and restore their classic cars
worth between $100,000 and $50m. Clients include musician Eric Clapton, fashion designer
Ralph Lauren, DJ Chris Evans and Jamiroquai frontman Jay Kay. Restoration to perfection is
the companys motto, which has helped D.K. Engineering grow turnover to 66.4m.
What the boss says
11 www.cars2.co.uk 06 Michael Oliver,
Cars 2 Oliver Twinsafe Valves
Part of our success comes from designing
Cars 2, Yorkshires Trusted Motor Group, has recorded compound annual growth of 58
our own valves and the parts that go into the
per cent over four years, making it the fastest-growing car dealer in Britain. Headquartered in
valves here in the UK, but then subcontracting
Wakefield, West Yorkshire, the business operates six Hyundai, Seat and Peugeot dealerships
the manufacturing internationally.
across the county, with up to 1,000 vehicles on its books at any given moment. The fast-
growing company has been on a hiring spree to keep up with demand, adding 30 employees It means I dont need my own machine shop
to its books last year to make Cars 2 a 113-person business. Ebitda at the company is 1.1m. and can shop around for the best price.
It also means I dont have a finite capacity or
restrictions on orders we can scale up or

12 www.indexventures.com
I n dex Ven ture
Man agement LLP
Index Venture Management is a pan-European
venture capital firm based in London, San
Francisco and Geneva. Founded in 1996,
Index Ventures portfolio of investments
includes companies such as Dropbox,
ASOS, Skype, King.com and JustEat among
others. In total, the company has over $1.5bn
in client assets under management, as well
as $100m in cash reserves. Turnover at Index
Venture Management has grown from just
under 3m to 11.7m in three years, ebitda
stands at 5.9m.
13 www.ennismorefunds.com
down depending on demand.
The companys it can be done attitude has
Enn i sm ore F u n d also been instrumental. Its terribly important
in order to overcome the psychological
Mana ge m e n t barrier of fast growth.
Ennismore Fund Management was set
This it can be done attitude means
up in London in 1998 and invests in small
and mid-cap listed European companies. were performing near-miracles every
Typical investments, says the company, week, pushing ourselves to the limit.
are under-researched companies whose
future prospects are being mispriced by
the market. Ennismore operates two funds,
which were launched in 1999 and have been
delivering annualised returns of above 15
per cent. Investments in the UK include JD
Sports and Home Retail, which have helped
the company increase ebitda to 4.4m.

13
W h at th e bo ss says
08 Michele Harriman-Smith,
Childrensalon
We really concentrate on our customers
focusing on who they are and what they
would like to purchase. For us, its all about
the children and dressing them well.

You need to take the time to talk to your

customers directly. Its really good fun
and they tell you everything you need
to know.

14 Investec Mid-Market 100

 14 www.animalfriends.org.uk 17 www.id-medical.com

A n i mal Fri e nds ID M e di c a l G rou p

I n s urance Services ID Medical Group is a medical locum agency, which supplies both temporary and permanent
medical professionals to private and public sector clients throughout the UK. Formed in 2002,
This cat, dog and equine insurance company
the Milton Keynes-based company holds preferred supplier contracts with more than 90 per
started trading in 2002 and now has more
cent of NHS hospitals and private medical sector organisations, and supplies more than three
than 400,000 policyholders across the
million hours to the NHS per year. Compound growth at the company is at 49 per cent over the
UK. Turnover at Animal Friends Insurance
last four years, which have seen the business reach 62.5m in sales.
Services reached 52.8m last year, and the
company expects growth to continue. The
company was founded by Elaine Fairfax as a
means to support animal charities, and she
has donated nearly 2m to over 300 animal
18 www.bielectrical.com

welfare charities since the business became Bi E l e c t ri c a l

profitable. A majority of new business comes
from insurance aggregation websites (such as
MoneySupermarket.com, for example), and
retention rates for customers top 85 per cent.
Servi c e s ( NI)
Bi Electrical Services was founded in Belfast in 1989. The Mollusk-headquartered electrical
engineering firm now works in both the private and public sectors, with expertise in education
and the commercial and industrial sectors. The business is a partnership between founder Ian
Humphreys and Andrew McClenaghan, who started as an apprentice at the age of 18 before

15 www.certeco.co.uk
becoming a shareholder. Bi Electrical Services now employs 47 staff on a turnover of 16.4m.
Ebitda is a healthy 4m.

C e r teco
Certeco is a technology-focused business
change consultancy. Launched in 2009, the
company has worked with all of the main retail
banks to help them restructure and come in
line with the continuously changing regulatory
and compliance landscape. Certeco employs
120 staff, of which 100 are consultants that
work directly with clients. The companys
compound growth rate has stayed above 50
per cent, seeing the company pull in 14.4m
in sales last year, with an ebitda of 1.5m.
19 www.wearinns.co.uk
Wea r In n s
Wear Inns specialises in the management
and acquisition of freehold pubs, under the
direction of managing director John Weir and
operations directors Frank Malone and Scott
Weir. The business now owns 26 pubs across
the northeast of England, which brought in
sales of 11.8m and ebitda of 1.8m last year.
Acquisitions have been financed in part by
20 www.phughes.co.uk
P. Hu gh e s
Con st ru c t i o n
Established in 1988, P. Hughes Construction
is a family-run business that specialises
in groundwork and civil engineering. The
company works with all of the major home
builders, including Persimmon Homes,
Bellway Homes, Taylor Wimpey and Barratt
Homes, working all over the UK. The company

16
NVM Private Equity, which owns a small stake employs 79 employees, which are a mix
in the business, and through the Business of surveyors, contracts managers, project
www.sadiecoles.com
Growth Fund. At the heart of the companys managers, civil engineers and site operatives.
S a d i e C ol es HQ strategy is to leave the pubs unbranded; this
allows the pub managers to put their own
Turnover at P. Hughes Construction has grown
at a compound annual rate of 46 per cent over
This London art gallery has been presenting the mark on the business. the last three years, taking the business from
work of established and emerging international
6m to more than 18m. Ebitda is 1.8m.
artists since it opened in April 1997. Sadie
Coles HQ is widely acknowledged as being
part of the the Young British Artists movement,
which includes artists such as Damien Hirst
and Tracey Emin among others. Sales at Sadie
Coles HQ have been growing steadily as the
gallery continues to innovate and pioneer
new artists. Turnover more than tripled, from
11.2m to 38.8m in three years, and ebitda
stands at an impressive 5.6m.

15

W h at the b oss says
22 Jason Walker,
Victoria Plum
The problem with China is that its a vast
country, says Jason Walker, explaining how
he sources products for his company. Some
regions will have a higher manufacturing
quality than others and youve got to find
where your region sits.
We want to find a balance between
middle and high-end products the
right price is very important to us.
16 Investec Mid-Market 100
21 www.bensonpark.co.uk
Benson P a rk
From its purpose-built factory in Hull, Benson
Park manufactures specialist cooked chicken
and turkey products for the food industry.
Specifically, the company supplies ingredients
to customers who operate in the food to go
sector of the retail multi-channel, convenience
and foodservice markets. The company,
which employs 90 staff, was recently acquired
by Yorkshire-based food producer and FTSE
250-listed company Cranswick. Turnover at
the business is 25.6m with ebitda of 2.8m.
22
www.victoriaplumb.com
V ict ori a P l u m
Victoria Plum which trades as Victoria
Plumb is an online and mail order bathroom
supplies retailer headquartered in Kingston
Upon Hull. Set up by Jason Walker in 1999
as part of the Walker Group, the business has
gone from a 9m turnover three years ago
to more than three times that last year. The
company is expanding fast and is expecting
to employ 400 employees across its entire
operation by the end of next year, up from
72 in 2013. Earlier in 2014, Jason Walker
agreed to sell a 200m stake in his company
to private equity firm TPG Capital in order
to fund further expansion. Much of Victoria
Plums success steps from its supply chain:
most of its range of products is made in China
as well as in eastern Europe, which allows the
company to challenge and make more margin
than existing, more expensive, competitors in
the market.
23 www.lambert-metals.co.uk
L a m be rt M e t a ls
In t e r n a t i ona l
London-based Lambert Metals International
is a minor metals trader, buying and selling
diverse metals such as cadmium, gallium and
selenium around the world. The company was
originally formed in 1970 as a subsidiary of a
larger metals processing group, but managing
director Howard Masters and his partners
performed a management buy-out in 1991
to establish the company as it exists today.
Though the firm is only made up of six people,
Lambert Metals made 54.7m of sales
last year, with an ebitda of 4.7m. Masters
attributes the companys current success to
getting the markets right but admits there will
be times where they will also get them wrong.
24
A rm st ron g Pa c k a g in g
Armstrong Packaging is a manufacturer of
specialty rigid boxes based in Arbroath,
Scotland. The business was established
in 1985 and was built up by founder David
Armstrong to an 11m business which has
been growing at 42 per cent across the
last three years. Ebitda at the company is a
healthy 2.5m. The company was acquired
earlier this year by Multi Packaging Solutions,
which specialises in luxury packaging and gift
sets. At the time of acquisition in July 2014,
the business employed 87 people.
 25 www.smartsr.co.uk 27 www.transline.co.uk

S m a rt S ol ut ions Qua l i t yc ou rse

( R e crui tment ) Qualitycourse is a temporary recruitment agency specialising in the logistics, warehousing and
manufacturing industries. Trading as Transline Group, the company has nearly 7,000 staff
Smart Solutions is a recruitment and
most of which are temporary staff which the company places elsewhere on its books, bringing
outsourcing company headquartered in
turnover at the firm to 70.8m last year. The company trades internationally, doing business in
Newport, Wales. Its key target sectors
Europe, Canada and Southeast Asia, and has recently made a foray into the home delivery
include manufacturing, waste and recycling,
market, to capitalise on the growth of the ecommerce and click-and-collect sectors. Ebitda
construction, contact centres, and food
stands at 1.7m.
processing and packaging. The business is
split into three key divisions: Smart Solutions
Recruitment, Smart Solutions Waste &
Recycling, and Smart Development. CEO
Nathan Bowles founded the company in
28 www.softcat.com

Pontypool in 2007, employing four people So ft c a t

in the first six months; today the business IT reseller Softcat has one aim: to be an extension of your IT department. The company trades
employs 104 staff and handles more than with more than 8,000 customers in both the private and public sector, helping them to address
3,000 flexible staff a day. their IT and software licensing needs. Softcats decision to enter the public sector market four
years ago has proven wise, with public sector accounts worth 100m now. Total turnover is

26 www.interactmedical.co.uk
395.8m, up from 145.7m four years ago, and ebitda is 28.6m. More than 700 people work
at the company from three operational centres.

I n t e ract Medical
Medical recruitment company Interact Medical
has seen compound annual sales growth of
42 per cent over the last three years, seeing
turnover grow from 13.8m to 39.4m last
year. The company was founded in 2007
in Milton Keynes by Steve Young and Marty
Bettles, who say that some of the companys
growth comes from the NHSs increasing
reliance on agency staff, as well as its desire
to work with trusted, proven suppliers. For a
recruitment firm, staff turnover is low, running
at between 5 and 8 per cent per year, and
a quarter of the companys 104 staff have
worked at Interact Medical for more than four
years.
29 www.murfittsindustries.com
Mur f i t t s In du st ri e s
Suffolk-based Murfitts Industries takes old
tyres and recycles them into rubber granules,
which can then be used in sports surfaces,
childrens play areas, practice pitches and
carpet underlay. The company was formed in
2001 by managing director Mark Murfitt after
new EC directives came into force, which
meant that some 450,000 tonnes of tyres a
year needed to find a home. After two years of
research and development, Murfitt developed
a technique to recover and recycle 100 per
cent of the component materials of a tyre:
the entirety of the rubber, the steel and the
fibre. Today, Murfitts recycles 11 million tyres
a year, supplying its rubber granules all across
the world. The company has sustained
compound annual growth of 39 per cent
across three years. The companys latest
turnover is 11.1m with an ebitda of 2.9m.
30
M . B. Croc ke r
M.B. Crocker, based in Dorset, is a poultry
farming business. The companys poultry
house provides capacity for 150,000
chickens, which arrive on site as day-old
chicks before being matured for 16 weeks
and moved onto separate egg production
facilities. In addition to this, company director
Paul Crocker produces fertilizer pellets, by
drying and pelleting the chicken manure.
Turnover at the business has grown from
6.3m in 2010 to 16.6m last year, while
ebitda was 3.4m.

17
 31
F S R Trad i n g
FSR Trading was known as Mokum Change
Management before it was acquired by
professional services firm PwC earlier
this year. The company specialises in
implementing Oracle applications, managed
services and related software, and at the
time of its acquisition employed 160 staff
across London and Manchester. Growing at
an annual compound growth rate of 38 per
cent, the company saw sales rise from 6m
to 16.1m in three years with an ebitda of
3.6m last year.
32
uk.focusrite.com
F o cusri te Audio
E n gi neeri ng
In 1985, Beatles producer George Martin
asked pro-audio designer Rupert Neve to help
make better recording desks at Air Studios.
The result was the first Focusrite product,
a microphone preamplifier and equaliser
module, which quickly became ubiquitous
within professional recording circles. The
company was bought by former Led Zeppelin
soundman Phil Dudderidge in 1989 who built
a company that has become the number
one audio interface manufacturer worldwide.
Digital Focusrite systems are now used
by artists ranging from Muse to Madonna,
Skrillrex and James Blake. The 84-person
company has been growing at a compound
growth rate of 38 per cent, with a turnover of
36.1m and ebitda of 5.4m last year.
18 Investec Mid-Market 100
33 www.oaklandsfarmeggs.co.uk
Oakl a n ds F a rm E ggs
Oaklands Farm Eggs is a well-established
family business based in Shropshire managed
by Gareth and Elwyn Griffiths, whose parents
set up the business in 1967. The company
employs 166 people and Oaklands 1.6
million chickens produce nearly 500 million
eggs a year. Chickens are all reared from
day-old chicks, and the company produces
three different ranges of products: retail free-
range egg packs, boiled eggs and liquid egg
cartons. Total turnover at Oaklands Farm Eggs
was 63.2m last year, with an equally healthy
ebitda of 10.7m.
34 www.valves.co.uk
Oliv e r Va l ve s
Oliver Valves is the second company owned
by seasoned entrepreneur Michael Oliver
to appear in the Mid-Market 100 (the first
company on the list is Oliver Twinsafe Valves
the sixth fastest-growing mid-market
company). Oliver Valves, established in 1979,
supplies a high volume of smaller valves used
in a wide range of industrial applications and
flow control technologies. Its product range
and the markets it serves have grown and
evolved over the 35 years since it started,
seeing turnover reach 31.6m with an ebitda
of 6.4m.
35 www.poundworld.net
Poun dw orl d Re t a i l
Family-owned Poundworld is one of the UKs
largest single-price retailers. The Yorkshire-
based company was launched in 2004 after
rebranding from Everythings a 1, and now
has more than 180 stores across Britain, with
plans to open a further 200 over the next five
years. The company also owns a multi-price
brand, DiscountUK, which now has over 30
stores in the UK. Its combined distribution,
office and retail team employs over 5,100
people. Strong demand for value stores
has seen turnover grow from 132.9m to
345.3m in just three years.
36 www.hohoilfieldservices.co.uk
HO H O i l f i e l d Se r v ic e s
HOH Oilfield Services delivers materials
and provides services to the oil and water
drilling industries, seismic, petrochemical,
manufacturing and energy-related businesses.
Founded by the late David Allport, the company
is now entirely owned by son Darren Allport,
the companys chairman. The groups growth
has come from expanding its services to
include providing access to additional oilfield
equipment such as drilling and workover
rigs, and offering companies joint venture
opportunities. HOH Oilfield Services latest
accounts show turnover at just over 56m
with ebitda of 4.9m and just 14 employees.
37 www.harvardeng.com
Ha rva rd E ng in e e r in g
This West Yorkshire-headquartered electronics
manufacturer provides power supplies and
control systems to the lighting industry.
Founded in 1993 by John McDonnell, the
company supplies products to most major
lighting manufacturers in the UK and Europe,
as well as supplying markets in the US and
the Far East. The companys latest offering,
a control system for street lighting called
Leafnut, is also helping the business to grow,
as cities and counties look to optimise energy
consumption. Turnover at the firm is 36.7m,
with compound annual growth of 37 per cent.
What the boss says

10 James & Jeremy Cottingham,

D.K. Engineering
Were the only specialist in the world to cover
all aspects of Ferrari ownership, explains
James Cottingham, one of the three sons
involved in the family business, who looks
after sales.

Around 250 vehicles are in our care

at any given moment. Were a family
business which grew from and is still
based on an enthusiasm for cars.
Collectors know that with our 37 years
of experience, they trust us.

19
 38 www.simpsonoils.co.uk
Sim pson O i l s
Simpson Oils supplies fuels and lubricants
to domestic, commercial, agricultural and
maritime customers in the North of Scotland.
The business operates out of depots at
Scrabster and Wick in Caithness and
Invergorden in Ross-Shire, and is 100 per
cent owned by Hugh Simpson. The company
has sustained a compound annual growth
of 37 per cent, despite the volatility in oil
prices and a challenging economic climate. In
particular, the company has turned its focus
to higher-margin products, such as kerosene.
Turnover for Simpson Oils was 54.8m with
ebitda of 1m.
39 www.pilgrimfoods.co.uk
Pilg ri m F oodse rvi c e
Established in 1980 by the Bateman family,
Pilgrim Foodservice is a family-owned supplier
of products to the food service industry.
The company has a range of more than
4,000 products which include all aspects of
frozen, chilled and ambient foods, together
with soft drinks, cleaning and disposable
products. The companys 124 employees
are headquartered in Boston, Lincolnshire but
the company covers the East Midlands, East
Anglia and South Yorkshire regions using its
40 purpose-built, multi-temperature vehicles.
Turnover has grown from 8.2m to 20.5m
over three years
20 Investec Mid-Market 100
40
J . E . P ort e r
This manufacturer of prepared feeds for farm
animals is based in Lincoln and has been
growing at a compound annual rate of 35
per cent. J.E. Porter was founded by John
Edward Porter, who retired in 1997, handing
over the business to son Graham Edward
Porter. Despite increasing pressure on prices
from major supermarkets and competition
from overseas imports, Porter believes
the companys well-established name and
reputation within the industry will keep the
company growing. Turnover at J.E. Porter is
53m while ebitda stands at 2.4m.
41 www.oceanautomotive.co.uk
O c e a n A u t o m o t iv e
Ocean Automotive owns two Audi dealership
franchises and two accident and repair
businesses based in Poole and Yeovil, in
Dorset. Wholly-owned by David Kelly, the
company has benefited from the Audi brands
fast growth the UK. Half of the companys latest
growth is purely organic, of which two-thirds is
from new car sales, and the second is from an
acquisition made in 2011. The business sells
just over 3,000 new and used Audis per year,
and employs 180 staff, a third of which are
women. Turnover topped 80.5m last year.
42
www.cosatto.com
Cosa t t o
Cosatto develops, sells and distributes
childrens nursery products. From prams to
pushchairs, cots to high chairs, Cosattos
mission is to save the world from boring
baby stuff. The business is headquartered
near Bolton, near Manchester, and employs
47 staff. Managing director Andrew Kluge
acquired the Cosatto brand from its previous
owners more than 10 years ago with the goal
of refreshing and developing it. Its a strategy
that has worked: sales at the company
reached 13.8m and ebitda was 1.4m
last year.
 43 www.totalcomputers.co.uk

To t a l C omput er Net wor ks

Total Computer Networks is located in Kettering and Manchester and provides IT equipment
and solutions to organisations in both the public and private sectors, particularly to mid-
market companies. Total Computer Solutions is vendor neutral that is, it does not have
a preferred partner that it sells to customers which the company believes helps win
customers trust. The business has four divisions: Total Support, Total Cloud, Total Supply
and Total Service. The retail industry has led the last years growth, as customers and
companies move from brick to click. Turnover at Total Computer Networks was 30.7m
last year, and is expected to hit 50m within two years. What the boss says
28 Martin Hellawell, Softcat
44 www.troyfoods.co.uk
The people we employ are at the
Tro y Food s heart of our success, says Softcat
Troy Foods is a Leeds-based manufacturer of prepared vegetables, dressed salads, CEO Martin Hellawell. You have to be
mayonnaise and dressings. The company operates out of two manufacturing sites in really careful about how you recruit.
Leeds, specialising in short shelf life, highly perishable products. Troy Foods was founded For us its about finding bright young
in 1920 wholesaling vegetables before moving into processing vegetables in the 1980s. things with lots of potential and a good
The business is still family-owned by the Kempleys. As well as producing food, the
company runs its own fleet of nationwide delivery vehicles to ferry its products around the attitude, who we can then train.
country. Compound annual growth at Troy Foods has been 33 per cent, and the latest Staff engagement is very important, too,
turnover was 52m with an ebitda of 1.1m. to make employees feel theyre part of the
company. We make them love Softcat, so
they live and die by the company. This makes

45 46
us deliver superior customer service. Yes
we do the same thing as our competitors,
www.greencroftbottling.com www.fmegroup.com
but we do it better because were more
G reencroft Bot t ling Fina n c i a l M a rk e t enthusiastic.

C o mp an y
Greencroft Bottling celebrated ten years of
business last year, and in that time it has grown
to become the second-largest wine bottler in
Europe. The company, founded by husband-
and-wife team Anthony and Veronica Cleary,
fills more than 71 million bottles every year,
operating five bottling lines six days per week.
The filling lines are capable of filling more than
50,000 bottles per hour for major retailers
and wine producers in both the domestic
and export markets. Turnover has grown at
Greencroft Bottling Company from 9.6m in
2010 to 22.3m last year.
Engi n e e ri n g
Based in the City of London, Financial
Market Engineering is a trading company
specialising in market making and financial
futures proprietary trading. The company
has developed its own technology to act
as a liquidity provider on several futures
exchanges. FME was founded in 2002 by
Julian Barker-Ward and Charles Miller, who
still manage the business. It now employs 22
staff in its London office. Compound annual
growth at the business is 32 per cent, with
turnover last year hitting just in excess of
10.4m with an ebitda of 1.7m.

21
W h at th e bo ss says
14 Elaine Fairfax,
Animal Friends Insurance Services
Animal Friends has been built from my
genuine desire to use business to help animal
charities. But the secret behind our growth is
our attention to detail. Were perfectionists,
explains founder Elaine Fairfax.

You need to have control over your

business, from start to finish. Only
then can you ensure your company
is offering an exceptional level of
dedication and service, delivered by a
great team of people.

22 Investec Mid-Market 100

 47 www.dairypartners.co.uk 49 www.motis.com

D ai ry P artn er s
Dairy Partners is a family-owned British
dairy company based in Stonehouse,
Gloucestershire. The firm supplies chilled
and frozen cheese products to other
manufacturers, distributors and food service
networks in both the UK and in export markets.
Mozzarella, pizza cheese, cheddar these are
all products that Dairy Partners manufactures.
Mo t i s Ire l a n d
Motis Ireland is a shipping company based in Newry, Northern Ireland. The companys network
covers more than 500 freight ferry routes throughout Europe for its 1,000 customers. In addition
to Newry, Motis has offices in Stoke on Trent as well as in the Czech Republic, Poland and
Romania. The business was established in 2002 by David McComb and Patrick Hutley,
becoming the preferred supplier for P&O shipping services from the UK to mainland Europe.
Turnover at this 32-person company is now 48.6m thanks to a compound annual growth rate
of 31 per cent. Ebitda stands at 1.7m.

The company also owns retail brands such as
cartoon character Simpsons String Cheese.
In addition to its Stonehouse site, the
company has a second manufacturing facility
in Carmarthenshire, Wales. All of the milk the
company uses to make cheese comes from
farms within a 40-mile radius of the sites.
Turnover at Dairy Partners is 25.5m in the
latest accounts.
50
www.itmlimited.com
Inde pe n de n t Tra n si t i on M a n a ge m e n t
Independent Transition Management was set up in 2003 to help corporate pensions
administrators better administer their pension schemes by improving their data quality and
systems. Today, in addition to its original pensions data software, the business which was
founded by industry stalwarts Guy Ridley, Grant Stanley and Daniel Hockley works with some
of the largest insurance and multinational HR firms to help them migrate their legacy pension
systems. ITM now employs 98 staff and boasts a turnover of 10.7m and ebitda of 1.7m.

48 www.phmg.com

P l e ase H ol d (UK) 51 www.tithegrove.com 52 www.davidsonsfeeds.co.uk

Working with more than 15,000 companies
in 39 countries, Please Hold is the worlds
largest audio branding agency. The company
provides hold music and hold marketing
to brands including Coca-Cola, Samsung,
Adidas, Procter & Gamble and even the
NHS. The idea is to help businesses improve
how they sound and increase client retention
and sales. More than 240 employee work
at Please Hold, whose 11.1m turnover is
primarily made up of subscription services.
T it he grove
Tithegrove is a civil engineering groundworks
contractor. Based in Swindon, and with
a regional office in Yeovil, the company
operates in Berkshire, Oxfordshire, Wiltshire,
Gloucestershire, Avon, Somerset and Devon.
The company was formed by Stephen
Rayson, a chartered builder, in 1984, and
it specialises in the implementation of
infrastructure within the residential sector:
house works, road works and drainage, in
addition to civil engineering projects. Clients
include all major house builders such as Barratt
Homes, Bellway Homes, Persimmon and
Taylor Wimpey among others. The company
has no external borrowing and turnover has
been growing at an annual compound rate of
31 per cent. Turnover last year was 42.8m.
D a vi dson B ro t h e r s
( S h ot t s)
Davidson Brothers has been producing animal
feeds in the Scottish town of Shotts, North
Lanarkshire, since 1977. The original business
was opened in 1969 by Billy Davidson,
trading as grain merchants and haulage
contractors, before the focus rapidly changed
to agricultural supply. Today the business is
the largest manufacturer of feed in Scotland,
led by son William Davidson, producing feed
for beef, dairy, sheep and lambs. Turnover has
grown from 15.9m to 35.7m in three years
with an ebitda of 1m last year. The business
employs 54 staff in total.

23

W h at the b oss says
43 Kieran OConnor,
Total Computer Networks
The secret to our success is our
ambition and experience, says
Kieran OConnor, sales director
at the company. You just have
to keep going, even when youve
made a success of it. Just keep
pushing and taking opportunities
as and when they arrive. If you just
stand still and stop pushing your
business, things can go sideways.
Its important to be ambitious in
order to be successful.
Its important to create a really good
culture within your organisation, but that
isnt all. Pay counts too. We reward our
sales team very well, and that stops them
from being poached. Its about offering the
right package so they are rewarded for
what they deliver.
24 Investec Mid-Market 100
53 www.finnebrogue.com
Lynn s Cou n t ry F oods Wa t c h S h o p
Lynns Country Foods trades as Finnebrogue
and is an artisan food producer of outdoor
bred, free range, organic pork and venison
products. The Northern Irish company,
established in 1987 by Denis Lynn, supplies
its sausages and other products to retailers
including Marks & Spencer, Heston Blumenthal
and Paul Rankin among others. Employing
175 staff today, the business turned over
20.2m last year with an ebitda of just under
2m. This year the business is on target to
hit 45m and is building a new factory that
will help the business scale to 100m worth
of sales. While Finnebrogue only sells to UK
retailers currently, Lynn has plans to take the
business further abroad where there would be
demand for high-quality English sausages.
54
www.redrockconsulting.co.uk
Red roc k Con su l t i n g
Redrock Consulting is a cross-sector
recruitment consultancy based in Bristol that
works with both the private and public sectors
to find organisations both contract and
permanent employees. Founded in 2005 with
six founders, the companys roster of clients
now includes companies such as Accenture,
EE, Tesco, B&Q, Harrods and Vodafone plus
over 50 local authorities. Turnover at Redrock
Consulting has grown from 11m to 24.6m
in just three years. Ebitda stands at 1.4m.
55 www.watchshop.com
Established in 1991 on the high street
originally, Watch Shop is now an internet
retailer of brand-name designer watches.
The company is now officially the UKs
most popular watch website, and it holds
more than 100,000 watches in stock at any
time. Watch Shop is an official supplier for
150 watch brands, including Armani, Diesel,
Fossil, Radley, Seiko and Tissot. Through its
partnership with jewellery retailer Goldsmiths,
the online-only retailer also offers a click-
and-collect service that allows customers to
pick up watches from a high street location.
Turnover last year was 17.5m, with a
compound annual growth rate of 31 per cent.
56
www.quanta-cs.com
Q u a n t a Con s u lt a n c y
S e rvi c e s
Recruitment firm Quanta Consultancy
Services was set up by managing director
Stephen Trigg in 1992. The Berkhamsted-
headquartered business specialises in three
areas: life sciences/pharmaceutical, energy
and technology, and 80 per cent of turnover
comes from international business for clients
in over 20 countries. The company uses
Dr Stephen Coveys Seven Habits style
of management which Trigg believes helps
it to be proactive and results-focused. Its
45 employees helped Quanta Consultancy
Services turn over just under 30m last year,
with an ebitda of 1.4m the companys
most successful year yet.
 57 www.ukfast.co.uk 59 www.beares.com

U K fas t. net J & A Be a re

UKFast.net is a Manchester-based technology
firm founded by entrepreneur Lawrence
Jones and his wife Gail in 1999, in their
spare bedroom. Since then, the company
has grown into a 19.9m-turnover business,
expanding from providing managed hosting
to offering colocation services and cloud
hosting. UKFast owns and manages its own
30,000 sq ft data centre, where private sector
and public sector businesses can keep their
Violin specialist J&A Beare was established in 1892, and today works with musicians, collectors
and investors to help them buy and look after fine instruments and bows. The company
specialises in auctioning and refurbishing fine 18th Century Italian instruments which, in the last
few decades, have seen an extraordinary increase in value, according to co-managing director
Simon Morris. In 2012, Beares set the world record for the most expensive violin with the sale
of the 1741 Vieuxtemps Stoutzker violin by Guarneri del Ges for over $16m. Beares roster
of world-leading performers include Yo-Yo Ma, Anne Akiko Meyers, Isaac Stern, Pierre Fournier,
Joshua Bell and many others. Turnover at the company has been growing at a compound
annual growth rate of 30 per cent, to reach 53m last year.

IT up and running. The company employs 170
staff and has featured in the Best Companies
to Work For list for five consecutive years.
58 www.comline.uk.com
C o ml i ne A ut o Part s
Founded in 1988 by Divyesh Kamdar, Comline
Auto Parts sells car parts to the independent
automotive aftermarket. The Comline range
of 7,500 parts includes filters, braking, clutch
kits, hub assemblies, water pumps, wiper
blades and oil, which are distributed around
60
www.opml.co.uk
Oxf ord P ol i c y M a n a ge m e n t
Oxford Policy Management was established in 1996 as an independent research-based
consultancy, having previously been part of the University of Oxford. The organisation provides
analysis, advice and support to the public and private sectors, focusing on social and economic
policy, public finance and management primarily in poor and middle-income countries. Clients at
OPM include the UKs Department for International Development, the United Nations, the World
Bank, non-governmental organisations and private sector companies around the world. The
business has offices on three continents and employs 185 specialists. OPM is half owned by
staff and half by investors, former employees and friends of the company. Sales at the company
have grown at a compound annual growth rate of 29 per cent, bringing turnover to 27.2m last
year and ebitda to 1.6m.

Europe from the companys 130,000 sq ft
Luton warehouse. Some 60 per cent of sales
come from Europe now, led by eastern and
southern Europe. Kamdar expects exports
will increase to 80 per cent of turnover within
the next three years. The company works with
around 30 European distributors as well as
having two of its own subsidiaries in Greece
and Spain. Turnover was 21.9m last year, up
from 10m three years ago.
61
www.intelliflo.com
Int e l l i f l o
IT services firm Intelliflo was created in 2004
out of the IT department of a firm of financial
advisers. Co-founder Nick Eatock ran the
MBO and took seven staff with him to
launch its web-based business management
software for the financial services industry,
Intelligent Office. Today, its CRM software
supports 1,275 large and small financial and
mortgage adviser firms and 11,200 users with
assets under advice of 172bn. Last year,
private equity investor HgCapital became a
majority shareholder in Intelliflo, to support
the businesss next growth phase. Intelliflos
turnover has grown from 5.9m to 12.7m in
three years.
62
www.catererschoice.co.uk
Ca t e re rs Ch o ic e
Caterers Choice was incorporated in 1988 by
current chairman Brian Pinder. The company
is an importer and trader of canned goods
and ambient products for the UK foodservice
distributors, cash and carry, and retail sectors.
The West Yorkshire family-owned and run
business started by selling canned tuna, but
now has diversified into a comprehensive
range of products. Recent compound annual
growth of 29 per cent has been helped by
the launch of the companys Fruitypot range,
which has become a core product in the
education market and in retail. Turnover at
Caterers Choice reached 49m and ebitda
1.7m last year.

25
 63 www.pointon.co.uk
J o h n P oi nton & So ns
This business provides waste disposal,
recycling and rendering of animal byproducts
and food waste. Rendering converts waste
animal tissue into value-added materials, such
as lard or tallow or animal feed. John Pointon
started his business in the transportation of
butchers waste in 1958. The core business
remained the collection and transportation of
animal byproducts until 1977, when the family
expanded into processing, with the acquisition
of a small rendering plant in Staffordshire.
Since then, the company has grown to
become the largest single-site rendering and
recycling company in the UK. Turnover has
reached 50m with an ebitda of 2.9m.
64
www.ctshirts.co.uk
C h arl es Tyrwhit t LLP
Nick Wheeler founded his menswear
business, Charles Tyrwhitt, in 1986 as a mail-
order company selling just shirts. Over the
years and through highs and lows the
business has developed its range to include
everything from formal shirts to separates,
suits and shoes plus a casual collection.
In addition to its flagship store on Jermyn
Street the heart of British tailoring Charles
Tyrwhitt has 17 shops across London and
the UK, plus five stores in the US and one in
Paris. The business has grown from 56.8m
to a 120.9m turnover business in just three
years, with ebitda standing at 16.1m. The
business is still entirely privately owned, with
no bank debt.
26 Investec Mid-Market 100
65 www.sweeepkuusakoski.co.uk
Swe e e p K u u sa k osk i
Sweeep was founded by Patrick and Pamela
Watts in 2007, after the couple were aware
of the impending EU directive on the disposal
of Waste Electrical and Electronic Equipment
(WEEE) and the lack of a dedicated recycling
facility in the Thames Gateway. The company
has grown rapidly, employing 142 people
to process over 3,000 tons of WEEE per
month and 3,000 televisions per day in its
5m recycling plant in Kent. The companys
recycling recovery rate is 98.91 per cent of
materials and the recycling plant is 100 per
cent powered by renewable energy. In 2010,
the company entered into a joint venture with
Finnish supplier and refiner of recycled metals
Kuusakoski to expand the business further.
Turnover has grown to 11.2m then, with an
ebitda of 1.4m.
66 www.mvkelly.co.uk
M.V. K e l l y
Headquartered in Birmingham, M.V. Kelly is
a civil engineering and building company that
specialises in infrastructure, groundworks and
other associated building services. The value
of the projects the company undertakes run
from 10,000 to 10m, covering the whole
country. Building clients of the company
include Barratt Homes, Bellway, Taylor
Wimpey, Lovell and Wates. Investment in
safe and modern machinery is important to
the companys success, and it has made
M.V. Kelly the largest contracting purchaser of
Hitachi plant in the UK, replacing everything
on a three-year cycle. The company employs
82 staff, and turnover last year reached
94.3m through a 28 per cent compound
annual growth rate.
67 www.nigelfredericks.co.uk
Ni ge l F re de r ic k s
Butchers Nigel Fredericks has been in
business since 1890, growing into a fine
supplier of meat, poultry and game. The
company started life as a family business
and continues to be managed by the same
family today, by Nigel Tottman. The company
is based in northwest London, with its factory
including a dry ageing room for its vintage
beef as well as a development kitchen. The
companys core range includes Cornish lamb,
English pork, Dutch milk-fed veal and a full
range of game products, such as wild boar,
ostrich and Scottish venison. Turnover was
29.6m last year with an ebitda of 1.4m.
68
www.excalon.com
E xc a l on
Co-founded in 2002 by Des Donnelly and
Kevin ODonnell, Excalon is an electrical utility
service provider that supports local authorities
and cities to develop their infrastructure. The
companys head office is in Manchester, but its
184 workers operate throughout the northwest
of England, working alongside energy service
companies such as Carillion and Electricity
Northwest as subcontractors to lay fibre
optic, power and communications lines in the
ground. These large contracts have helped
the company to more than double turnover in
three years, to 27.6m last year.
What the boss says

15 Richard Mossman, Certeco

The skills and experience of your staff
is so important to your success, as is
their retention, says finance director
Richard Mossman.

There are huge opportunities out

there for companies such as ours,
but to differentiate yourself from the
rest you have to show flexibility and
dedication and have a strong network
around you.

27
 69 www.spacesolutions.info
Spa c e S ol u t i on s
(Scot l a n d)
Space Solutions is a workplace design
company. From design, to project
management, to relocation management,
Space Solutions has worked with companies
of all sizes to help them to minimise costs
and maximise productivity through their office
design. Since it was established in 1997 by
Steve Judge, the business has delivered
projects for blue-chip clients, smaller SMEs,
charities and the public sector. Clients include
BP, Maersk, Toshiba and even the Glasgow
2014 Commonwealth Games Headquarters.
Headquartered in Aberdeen, Space Solutions
has offices around the central belt of Scotland,
and employs 193 people. It boasts a turnover
of 34m and ebitda of 2.2m.
28 Investec Mid-Market 100
70 www.thebathpriory.co.uk
Th e Ba t h Pr io r y
The Bath Priory Limited is composed of a
group of luxury hotels, all owned by Andrew
Brownsword, the greeting cards and Forever
Friends entrepreneur. Brownsword bought
the Bath Priory hotel in 1994 before adding
another six luxury country house hotels to the
company, including Devons Gidleigh Park,
which has a Michelin star restaurant run by
chef Michael Caines. Each time a new hotel
is integrated into the group, it is upgraded
through a capital expenditure programme,
which has helped the hotels do more business
in more recent years. The hotels, which
employ 372 people in total, are wholly funded
and owned by Brownsword and his wife
Christine. A compound annual growth rate of
28 per cent over three years has helped The
Bath Priory hotels to turn over 14.3m with an
ebitda of 1.2m.
71 www.purecollection.com
P u re Col l e c t io n
Nick Falkingham and Adam Holdsworth
founded Pure Collection in 2002. The
Harrogate-headquartered business wanted
to create and sell a range of 100 per cent
sustainable cashmere knitwear at affordable
prices, and since then the business has
grown into the largest direct and online
retailers of cashmere in Britain. The company
opened its first boutique in Tunbridge Wells in
2011, followed by stores in Guildford, Marlow,
Reigate and York, developing the company
into a fully-fledged womenswear brand.
Turnover for the company was 30.8m last
year, up from 14.7m in 2010. Ebitda is 1m.
 72 www.thomas-bell.co.uk

T h omas B e ll & So ns
Established in 1878, Thomas Bell & Sons is now the largest privately-owned independent
fertiliser importer in the UK, importing fertiliser into ports throughout the country. The company,
owned wholly by farmer Andrew Major, also operates a 10,000 sq ft country store, which
sells pet, equine and farm feeds; outerwear clothing for shooting and riding; saddlery, rugs
and bridles and other country accessories. Despite fluctuations in the price of fertiliser, the
company has managed to sustain a compound annual growth rate of 28 per cent. In three
years, turnover at Thomas Bell & Sons has therefore grown from 45.9m to 95.4m.
What the boss says
73 www.trewithendairy.co.uk 53 Denis Lynn,
Lynns Country Foods
C o r ni sh F ar m Dairy
We havent even scratched the
Cornish Farm Dairy, which trades under the Trewithen Dairy brand, celebrated its 20th year
in business in 2014. The business produces and distributes a range of milk, butter, Cornish
surface of what is possible, says
clotted cream and natural live yoghurt products to retailers and distributors around Cornwall. founder Denis Lynn. We spend more
Trewithen Dairy is run by the Clarke family, who have been farmers for generations, from their on innovation that our competitors,
dairy processing plant at Greymare Farm in Lostwithiel. The dairy is the third-largest direct which allows us to develop products
milk buyer in Cornwall, working with 27 Cornish farmers. Turnover at Cornish Farm Dairy was that the market actually wants.
25.9m last year, with an ebitda of 1.9m.
That is the real opportunity: to make things
the customer wants. And we know it works

74 www.sfd.co.uk
S h op fi tti ngs Direct
Shopfittings Direct supplies UK retailers
and fashion groups with in-store retail
environments, from mannequins to window
displays, shop fitting to full store design.
Paul Brooks founded the company in 1998
with his brother David as a catalogue for
retail supplies servicing the mid-market
fashion industry. As the company grew, so
did its offering, eventually becoming a full-
service shop fitting and visual merchandising
company. It boasts an impressive client
list: Debenhams, Primark, Whistles, Ralph
Lauren, Selfridges, Gap and many others.
The company has recently brought some of
its production in house, building a 25,000
sq ft joinery factory in Leicester as well
as a printing business to enable its own
production of window displays. Turnover last
year was 21.7m.
75 www.mitweb.co.uk
because we keep on growing our customers
market share. It isnt a question of getting it
right most of the time you have to get it right
Mit c h e l l & We bbe r all of the time. Success breeds success,
Mitchell & Webber is an oil delivery and and if something is working, just keep at it.
boiler servicing company headquartered in
Redruth, Cornwall. The companys origin is
two family businesses joining forces together
in the 1960s, who have expanded operations
and their geographical reach over time to
become the business it is today, operating
across Devon and Cornwall. Mitchell &
Webbers 51m turnover is split between
supplying heating oil to residential properties
as well as fuel and lubricants to agricultural
and industrial businesses. There are 64
employees at the company today, who look
after the companys 25,000 customers.

29
W h at th e bo ss says
56 Stephen Trigg,
Quanta Consultancy Services
It would be no exaggeration to say that
weve boomed through the recession,
says MD Stephen Trigg.

We have no aspirations to become

the biggest company in our industry,
but were passionate about being
the best.
We got where we are today by combining
strong planning, a consistent staff training
and career development scheme with a
continual focus on providing a high-quality
service. Its been exciting, but the future
looks more exciting still.

30 Investec Mid-Market 100

 76 www.millennium-group.co.uk 78 www.exponential-e.com

Mi l l en n i u m Cash Expon e n t i a l -e
& Carry More than 1,700 companies take cloud, IT and network services from Exponential-e, which
has had another record year by adding another 8.7m to turnover, bringing it to a total of
Situated in Barking, Millennium Cash & Carrys
49.6m. The company invests a lot in innovation and infrastructure, for example through its
portfolio of more than 7,000 products includes
100GigE Ethernet carrier-class network, which enables the 239-person firm to offer true end-to-
soft drinks, beers, wines, spirits, confectionary,
end service level agreements to its clients. Customers include Channel 4, the Barbican, Havas,
British foods, groceries, speciality foods and
Fulham Football Club and Nabarro among others. The business is led by founder Lee Wade,
homeware. The business, owned by Panna
who believes the companys growth comes from constantly innovating. Exponential-e has a
Mashru, opened in 1999 before introducing
compound annual sales growth of 26 per cent and an ebitda of 6.7m.
delivery services in 2003. The companys
120,000 sq ft distribution centre is in West
Purfleet, Essex, from which Millennium Cash
& Carrys drivers deliver to hotels, pubs,
restaurants and nightclubs in and around
79
London on a same-day service. The vast Che st e rf i e l d P ou l t ry
majority of the companys customer base
Chesterfield Poultry, based in Chesterfield, Derbyshire, supplies wholesale halal poultry chicken
is independent retailers. Turnover has been
to businesses around the UK. Although, due to the market price of feed, the cost of poultry
growing steadily at Millennium, doubling from
has been increasing in the last few years, Chesterfield Poultry has continued to increase sales.
45m to 90.1m in three years. Ebitda
Turnover rose from 29.4m in 2010 to 58.3m last year, at an annual compound growth rate of
is 1.6m.
26 per cent. The business employs 59 staff, of which the majority are production staff involved
in the slaughter and preparation of chicken. Ebitda stands at 2.3m.

77
www.tillicoultryquarries.com
T i l l icoul try Quar ries
Tillicoultry Quarries was established in 1930 by
R.W. Menzies at Craigfoot Quarry Tillicoultry in
Scotland, and remains 100 per cent owned by
the Menzies family today. Now headquartered
in Kincardine, the business has expanded
to four hard-rock quarries throughout the
central belt of Scotland, producing a range
of construction materials: aggregates,
asphalts and ready-mixed concrete. As well
as the quarrying operations, the company
has invested in five coating plants and three
concrete plants that are suitable for large-
volume motorway construction. Turnover last
year hit a record 49.6m at the business, as
recent quarry acquisitions begin to pay off.
80
www.harbourandjones.co.uk
Harbou r & J on e s
Patrick Harbour and Nathan Jones set up
Harbour & Jones in 2004, in an attempt to
revolutionise catering. Several years later, the
London-based business has grown into an
innovative and successful 30.8m-turnover
company that offers contract catering,
hospitality and food services. Customers
include St Pauls Cathedral as well as the
RSA House, where the company runs the
restaurants. Earlier this year, Harbour &
Jones also diversified by launching Upfront, a
business line that runs front of house services,
covering reception, switchboard and meeting
room management for businesses. The
companys compound annual growth rate is
26 per cent and ebitda is 1.2m.
81
www.henbury.com
He n bu ry
Established in 1997, Henbury started out by
selling just five types of polo shirts. Today, still
led by founder Katie Stewart, the business
offers 67 different styles for the corporate,
promotional and workwear markets.
Selling solely through specialist distributors
throughout the UK and Europe, Henbury has
become a recognised brand in the supply
clothing market. The UK accounts for 70 per
cent of the companys 12.7m sales, with the
rest coming primarily from Germany, France,
Greece, Italy and Spain. The clothing is made
in Pakistan, Bangladesh and China, with
production supervised by Henburys quality
assurance team.

31

W h at the b oss says
64 Nick Wheeler,
Charles Tyrwhitt LLP
Its been a 28-year learning process
with highs and lows. Its great to read
about what enables a company to
keep growing, but there is nothing
like real-world experience. People
can tell you how, but you never really
believe it until you do it yourself, says
Nick Wheeler.
The biggest lesson for me has been to do
one thing very well. If you do two things, you
cant do both as well as just the one thing.
You just have to keep the business simple
and stick to your knitting. To create a
business with great compound growth, you
have to take a very long-term view and stick
to it. It can become boring, but you have to
resist the temptation to be clever and try new
things. Just tweak and get better at what
youre doing.
32 Investec Mid-Market 100
82
A & L Re st a u ra n t s
A&L Restaurants was originally named A&L
Golden Arches. The reason? A&L is one of
Londons top McDonalds franchise operators.
Wholly owned by Amir Atefi, the business runs
eight McDonalds restaurants primarily across
north London. A&L has benefited from the
McDonalds brands rise in the UK in recent
years, as the companys turnover shows.
Growing at a compound annual growth
rate of 25 per cent, A&L Restaurants has
seen turnover nearly double from 7.4m to
14.6m in three years. Ebitda at the company
is 1.1m.
83 firstcallcontractservices.co.uk
Fir st Ca l l Con t ra c t
Ser vi c e s
First Call Contract Services specialises in
the supply of temporary labour. The firm was
set up in 1996 by David Mankelow, and it
now operates in six core business sectors:
distribution and logistics; food production and
processing; manufacturing and production;
municipal and waste services; the print
industry; and, more recently, the legal sector.
Through its network of 23 regional offices, the
company places 4,000 temporary workers in
companies across Britain every day. Turnover
at the company is 29.5m with an ebitda
of 1.2m.
84 www.tes-ni.com
TE S ( NI)
From its purpose-built facilities in Northern
Ireland and Stoke-on-Trent, TES is an
environmental engineering expert specialising
in water purification, water recycling, power
conservation and distribution solutions. The
company was first started by Brian Taylor and
a former colleague, Brian McCracken, in a
garden shed in County Tyrone more than 15
years ago. Today, TES employs 143 staff and
turns over 12m, with projects all across the
world. Taylor has big plans for the company
and would like to see the business go public
and become a listed Northern Irish company.
85 www.baldwinscranehire.co.uk
Ba l dw i n s C r a n e H ire
The Baldwins name has been associated
with the crane industry since 1957, when it
operated as a private partnership in crane
hire and industrial removals. Today, led by
executive chairman Richard Baldwin, the
company is split into four groups: heavy
cranes, small cranes, a contract lifting division
and mechanical and electrical division.
Headquartered in Slough, the company has
10 depots and offices spread across Britain,
employing 138 staff, which allows Baldwins to
work with major UK contractors all around the
country. Compound annual growth rate has
been a steady 25 per cent over the last three
years, which has brought turnover to 16.7m
last year with a very healthy ebitda of 5.1m.
 86 www.kingdom.co.uk
K i n gd om S ecur it y
Formed in 1993, Kingdom Security
has become one of the largest top 20
independently-owned security companies
in the UK. As well as security, the company
has diversified into other services such
as commercial cleaning, environmental
protection and mobile patrol. Founder Terry
Barton previously worked in the police while
completing a law degree and training to be
a solicitor. When a local business asked him
to recommend a security business, he didnt
know of any, so set one up himself: Kingdom
Security. Growing organically and through
acquisitions, the firm now employs 1,167
people, working for clients such as Spar,
Savills, Ikea and the NHS. Turnover is 27.7m
with an ebitda of 2.2m.
87 www.hudsoncontract.co.uk
H u d son C o nt r act
S e r vi ces
Hudson Contract Services is Britains largest
construction contract and payroll company.
The business works with building companies to
help them hire independent subcontractors by
guaranteeing their self-employed status. The
benefit for construction companies is fewer tax
and employment risks, plus less administrative
work when hiring subcontractors. Clearly
construction companies find Hudson Contract
Services proposition appealing, as turnover
at the company is over half a billion pounds:
502.1m. This has grown from 258.5m
just three years ago, illustrating the growing
number of independent subcontractors being
used by construction firms.
88 www.crystaltravel.co.uk
Mo re sa n d
Moresand is better known as Crystal Travel, a pan-European travel company and the largest
online travel portal providing online travel and tour solutions in the UK. Moresand was established
in 1986, in the heart of London, and today books more than 100,000 flights per year with
150 different airlines and 65,000 hotels, providing holiday packages to consumers. Its a high-
volume business, reporting a turnover of 112.7m last year and ebitda of 1m.
89
www.pumpsupplies.co.uk
Pum p S u ppl i e s
Port Talbots Pump Supplies hires out, supplies and maintains submersible pumps to customers
in the UK and Ireland. The businesss pumps are used in engineering works, for sewage
treatment, site drainage, flood defences and in quarries and mining environments, among other
applications. Thames Water is a regular customer, as are many local authorities and private
engineering and construction firms. Pump Supplies compound annual growth rate of 24 per
cent has seen turnover nearly double from 9.9m in 2010 to 18.9m last year, with an ebitda
of 2.2m.
90 www.turnersfinefoods.com 91 www.cdeglobal.com
Silv e rst a r F oods CD E G l oba l
Based in Goudhurst, Kent, Silverstar Foods CDE Global is based in Cookstown, Northern
is a wholesale distributor of food and Ireland, and is a supplier and manufacturer of
consumables, trading as Turners Fine Foods. washing equipment for the construction and
Starting as a cheese-making business, the recycling, specialist sands, and environmental
company now supplies a vast range of general and mining sectors across the world. Growth
and specialist foods to more than 2,000 chefs in demand for CDE Globals products has
and retailers across the south of England and been driven by companies requiring more
the Midlands. The companys compound efficient tools that can produce better yields,
annual growth rate of 24 per cent has been minimum waste and strong operational
primarily organic, with the company working efficiency. The company also only sells direct
towards becoming a significant independent in every market it operates it does not use
force in the premium UK foodservice traditional distributors, cutting out the middle
distribution sector. Silverstar Foods employs man and providing a better service, according
160 staff, 69 of which work in distribution and to managing director Brendan McGurgan.
40 in warehousing. Turnover reached 24m Turnover has grown from 12.1m to 23.1m
last year with ebitda of 1.1m. in three years, achieving a compound annual
growth rate of 24 per cent.
33
 92 www.pinnaclefoods.co.uk
P i n nacl e F o ods
Pinnacle Foods was formed in 2007 following
the merger of Wilsons Frosted Meats and
Pinnacle Meats. The business is a specialist
supplier of meat and poultry to the foodservice,
retail and manufacturing industries. Operating
out of its facilities in Hampshire, and led
by managing director Graham Reed, the
companys 47 employees work with some of
the top names in the food industry. Pinnacle
Foods has been successful exporting to
Europe, China, Hong Kong and Korea for
several years, driven by the markets appetite
for pork and poultry products. Demand from
the export markets have helped the business
to grow into a 17.2m turnover business with
an ebitda of 1m.
93
www.cadline.co.ukk
C a d l i ne
Cadline specialises in the supply of CAD
design and data management technologies
to architectural, engineering, construction and
manufacturing professionals. This Autodesk
dealer has trained more than 50,000 people to
date and has maintained over 7,000 support
contracts and service level agreements. Debi
Pippin, Cadlines founder, says the company
has had to invest heavily in the business, to
automate more processes, prepare it for
a higher volume of micro transactions and
make it future proof. Turnover at Cadline was
20.9m last year, with an ebitda of 1.3m.
34 Investec Mid-Market 100
94 www.oldfieldpartners.com
Old fi e l d P a rt n e rs L L P O l ym pu s D is t r ib u t io n
Investment manager Oldfield Partners began
operations in March 2005, and now has
around $5.3bn under management for
endowment funds, pension funds, charities,
family offices and high net worth individuals.
The firm manages equity portfolios of six
types: global, global ex-US, global smaller
companies, European, Japanese and
emerging markets. In every company that
Oldfield Partners invests, it looks for a 25
per cent plausible return over the next 2-3
years. The company is owned 79 per cent
by the executive partners and 21 per cent by
external investors including Lord Rothschild.
Turnover last year was 23.1m with an ebitda
of 18.7m.
95
www.glynhopkin.com
Gly n Hopk i n
Glyn Hopkin is a new and used car dealer
group headquartered in Romford, Essex. The
business, established in 1989, has evolved
into a 294.5m turnover business operating
across 20 locations in the south east. The
group is multi-franchise: its brands include
Nissan, Fiat, Alfa Romeo, Chrysler, Jeep and
Honda among others. While Glyn Hopkin
remains the companys chairman, day-to-day
operations have passed to managing director
Fraser Cohen, whose five-year plan for the
to 24.1m.
business sees turnover growing to 500m
organically and by acquisition. Ebitda currently
stands at 6.6m.
96 www.olympusglobal.co.uk
Olympus Distribution is a specialist in direct
line feed of automotive components. From
its 38,000 sq ft warehouse facility near
Birmingham, the company ships car parts
all over the UK and Europe using its own
transport. The model is successful: over 90
per cent of Olympuss customers have been
trading with the company for more than 10
years. Olympus Distributions 48 staff have
helped the company to grow turnover by 24
per cent every year for the last three years.
Last year, the company pulled in 13.1m of
sales with an ebitda of 2.9m.
97 www.hittraining.co.uk
HIT Tra i n i n g
HIT Training is specialist training and
apprenticeship provider for the UKs
hospitality, hotel and catering industries.
Founded in 2006, HIT offers hotel and
catering apprenticeships across all sectors
not just chefs, bar staff and waiters, but
also sales and marketing, events and other
catering roles. The company has worked
with 40,000 learners at more than 7,000
employer sites around the UK so far, with
apprenticeships and learning contracts paid
directly by the governments Skills Funding
Agency. Last year, HIT delivered half of all
of apprenticeships to the hotel and catering
industry, which helped turnover to grow
What the boss says

78 Lee Wade, Exponential-e

Smart people that is our priority,
its who we hire, and its them
who make the business, explains
founder Lee Wade.
Our future growth will come from applied
innovation we are always pushing
ourselves to offer smarter solutions and
from scaling the model globally. We can
do that through our international cloud
presence, which allows businesses and
their employees to work from anywhere in
the world.

35

W h at the b oss says
91 Brendan McGurgan,
CDE Global
Continuing to develop new ways to solve
old problems will be a major contributor to
our continued success, says managing
director Brendan McGurgan. Innovation in
our products and processes is something
that we have developed a reputation for,
and this is built as a direct result of the
level of customer contact that we have
across our business.
Over the last two decades, weve
continually brought new ideas to
the industry and have created
new products that have always
been thought of as too difficult.
Difficult is what we do its almost
a personal challenge for everyone in
the company to develop something
new, something better, something
that makes life just a little bit easier
for our customers.
36 Investec Mid-Market 100
98 www.staplesvegetables.co.uk
St a pl e s ( Ve ge t a bl e s)
Headquartered near Boston in Lincolnshire, Staples (Vegetables) farms in excess of 10,000
acres around the country. The company is the UKs largest individual producer of brassicas
that is, cauliflowers, cabbages, sprouts and the like. Staples employs nearly 700 people,
supplying its products to major retailers Marks & Spencer is a client as well as packers and
processors. In addition to farming, the business has its own plant nursery, which allows it to
control continuity of production. Staples has enjoyed steady growth for the last three years, with
a compound annual growth rate of 23 per cent. Last year, the company posted a turnover of
75m with an ebitda of 2.3m.
99 www.dams.com
Dam s F u r n i t u re
Dams Furniture is a family-owned UK manufacturer and wholesaler of office furniture. The Dams
brand dates back to 1967 with the mission of being a one-stop shop solution for all your
office furniture needs. Today, Dams is based over three sites in Merseyside: a 75,000 sq ft
manufacturing facility, a 125,000 sq ft warehouse and distribution facility and a 35,000 sq ft
seating and upholstery factory. The company holds around 100,000 items in stock at any given
moment, to enable next-day delivery. Development of products is done in house, as well as
through partnerships with manufacturers Phoenix and Bisley. Some 185 people work at the firm,
which boasted a turnover of 24.5m last year.
100
www.mtscleansing.co.uk
MT S Cl e a n si n g S e rvi c e s
MTS is the largest independently-owned liquid waste management company in the UK. The
company was founded in 1986 by the Crust family, which still owns the business today.
From its network of depots around the south east of England, MTSs 270 vehicles work with
local authorities and utility companies as well as domestic customers to service their waste
management needs. A compound annual growth rate of 23 per cent has seen MTS grow
turnover from 27.6m in 2010 to 51.8m last year, with an ebitda of 9.8m.
 Defying convention
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Who we are
Were a different type of bank; one with a rich story that begins with our
founders. In partnership with our clients, we seek to write tomorrows success
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Were committed to supporting mid-market companies and entrepreneurs. Our aim is to work
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The information herein relating to the Investec Mid-Market 100 is based on publicly available information, is believed to be reliable and has been obtained from sources believed to be reliable, but
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