Research report Britain's 100 biggest private #TopTrack100. Top Track 100 research report In association with

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1 Top Track 100 research report Research report 2018 Britain's 100 biggest private companies In association #TopTrack100

2 Top Track 100 research report 2018 i CONTENTS INTRODUCTION 1 Top 10 companies on the league table 1 EXECUTIVE SUMMARY 2 KEY STATISTICS 3 Sales 3 Profits 3 Staff and job creation 3 Margins 4 Debt 4 Foundation dates 5 Regional breakdown 5 Sector breakdown 6 Industry breakdown 6 Main ownership 7 Ownership wealth 7 New entrants 8 Departures from last year's league table 9 CORPORATE ACTIVITY 10 Public-to-private takeovers 10 Ownership changes 10 Significant minority investments 10 Acquisitions, mergers and disposals 11 Acquisitions 11 Mergers 11 Disposals 11 Possible future exits 12 Possible flotations 12 SEVENTEEN YEARS OF TOP TRACK Stock market flotations 13 Acquisitions and mergers 13 The first Top Track Failures 14 Example Top Track 100 alumni 14 Trends over the 17 years of the Top Track Sales & profits 15 Changes since first league table 15 Companies appearing every year since TOP TRACK 100 LEAGUE TABLE 17 METHODOLOGY 21 SPONSORS & MEDIA PARTNER 24 Sponsors 24 Media partner 26 ABOUT FAST TRACK 27 Compiler & publisher 27 The authors 27 Fast Track 28 CONTACT DETAILS 28

3 Top Track 100 research report INTRODUCTION This is the 17 th year of The Sunday Times Top Track 100, which ranks Britain s biggest private companies by sales. HSBC is the title sponsor of the league table, and the main sponsors are Linklaters and PwC. The Top Track 100 is the only league table of its kind in Britain, and similar to Forbes America s Largest Private Companies. Sir Jim Ratcliffe founded INEOS, which is No 1 for a fourth year running; the company is looking for a site to begin production of a vehicle modelled on the Land Rover Defender To qualify, companies must be unquoted, not subsidiaries, and registered in the UK, although their ultimate holding companies may be offshore. This year, there are 15 new entrants. The league table companies have combined sales of 205bn, which is a record. Their profits (ebitda) are 24bn another record but many of the companies have substantial debts, totalling over 100bn. They employ 938,100 people, equivalent to 3% of the UK s workforce. Chemicals maker INEOS takes the top position for a fourth consecutive year. It is led by founder & executive chairman Sir Jim Ratcliffe, who is turning the chemicals giant into a major force in North Sea oil production and transportation. He is also positioning it to play a significant role in fracking for gas in the UK. The figures above illustrate the dynamic contribution of the Top Track 100 companies to the UK economy, as outlined in more detail in the following pages. Top 10 companies on the league table Rank Rank Company Activity INEOS Chemicals manufacturer Greenergy Fuel supplier Swire Conglomerate John Lewis Partnership Food & general retailer EG Group Fuel forecourt operator MFG Fuel forecourt operator Arnold Clark Car dealer Pentland Group Brand manager and retailer Dyson Appliance manufacturer Bestway Group Conglomerate HQ location FYE Sales m % annual sales growth Switzerland/UK Dec 17 *26, *4,891 18,500 Central London Dec 17 *15, * Sir Jim Ratcliffe (60%), John Reece (20%), Andy Currie (20%) Brookfield Business Partners (85%), management (15%) Central London Dec 17 *10, *1,688 94,235 Swire family (67%), others (33%) Central London Jan 18 10, ,500 Employees (100%) Blackburn Dec 17 *4, *265 10,752 Issa family (50%), TDR Capital (50%) St Albans Dec 17 **4, * Clayton Dubilier & Rice (>50%), management inc. Alasdair Locke (<50%) Glasgow Dec 17 *3, *276 11,427 Clark family and trusts (100%) Central London Dec 17 *3, *442 20,865 Rubin family (100%) Wiltshire Dec 17 *3, *801 11,750 Sir James Dyson and family (100%) West London Jun 17 *3, *573 25,706 Ebitda m Staff Main shareholders Sir Anwar Pervez and family (88%), management (12%) * Supplied by the company Annualised figure ** Consolidation of MFG and MRH (UK)

4 Top Track 100 research report Levels of sales Number of companies in each range of sales in their latest financial year ( ) > 5bn 4 2bn 5bn 1.5bn 2bn bn 1.5bn m 1bn m 750m 11 Levels of ebitda Number of companies in each range of ebitda profit/ loss in their latest financial year ( ) EXECUTIVE SUMMARY Key stats The companies on the 17 th annual Top Track 100 league table had combined sales of a record 205bn, up 16% on the year before Ninety of the 100 reported an increase in sales, some as a result of mergers and acquisitions Total profits were up 10% to a record 23.5bn, while ebitda margins dropped 1% to 11%. Two-thirds (67) grew their profits year-on-year, 30 saw a drop in ebitda, and three did not disclose their profits Average profit margins are 11%, with 57 companies seeing a fall in their margins The companies employ a total of 938,100 people, 49,000 more than a year earlier The companies on the first Top Track 100, published in 2002, had combined sales of 72bn and employed 704,000 people > 250m m 250m 25 50m 99m 20 0m 49m <0 1 Not disclosed 3 Number of employees Number of companies in each range >50, ,000-50, ,000-25, ,000-10, ,500-5, ,000-2, <1, Debt Total combined debt (including shareholder debts) among the 94 companies that disclosed figures is 100bn, resulting in an average debt multiple of five times ebitda. One-sixth (16) of the companies have debt of more than 1bn, while 28 have debt of more than five times ebitda Of the 10 companies with the highest profits at ebitda level, six have debt of more than 3bn and pay out a large proportion of their profits in interest. Four of the six are owned by private equity Sectors & industries Seven of the 15 new entrants on the table operate in the services industry, and four each operate in manufacturing and retail Manufacturing is the sector that has grown the fastest, adding 31% to its total sales to reach 43.5bn Services grew 16% to combined sales of 63.0bn Ownership & corporate activity One-third (33) of the companies are majority-owned by private equity, and private equity firms own minority stakes in an additional five companies Of the companies that left the table, three were sold, two floated, and two went out of business

5 Top Track 100 research report Biggest percentage sales rises Rank Company Activity 7 MFG Fuel forecourt operator 32 Finastra Financial software provider Aston Martin Sports car maker The Hut Group Online retailer Park's Motor Group Car dealer * Supplied by the company **Consolidation of MFG & MRH (UK) Sales increase **178.7% *147.9% Biggest percentage sales fall Rank 48 Company Activity Bibby Line Group Conglomerate 37 Clarks Shoe retailer and wholesaler Hibu Group Digital marketing services provider New Look Fashion retailer 28 Arcadia Fashion retailer 47.6% 46.8% 41% Sales decrease -16.5% -8.7% -8.1% -7.4% -5.6% KEY STATISTICS Sales Sales for the Top Track 100 range from 27bn for INEOS to an annualised 708m for car dealer Stoneacre Motor Group, with an average of 2.0bn and a median of 1.1bn. Average sales per employee is 218,000. Profits Profits are measured as earnings before tax, depreciation amortisation (ebitda), and any exceptionals. All except one of the 97 companies on the league table that disclosed ebitda are positive (three chose not to disclose figures). Profits are up 10% on the previous year to a record 23.5bn, and range from 4.9bn (INEOS) to a 34m loss (New Look). The average profit is 243m, the median 89m, and the average profit per employee reached 25,000. The company with the biggest increase in profits was INEOS (No 1), which increased profits by 1.4bn, from 3.5bn to 4.9bn in Three companies, Laing O Rourke, Sir Robert MacAlpine and Ovo Energy, turned last year s losses into profits this year. The biggest drop in profits was suffered by New Look where ebitda decreased by 172m, from 138m to a 34m loss in Biggest profits (ebitda) Rank Company Activity 1 INEOS Chemicals manufacturer 15 Heathrow Airport 3 Swire Conglomerate 24 Thames Water (Kemble) Water services provider 9 Dyson Appliance manufacturer * Supplied by the company Profits m *4,891 1,760 *1,688 1,155 *801 Staff & job creation The total number of people employed by the league table companies is 938,100, up from 888,900 the year before. The average is 9,400 staff members, and the median is 4,300. The largest employer is Swire (No 3) with 94,000 on the payroll, and Pension Insurance Corporation the smallest with 154. Twelve of the companies hired a new chief executive in the last 12 months, up from ten that did so in the previous year. Examples include Henry Birch at Shop Direct (No 26), who joined in May from the Rank Group; and Flor Healy at Samworth Brothers (No 61), who joined from Kerry Foods in January.

6 Top 10 biggest margins Rank 78 Company Activity Southern Water Water services provider 15 Heathrow Airport Yorkshire Water (Kelda) Water services provider Thames Water (Kemble) Water services provider 85 Gatwick Airport 43 Anglian Water Group Water services provider 64 Arqiva Communications services provider Peel Ports Group Port services provider Harrods Group Department store operator 91 Edrington Whisky and rum distiller Profit margin 62.3% 61.0% 57.2% 55.9% 53.8% 49.8% 49.6% 33.4% 30.4% 29.7% Margins Top Track 100 research report Average profit margin for the 97 companies for which figures are available is 11%. Forty companies increased their margins in the past year, and 57 saw a fall in their margins. Four of the companies with the top-six highest margins are water companies. The two others are airports. Biggest absolute debt Rank Company Activity 15 Heathrow Airport Thames Water (Kemble) Water services provider 3 Swire Conglomerate Yorkshire Water (Kelda) Water services provider Anglian Water Group Water services provider Debt ( m) 14,214 11,802 8,557 8,445 8,147 Debt A number of the companies on the table have complex group structures, and 31 have their ultimate holding companies overseas; clarity on their levels of debt is therefore not always readily available. The figures provided are mainly based on accounts available at Companies House and do not provide the full picture. The combined debt of the companies is at least 100bn. They range from Heathrow (No 15) with debts of 14.2bn, a legacy of its privatisation in 2006 by investors including Spain s Ferrovial, to companies with no debts, of which there are six: Bet365 (No 20), Radius Payment Solutions (No 23), Wilko (No 36), Arup (No 38), Langley Holdings (No 80), and Trailfinders (No 95).

7 Top Track 100 research report Foundation dates Foundation dates Number of companies in each range Fourteen companies, including Swire (No 3) and Sir Robert McAlpine (No 72), trace their history back to the 19th cenuty. 14 After Before Before Before 1800 The oldest company, Doncasters Group (No 97) was founded in 1778 when Daniel Doncaster obtained the company s first trademark. The youngest companies are British Steel (No 49) and Hibu Group (No 94), which were established in their current form in 2016 and 2013 respectively. 1 Regional breakdown of UK HQs Scotland 6 Northwest 11 N. Ireland 2 Northeast 4 Midlands 16 1 Wales 2 East 5 London Southwest 21 Regional breakdown The majority of companies on the league table are based in London (32) and the Southeast (21), including seven of the top ten companies on the league table. The next most common location for companies on the league table is the Midlands, with 16 based there, including JCB (No 17) in Staffordshire and Bet365 (No 20) in Stoke-on-Trent. Outside London, the cities with the highest concentration of Top Track 100 companies are Liverpool and Reading, which are home to five and four companies respectively. 32 Southeast 2018 Top Track 100 fasttrack.co.uk

8 Top Track 100 research report Sector breakdown Number of companies in each sector Manufacturing 12 Wholesale 9 Construction 10 Retail 29 Services 40 Sector breakdown Services (40 companies) and retail (29) are the two largest sectors, making up two thirds of the league table between them. The biggest service companies are Swire (No 3) and Pentland Group (No 8), while John Lewis Partnership (No 4) and EG Group (No 5) are the biggest in retail. In terms of the Top Track 100 sector breakdown, manufacturing and services are the sectors with the highest sales growth since last year, up 31% and 16% respectively. The increase is partly a result of the growth in INEOS sales, which added 7bn in 2017 from its oil & gas activities in the North Sea; the services sector increase is mainly as a result of growth at Swire, which expanded its Coca-Cola bottling activities in mainland China and the US; and at EMR (No 12), which benefitted from the increase in commodity prices as demand for ferrous and non-ferrous metals rose. The sector with the biggest growth in profits was construction, where profits grew 64% since last year, from 400m to 650m. This was mainly a result of the turn-arounds at Sir Robert McAlpine and Laing O Rourke, which both turned a loss last year into small profits this year. Industry breakdown Consumer goods 15 Food & drink 14 Transport 11 Automotive 10 Industry breakdown Consumer goods, food & drink, automotive and transport make up half of the table with 50 companies. They include Clarks, the shoe maker at No 37, Nando s, the restaurant chain at No 74, Aston Martin (No 70) and McLaren Group (No 71), and Virgin Trains at No 50. Two other industries are represented by a substantial number of companies: engineering and business services with 8 companies each. Three finance companies feature, Domestic & General (No 84) and two entries new to the table this year, bulk annuity insurer, Pension Insurance Corporation (No 41) and payment services firm Paysafe (No 67). Building related 8 Business services 8 Engineering 8 Recruitment 5 Oil & gas 4 Leisure 4 Other 13

9 Top Track 100 research report Ownership types Number of companies by majority ownership type Management & staff 7 Family 28 Private equity 33 Entrepreneur &/or founder 32 Main ownership Private equity reclaimed its position as the ownership type controlling the highest number of companies on the Top Track 100. This has been the case historically, but in 2017 and 2016, founders and entrepreneurs owned more companies than private equity firms. This year, founders and entrepreneurs own 32 companies, with private equity owning 33, and holding minority stakes in a further five companies. Of the 15 new entries to the table this year, two are majorityowned by entrepreneurs. Ovo Energy (No 76) is owned by Stephen Fitzpatrick, who set up the business in 2009 and holds 75% of the energy supplier; and Douglas Park owns 80% of car dealer Park's Motor Group (No 82), which he founded in Two other newcomers to the table, recruitment firm Pertemps Network Group (No 79) and whisky distiller Edrington (No 91), are owned by the families of the founder. Car dealer Stoneacre (No 100) is owned by its management. The remaining ten new entries are owned by private equity firms. Founding entrepreneurs run or own stakes in 32 of companies on the table, such as Sir Jim Ratcliffe s INEOS (No 1) and Sir Peter Rigby s Rigby Group at No 22. Family ownership is also an important factor on the table, with 28 of the companies owned by the founding family. These include JCB (No 17), which is led by Lord Bamford, who is son of the founder, and RES (No 68) and Sir Robert McAlpine (No 72), which are both owned by McAlpine family trusts. Ownership wealth Many owners of companies on the league table are among the richest individuals in Britain, according to the 2018 Sunday Times Rich List. The combined wealth of the families and individuals that own stakes in the companies featured this year is 107bn. The 10 wealthiest individual shareholders * Shareholder Rich List rank* Net worth ( m)* Top Track 100 company Company rank Sir Jim Ratcliffe 1 21,050 INEOS 1 Sir James Dyson & family 12 9,500 Dyson 9 Sir David & Sir Frederick Barclay 15 7,400 Shop Direct 26 John Reece 16 7,000 INEOS 1 Andy Currie 16 7,000 INEOS 1 Coates family 21 5,754 bet Sir Richard Branson 29 4,525 Virgin Atlantic, Virgin Trains 16, 50 Lord Bamford 35 3,600 JCB 17 Tom Morris & family 37 3,490 Home Bargains 29 Barnaby & Merlin Swire & family 39 3,300 Swire 3 * According to The Sunday Times Rich List, published 13 May 2018

10 Top Track 100 research report British Steel (No 49) makes its first appearance on the Top Track 100, following its buyout from Tata Steel in 2016 New entrants on this year's league table Fifteen companies entered the league table that did not feature in 2017, three of which had appeared before. Recruitment firm Pertemps (No 79) appeared in 2002 and 2003, as did Hibu Group (No 93) in a previous incarnation, as Yell Group. Construction firm Miller Homes (No 100) appeared each year from 2002 to The highest ranking newcomer is MFG (No 7), which acquired rival MRH (UK) in a 1.2bn deal in February, following its secondary buyout by American private equity firm CD&R in Ranked at No 40 is Pension Insurance Corporation, which insures annuity pension schemes for companies such as Cadbury and Honda. The company is ranked on its gross profits not on its statutory turnover figure as its sales represent the transfer of pension assets from other companies. Four of the new entrants operate in the manufacturing sector. They are British Steel (No 49), car makers Aston Martin (No 70) and McLaren Group (No 71) and Edrington, the whisky distiller at No new entrants Rank Company Activity FYE Sales m Profit m Previous sales m Reason for entry 6 MFG Fuel court operator Dec 17 **4,080 **177 1,464 MFG acquired MRH (UK) in a 1.2bn deal in February 41 Pension Insurance Corporation Bulk annuity insurer Dec 17 1, ,138 Now has more than 100 staff though employed through a subsidiary so now qualifies 49 British Steel Iron and steel maker Mar 17 1, n/a Greybull Capital completed its acquisition of Tata Steel division in June 2016 to form British Steel 59 M Group Services Infrastructure services provider Mar 18 *1,025 * Has made five acquisitions over the past two years, helping sales grow to 1bn 67 Paysafe Online payment services Dec 17 *893 * Delisted by private equity firms Blackstone and CVC in a 3bn deal in December 70 Aston Martin Sports car maker Dec Strong overseas growth helped sales rise 48% to 876m, above the 700m required for inclusion 71 McLaren Group Automotive technology group Dec Amalgamating two divisions into one group helped sales reach 871m, above the 700m required for inclusion Ovo Energy Energy supplier Pertemps Network Group Recruitment consultancy Park's Motor Group Car dealer 91 Edrington Whisky and rum distiller The Hut Group Online retailer Hibu Group Digital marketing services provider Peel Ports Group Port services provider Stoneacre Motor Group Car dealer Dec Dec Mar Mar Dec Mar Mar Apr Strong growth in customer numbers to 890,000 households nationwide Sales grew 8% as the company expanded into more sectors, including PR, communications and office support Sales grew 41% as year to March 2017 was strong for car sales Restructuring and strong investment in IT and brands helped sales grow 5% Acquisitions such as those of cosmetics brand Illamasqua and skincare brand Espa, helped sales grow 47% Restructured following a debt-for-equity swap, and has focused on US and UK brands Sales increased 11% following investment in container terminal on the Mersey Sales grew 26% as year to April 2017 was strong for car sales * Supplied by the company Annualised figure ** Consolidation of MFG and MRH (UK)

11 Top Track 100 research report Bakkavor, the fresh-prepared meals maker, left the Top Track 100 having listed on the London Stock Exchange in November valued at 1.04bn Departures from last year's league table Making way for this year s new entrants, 15 companies lost their places on the Top Track 100. Two floated on the stock market, TI Automotive - listing as TI Fluid Systems - and Bakkavor; and two companies went into administration, P&H and Monarch Holdings. Corporate activity brought about the departure of three companies. MRH (UK) was sold, as were First Utility and de Poel. The disposal of a division meant that Keepmoat Homes sales dropped below the 675m required for inclusion this year. The remaining companies sales either fell, or failed to grow sufficiently to be included this year. The minimum sales required for inclusion this year grew by 76m, from 632m last year to 708m this year. 15 departures Rank 2017 Company Activity FYE Sales m Reason for departure 5 P&H Wholesale distributor Apr 16 4,435 Entered administration in November, following several rescue attempts TI Automotive Car parts maker MRH (GB) Fuel retailer and distributor Dec 16 2,746 Floated on the LSE valued at 1.3bn in October Oct 17 2,334 Sold to MFG new to the table and ranked at No 6 in 1.2bn deal in February 28 Bakkavor Fresh prepared meals producer 43 Lycamobile Prepaid mobile telecoms provider Dec 16 1,730 Floated on the LSE valued at 1.1bn in November Feb 17 1,300 Did not file accounts before close of research 50 Keepmoat Homes Housebuilder Mar Sold regeneration division to French energy firm Engie for 330m in 2017 and sales dropped to 423m Alexander Mann Solutions Recruitment consultancy First Utility Bundled utility supplier Dec Early adoption of new accounting rules meant that sales dropped to 202m Dec Company was sold to Shell in Dec for an undisclosed sum 71 Monarch Holdings Airline and tour operator Oct Entered administration in October, following a 165m capital injection in 2016, which failed to turn around the airline 78 de Poel Recruitment outsourcing specialist Dec Sold to a US recruitment firm, Geometric Results Inc, in January for undisclosed sum 86 Camelot Lottery operator 90 Farmfoods Frozen food retailer Mar Dec Sales did not grow fast enough to reach the 675m required for inclusion this year Sales dropped 4% to 669m in 2016, below the 675m threshold required for inclusion this year 92 Four Seasons Health Care Healthcare provider Dec Sales dropped 6% to 660m in 2017, below the 675m threshold required for inclusion this year AT Kearney Management consultancy Expro International Oilfield services provider Dec Company did not sign off information required for inclusion Mar Sales dropped to 517m due to drop in oil & gas sector activity The company ranked No 100 in this year s table has sales of 708m

12 Top Track 100 research report CORPORATE ACTIVITY Bill Holmes, founder and CEO, tops out Radius Payment Solutions (No 23) new HQ, having sold a 24% stake in the fleet services provider last year for 150m Public-to-private take-overs After a five-year hiatus, two companies joined the Top Track 100 last year due to a delisting. This year one company is new to the table following a de-listing from the London Stock Exchange. Formerly known as Optimal Payments, online payment services provider Paysafe (No 67) was taken private in December by private equity firms Blackstone and CVC Capital Partners in a 3bn deal Ownership changes Two companies changed ownership in the past year: Bridgepoint, majority owner of Pret a Manger (No 69), sold the sandwich chain to JAB Holdings, the investment office for Germany s Reimann family in a deal reportedly valuing it at 1.5bn The Range (No 86): Founder and managing director Chris Dawson transferred 100% of the ownership of the value retailer from himself and his family to his wife Sarah Dawson (as sole owner), possibly in preparation for a 2bn flotation this year or next Significant minority investments Iceland (No 13) and New Look (No 42): South African private equity firm Brait Capital upped its stake in its two UK Top Track 100 portfolio companies by 3% and 10% respectively Fleet services provider Radius Payment Solutions (No 23) sold an 18% stake to Inflexion Private Equity in November, in a deal valuing the business at 800m Thames Water (No 24): USS, the UK pension fund for the universities, acquired an 11% stake, sold by two Canadian investors; a third investor, Omers, the Canadian municipal workers pension fund, acquired a further 5% stake, upping its total to 27% Anglian Water Group (No 43): 3i sold its 15% stake to Dalmore Capital and GLIL Infrastructure for 395m, valuing the water company at 2.6bn KCA Deutag, the drilling contractor at No 66, sold a 22% stake to Al Qahtani Investments to fund its acquisition of Dalma Energy s Omani and Saudi Arabian businesses. Dalma Energy is owned by Al Qahtani Investments Private equity firm JC Flowers is in the process of selling its 21% stake in Pension Insurance Corporation (No 41) to the Abu Dhabi Investment Authority in a deal valuing the bulk annuity insurer at 2.9bn

13 Top Track 100 research report Acquisitions, mergers and disposals The Top Track 100 companies have made a number of deals in the past year, selling divisions and acquiring new entities, despite the current political and economic uncertainties following Brexit. The companies are reshaping their structure, in order to meet the challenges of this year and beyond. EG Group (No 5), founded by brothers Mohsin and Zuber Issa, acquired five fuel and convenience store brands from US retailer Kroger, including Loaf 'N Jug Acquisitions: A number of companies on this year's table have made large acquisitions in the past year, including: INEOS (No 1) bought BP s Forties pipeline in a $250m ( 190m) deal, which completed in November 2017; and it acquired upmarket motorcycle jacket brand Belstaff in October, and Swiss football club Lausanne-Sport, in November, both for undisclosed sums Following two acquisitions in mainland Europe in 2017, fuel forecourt operator EG Group (No 5) acquired 762 US sites from supermarket chain Kroger for 1.5bn in February Bestway Group (No 10) took advantage of the difficulties faced by several high street chains and operators to acquire 180 vans from P&H s receivership, in January, for an undisclosed sum; and Conviviality s 769 retail outlets Bargain Booze, Select Convenience and Wine Rack, in April, for 7.5m Pentland Brands (No 8) bought cycling accessory brandendura in March for an undisclosed sum, and its quoted subsidiary JD Sports acquired US sports chain Finish Line for $558m ( 412m) in June Rigby Group (No 22) continued to build its Regional & City Airports subsidiary when it bought Bournemouth airport in December for an undisclosed sum; it had previously bought Exeter and Norwich airports Mergers: Advent International formed Rubix (No 27) in September when it merged French industrial supplier IPH with UK counterpart Brammer, which it had taken private in a 222m deal in February Disposals: Several Top Track 100 companies have sold off divisions in the past year, including: 2 Sisters Food Group (No 11) sold its Goodfella s pizza division to Nomad Foods in April a deal estimated to be worth 200m Marshall Group (No 19) sold its leasing division, which operated a 6,000-strong contract-hire fleet, to Bank of Ireland in September for 42.5m A.F. Blakemore (No 44), the retailer and distributor, sold four of its 12 cash & carry depots in June - two to Bestway wholesale - and closed three Doncasters Group (No 97) sold its subsidiary Nelson Fastener Systems to US manufacturer Stanley Black & Decker in April this year for $440m, to pay down debt

14 Top Track 100 research report Possible future exits The following companies on this year s Top Track 100 are reported to have flotation plans. Aston Martin (No 70) which is both an automotive manufacturer and competes in racing events, has reportedly appointed advisers for a 4bn- 5bn flotation Possible flotations: Aston Martin (No 70): is reportedly considering a stock market flotation, expected to value the car maker at between 4bn and 5bn The Range (No 86): founder Chris Dawson was reported in January to be considering a listing of his value retail chain In October, TV masts operator Arqiva (No 64) was said to be planning a flotation with an estimated price tag of 6bn Vue International (No 81) postponed its mooted IPO in June when its Canadian pension fund owner Aimco reportedly starting talks with prospective buyers of its 37% stake

15 Top Track 100 research report SEVENTEEN YEARS OF TOP TRACK 100 Top Track 100 was launched 17 years ago to track and recognise the success of the UK s biggest private companies. Since its launch, 260 companies have appeared on the table, of which 23 have appeared every single year (see table page 16). The trends over the 17 years are outlined on page 15. Shoemaker Clarks (No 37) has featured every year since 2002, and is bringing some manufacturing back to the UK this year How the Top Track 100 has changed Total sales Stock market flotations More than 30 companies have floated since featuring on the table, but some of these were later delisted or merged with other businesses. There are currently 23 companies still listed on a stock exchange that previously featured on Top Track 100. They include: Bakkavor, the fresh prepared foods producer, featured five times between 2013 and 2017 before floating in November valued at 1bn Biffa, the waste management company, floated in October 2016 at a market cap of 450m. It is now valued at 600m B&M Retail listed in June 2014 valued at 2.7bn, having featured in 2012 and It is now valued at 4.1bn Visitor attraction operator Merlin Entertainment listed in November 2013 with a 3.2m market cap. It is now valued at 3.9bn Total staff Top company sales 72bn 205bn 704, ,000 4bn 26.9bn Acquisitions & mergers Approximately 50 Top Track 100 companies have been acquired including: Cash and carry operator Booker first featured on the Top Track 100 in 2005 with sales of 3.4bn. It floated four years later before being acquired by supermarket chain Tesco in a 3.7bn deal in March Worldpay, the payment processor, featured three times between 2013 and 2015 before listing in October 2015 valued at 4.8bn. It merged with US rival Vantiv in August last year in a deal valuing the combined group at 22.2bn, of which Worldpay was valued at 9.3bn Formula One, the motor racing administrator, was sold to US Liberty Media for 3.3bn in September 2016, having appeared on the league table 11 times since 2003

16 Top Track 100 research report The first Top Track 100 Companies that appeared in the first Top Track 100 table in 2002 include: Virgin Money, the bank, featured with sales of 425m. It floated in November 2014, and was valued at 1.5bn when the owners of Clydesdale and Yorkshire banks agreed a 1.7bn takeover with shareholders in June Jayne-Anne Gadhia has led Virgin Money since 2006 including through its 1.7bn sale to CYBG in June 2018; and is reported to be stepping down. Sir Michael Bishop s BMI British Midland, with sales of 739m. He sold the airline to Lufthansa in 2009 for an undisclosed sum Mike Ashley s Sports Soccer featured with sales of 325m. It was later renamed Sports Direct and floated on the stock exchange in It is now valued at 2.2bn Failures Department store operator BHS featured between 2002 and It was sold by Arcadia to investment group Retail Acquisitions for 1 in 2015, before going into administration in 2016, with the closure of all 164 stores. Its online arm, Bhs.com, was sold separately, but was shut down in June this year Palmer & Harvey, the wholesale distributor, featured every year from 2002 to 2017, but went into administration in November despite securing new funding in April 2017 Airline and tour operator Monarch Holdings first featured in 2009 at No 62 with sales of 813m. It went into administration in October 2017 due to mounting costs and competition MG Rover first featured in 2002 and produced more than 500,000 cars a year in the 1990s, before it went into administration in 2005; it was later bought by China's Nanjing Automobile Group Example Top Track 100 alumni

17 Top Track 100 research report Total sales bn bn bn bn bn bn bn bn bn bn bn bn bn bn bn bn bn Staff employed , ,000 Trends over the 17 years of the Top Track 100 Over the last 17 years, the biggest private companies in the UK have made an important contribution to the nation s economy. Sales & profits The combined sales for the companies on the first table was 72bn. Combined sales are now almost three times as much, at 205bn Profits generated by the companies are not directly comparable over the period. Operating profits climbed from 2.9bn in 2002 to 7.7bn in 2007, after which our profit measure changed to ebitda. That was 13.6bn in 2008 rising to 23.5bn this year The increases were due in part to the entry of INEOS in 2003, whose profits account for 21% of the total profits of the Top Track 100 this year The fall in sales and staff from 2014 to 2015 was a result of Boots leaving the table when it was acquired by US chemist chain Walgreens. It had sales of 23.4bn and employed 77,000 people at the time Changes since first league table John Lewis Partnership was ranked at No 1 on the first league table in 2002 with sales of 4bn. It is now ranked at No 4 with sales of 10.2bn , ,000 1,010,000 1,005, ,000 1,011, , , , , , , , , ,000 This year s No 100 has sales of 708m, which would have been enough to rank at No 36 in 2002, above Specialist Computers International, an IT systems integrator, which today is part of The Rigby Group (No 22). That year, the company ranked at No 100, was window maker Anglian Group with sales of 266m The wealthiest individual owner of Top Track 100 companies this year, according to the Sunday Times Rich List, is INEOS Sir Jim Ratcliffe with 21bn. In 2002, it was Sir Philip Green, then owner of BHS, with wealth estimated at 1.2bn

18 Top Track 100 research report Lord Bamford is chairman of JCB (No 17), which has appeared on Top Track 100 every year since 2002, and recently launched the company's first electrical digger Companies appearing every year since 2002 Twenty-three companies have featured every year, with all of them, bar one, owned by the founding families or their staff. The one private-equity owned company, steel business Stemcor Global Holdings (No 33) was family-owned from 1951 until three years ago, when the company restructured following heavy losses, and Apollo Global Management and others swapped the debt they held in the business for equity. The list below includes companies that have changed over the past 17 years. Arcadia (No 28) was merged with BHS in 2009: it is included on the list on the basis that at least one of the two has appeared on the Top Track 100 in each of the past 16 years. In 2004, The Rigby Group merged its two entities, Specialist Computer Holdings and Specialist Computers International, both of which appeared on the table in 2002 and companies appearing for 17 consecutive years Rank 2018 Rank 2002 Name Activity FYE Latest sales m Ownership 3 4 Swire Conglomerate Dec 17 *10,454 Swire family (67%), Others (33%) 4 1 John Lewis Partnership Food and general retailer Jan 18 10,204 Employees (100%) 7 24 Arnold Clark Automobiles Car dealer Dec 17 *3,931 Clark family & trusts (100%) EMR Metal recycler Dec 17 *3,100 Sheppard family (100%) 16 8 Virgin Atlantic Airline and tour operator Dec 17 2,664 Virgin Group (51%), Delta Air Lines (49%) JCB Construction machinery manufacturer Dec 16 2,621 Bamford family interests (100%) Marshall Group Conglomerate Dec 17 *2,604 Sir Michael Marshall, Robert Marshall & family trusts (71%), others (29%) The Rigby Group Conglomerate Mar 17 2,167 Sir Peter Rigby and family (100%) 26 5 Shop Direct Internet retailer Jun 17 1,930 Sir David Barclay & Sir Frederick Barclay family settlements (100%) Arcadia Fashion retailer Aug 17 1,905 Lady Tina Green and family, Lloyds Banking Group Stemcor Global Holdings Steel trader Dec 17 1,651 Apollo Global Management (32%), Monarch (25%), Others (43%) Wates Construction contractor Dec 17 1,530 Wates family (100%) Wilko Value retailer Jan 17 1,513 Wilkinson family (100%) Clarks Shoe retailer and wholesaler Feb 18 1,511 Clark family (84%), employees & institutions (16%) Arup Design & engineering consultancy Mar 17 1,510 Employees through trusts (100%) Bloor Investments Builder and motorcycle maker Jun 17 1,442 John Bloor (100%) A.F. Blakemore & Son Retail, wholesale and distribution Apr 17 1,300 Blakemore family (100%) Virgin Trains Train operator Mar 17 1,141 Virgin Group Holdings (51%), Stagecoach (49%) OCS Group Facilities services provider Jan 18 1,025 Goodliffe family (100%) River Island Fashion retailer Dec Bernard Lewis & family (100%) Bowmer & Kirkland Construction contractor Aug Kirkland family & family trusts Sir Robert McAlpine Construction contractor Oct McAlpine family (100%) 88 9 Unipart Group Manufacturing & logistics consultancy Dec Management & staff (52%), pension schemes (48%) * Supplied by the company Annualised figure

19 Top Track 100 research report TOP TRACK 100 LEAGUE TABLE Rank Rank Company Activity HQ location FYE % annual Sales sales m growth Ebitda m Staff Main shareholders 1 1 INEOS Chemicals manufacturer 2 2 Greenergy Fuel supplier 3 4 Swire Conglomerate John Lewis Partnership Food & general retailer EG Group Fuel forecourt operator MFG Fuel forecourt operator Arnold Clark Car dealer Pentland Group Brand manager & retailer 9 15 Dyson Appliance manufacturer Bestway Group Conglomerate 2 Sisters Food Group Food producer EMR Metal recycler Iceland Frozen food retailer Laing O'Rourke Engineering & construction group Heathrow Airport Virgin Atlantic Airline & tour operator JCB Construction machinery manufacturer Specsavers Optical & hearing aid retailer Marshall Group Conglomerate bet365 Online bookmaker Westcoast Technology distributor The Rigby Group Conglomerate Radius Payment Solutions Fleet services provider Thames Water (Kemble) Water services provider Mace Construction project manager Switzerland / UK Dec 17 * 26, * 4,891 18,500 Central London Dec 17 * 15, * Sir Jim Ratcliffe (60%), John Reece (20%), Andy Currie (20%) Brookfield Business Partners (85%), management (15%) Central London Dec 17 * 10, * 1,688 94,235 Swire family (67%), Others (33%) Central London Jan 18 10, ,500 Employees (100%) Blackburn Dec 17 *4, *265 10,752 Issa family (50%), TDR Capital (50%) St Albans Dec 17 **4, ** Clayton Dubilier & Rice (>50%), management inc. Alasdair Locke (<50%) Glasgow Dec 17 *3, *276 11,427 Clark family & trusts (100%) Central London Dec 17 *3, *442 20,865 Rubin family (100%) Wiltshire Dec 17 *3, *801 11,750 Sir James Dyson & family (100%) West London Jun 17 *3, *573 25,706 Sir Anwar Pervez & family (88%), management (12%) Birmingham Jul 17 3, ,272 Baljinder & Ranjit Boparan (100%) Warrington Dec 17 *3, *191 3,000 Sheppard family (100%) North Wales Mar 18 2, ,634 Dartford Mar 17 2, ,273 Heathrow Dec 17 2, ,760 6,605 Brait (60%), Sir Malcolm Walker & management (40%) Ray O Rourke & Des O Rourke through Suffolk Partners Corporation (100%) Ferrovial (25%), Qatar Investment Authority (20%), CDPG (13%), GIC (11%), CIC (10%), others (21%) Crawley Dec 17 2, ,303 Virgin Group (51%), Delta Air Lines (49%) Staffordshire Dec 16 2, ,334 Bamford family interests (100%) Guernsey Feb 18 *2, *n/a 32,500 Perkins family & branch co-owners Cambridge Dec 17 *2, *74 6,211 Sir Michael Marshall, Robert Marshall & family trusts (71%), others (29%) Stoke-on-Trent Mar 17 2, ,835 Coates family (93%), Will Roseff (7%) Reading Dec 17 2, ,301 Joe Hemani (100%) Stratford-upon- Avon Mar 17 2, ,265 Sir Peter Rigby & family (100%) Crewe Mar 18 *2, *64 1,065 Reading Mar 17 2, ,155 4,974 Bill Holmes (44%), Inflexion Private Equity (24%), Roy Sciortino (11%), other management (21%) Consortium of investors, incl. OMERS (18%), BT Pension scheme (13%), others (69%) Central London Dec 17 *1, *32 4,731 Management (100%) * Supplied by the company Annualised figure ** Consolidation of MFG and MRH (UK)

20 Top Track 100 research report TOP TRACK 100 LEAGUE TABLE Rank Rank Company Activity HQ location FYE % annual Sales sales m growth Ebitda m Staff Main shareholders Shop Direct Internet retailer Rubix Industrial parts distributor Arcadia Fashion retailer Home Bargains Value retailer Healthcare at Home Home healthcare provider ISG Construction services provider Finastra Financial software provider Stemcor Global Holdings Steel trader Mott MacDonald Engineering, management & development Wates Construction contractor Wilko Value retailer Clarks Shoe retailer & wholesaler Arup Design & engineering consultancy Willmott Dixon Construction contractor Bloor Investments Builder & motorcycle maker Pension Insurance Corporation Bulk annuity insurer New Look Fashion retailer Anglian Water Group Water services provider A.F. Blakemore & Son Retail, wholesale & distribution JCT600 Car dealer Listers Automotive retailer Rontec Roadside retailer Bibby Line Group Conglomerate British Steel Iron and steel maker Virgin Trains Train operator Liverpool Jun 17 1, ,869 Sir David Barclay & Sir Frederick Barclay family settlements (100%) Central London Dec 17 *1, *109 8,330 Advent International, management Central London Aug 17 1, ,424 Lady Tina Green & family, Lloyds Banking Group Liverpool Jun 17 1, ,048 Tom Morris & family (100%) Burton upon Trent Oct 17 1, ,706 Central London Dec 17 *1, *45 2,659 Cathexis (100%) Vitruvian Partners (73%), Hutton Collins (17%), management (10%) Central London May 17 *1, *n/a 10,000 Vista Equity Partners Central London Dec 17 1, Apollo Global Management (32%), Monarch (25%), Others (43%) Croydon Dec 17 *1, *62 14,730 Employees (88%), trust (12%) Surrey Dec 17 1, ,972 Wates family (100%) Nottinghamshire Jan 17 1, ,243 Wilkinson family (100%) Somerset Feb 18 1, ,897 Clark family (84%), employees & institutions (16%) Central London Mar 17 1, ,346 Employees through trusts (100%) Hertfordshire Dec 17 1, ,062 Family & management (100%) Derbyshire Jun 17 1, ,230 John Bloor (100%) Central London Dec 17 1, Central London Mar 18 1, ,943 Cambridgeshire Mar 17 1, ,726 Renet Investments, JC Flowers, CVC Capital partners, Legend Holdings Brait (90%), Tom Singh & other management (10%) CPPIB (32.9%), CFSGAM (32.3%), IFM Investors (19.8%), Dalmore Capital & GLIL Infrastructure (15%) West Midlands Apr 17 1, ,735 Blakemore family (100%) Bradford Dec 17 *1, *31 2,185 Jack Tordoff (100%) Stratford-upon- Avon Mar 18 *1, *20 2,355 Bradshaw family (50%), Lister family (50%) Watford Sep 17 1, Liverpool Dec 16 1, ,934 Ronson Family Trusts / Charitable Foundation (100%) Sir Michael Bibby & family (89%), management & others (11%) Scunthorpe Mar 17 1,198 n/a 62 4,978 Greybull Capital (100%) Central London Mar 17 1, ,272 Virgin Group Holdings (51%), Stagecoach (49%) * Supplied by the company Annualised figure

21 Top Track 100 research report TOP TRACK 100 LEAGUE TABLE Rank Rank Company Activity W&R Barnett Conglomerate Reed Specialist Recruitment Recruiter Matalan Value retailer William Grant & Sons Sports distiller Lamex Food Group Food importer & exporter Greenhous Group Car and van dealer Bourne Leisure Caravan park operator OCS Group Facilities services provider M Group Services Infrastructure services provider Yorkshire Water (Kelda) Water services provider Samworth Brothers Food producer Harrods Group Department store operator River Island Fashion retailer Arqiva Communications services provider Bowmer & Kirkland Construction contractor KCA DEUTAG Group Drilling & engineering contractor Paysafe Online payment services RES Renewable energy developer Pret A Manger Sandwich shop operator Aston Martin Sports car maker McLaren Group Automotive technology group Sir Robert McAlpine Construction contractor Cordant Group Manpower services provider Nando's Restaurant operator WSH Hospitality services provider HQ location Belfast Jul 17 1, ,485 Robert Barnett & family (100%) Central London Jun 17 1, ,101 Reed family (100%) Liverpool Feb 18 *1, *105 13,579 Hargreaves family (100%) Banffshire Dec 16 1, ,113 Grant & Gordon families Hertfordshire Mar 17 1, Shropshire Dec 17 1, ,049 Hertfordshire Dec 17 *1, *247 13,721 Phil Wallace & family trusts (24%), Steve Anderson (24%), Colin Dicker & family trusts (16%), others (36%) Derek Passant (52%), Kerry Finnon (46%), Mike Pawson (2%) Peter Harris, families of the late John Cook & David Allen, management Gatwick Jan 18 1, ,623 Goodliffe family (100%) Stevenage Mar 18 *1, *56 6,885 First Reserve (80%), Management (20%) Bradford Mar 17 1, ,674 Corsair Infrastructure, GIC, Pan-European Infrastructure Fund, SAS Trustee Corp Leicestershire Dec ,550 Samworth family trusts (100%) Central London Jan ,607 Qatar Holding (100%) West London Dec ,244 Bernard Lewis & family (100%) Central London Jun ,100 Canada Pension Plan Investment Board (48%), Macquarie (25%), other investors (27%) Derbyshire Aug ,319 Kirkland family & family trusts Aberdeen Dec ,117 Pamplona Capital, Al Qahtani Investments, BlackRock, Golden Tree, EIG Partners, other funds East London Dec 17 * *236 2,553 Blackstone, CVC, management Hertfordshire Oct ,602 McAlpine Trusts (100%) Central London Dec 17 * n/a 12,000 JAB Holdings Warwickshire Dec ,753 Institutional investors (95%), Daimler AG (5%) Woking, Surrey Dec ,178 Bahrain Mumtalakat Holding Company (56%), TAG Group (14%), Nidala (10%), other investors (20%) Hertfordshire Oct ,199 McAlpine family (100%) West London Dec 17 * *9 38,159 Southwest London FYE % annual Sales sales m growth Ullmann family (98%), employee benefit trust (2%) Feb ,625 Dick Enthoven & family (100%) Reading Dec 17 * *65 16,270 Ebitda m Staff Main shareholders Alastair Storey & family (80%), Intermediate Capital (12%), management (8%) * Supplied by the company Annualised figure

22 Top Track 100 research report TOP TRACK 100 LEAGUE TABLE Rank Rank Company Activity HQ location FYE % annual Sales sales m growth Ebitda m Staff Main shareholders 76 Ovo Energy Energy supplier Morson Engineering recruitment consultancy Southern Water Water services provider Pertemps Network Group Recruitment consultancy Langley Holdings Engineering equipment maker Vue International Cinema operator Park's Motor Group Car dealer Moto Motorway services provider Gatwick Airport Domestic & General Warranty provider The Range Value retailer Henderson Group Food wholesaler and retailer Unipart Group Manufacturing, logistics & consultancy Dhamecha Foods Cash & carry wholesaler John Clark Motor Group Car dealer Edrington Whisky and rum distiller The Hut Group Online retailer Fircroft Technical recruitment consultancy 94 Hibu Group Digital marketing services provider Trailfinders Travel organiser Welcome Break Motorway services provider Doncasters Group Engineering components maker Peel Ports Group Ports services provider Argent Foods Food supplier Stoneacre Motor Group Car dealer Bristol Dec 17 * *18 1,439 Manchester Dec 17 * *25 1,615 West Sussex Mar ,120 Warwickshire Dec 17 * *21 1,700 Stephen Fitzpatrick (75%), Mayfair Private Equity (17%), others (8%) Ged Mason & family (85%), Paul Gilmour (7.5%), Kevin Gorton (7.5%) JP Morgan (40%), UBS Global (22%), Hermes (21%), others (17%) Management & employees (53%), LDC (25%), Tim Watts (22%) Nottinghamshire Dec ,332 Tony Langley (100%) West London Nov ,714 Canadian pension funds AIMCo & OMERS (74.2%), management (25.8%) Lanarkshire Mar ,847 Douglas Park & family (100%) Bedfordshire Dec ,165 Wimbledon Mar 18 * *97 2,823 Gatwick Mar 18 * *411 3,068 Universities Superannuation Scheme (60%), CVC (40%) CVC Capital Partners (>50%), management (<50%) Global Infrastructure Partners (42%), Future Fund Board of Guardians (17%), others (41%) Plymouth Jan ,846 Sarah Dawson & family (100%) County Antrim Dec ,387 Oxford Dec ,049 Geoffrey Agnew (12%), Martin Agnew (12%), Ardbarron Trust (76%) Management & staff (52%), pension schemes (48%) Wembley Mar 18 * * Dhamecha family (100%) Aberdeen Dec ,337 John Clark & family (100%) Glasgow Mar ,255 Manchester Dec ,222 Warrington Aug Reading Mar ,129 The Robertson Trust (77%), employees, former employees (23%) Matt & Jodie Moulding (20%), institutional investors (60%), employees (7%), others (13%) Johnson family & management (66%), Equistone Partners (34%) West London Feb ,095 Mike Gooley (100%) Milton Keynes Jan 18 * *66 4,951 Burton upon Trent Dec 17 * *95 4,200 Liverpool Mar 18 * *239 2,672 JP Morgan, Credit Suisse, Goldman Sachs, Credit Agricole, RBS & other funds (100%) NIBC European Infrastructure Fund (55%), Arjun Infrastructure Partners (45%) Dubai International Capital (98%), management (2%) John Whittaker & family (50.1%), DWS Group (49.9%) Central London Dec 17 * *11 1,511 David Gray (63%), management (37%) Doncaster Apr ,185 Shaun Foweather (44%), Nigel Wood (44%), others (12%) * Supplied by the company Annualised figure

23 Top Track 100 research report METHODOLOGY Qualification criteria Sales are taken as turnover as reported in companies' latest accounts or more up-to-date figures as provided directly to Fast Track by a chief financial officer, finance director or other senior company representative. Sales are given net of VAT, and shares from joint ventures and associate companies are excluded. Sales from discontinued operations are included where the company prepares accounts under GAAP but excluded if it prepares accounts under IFRS. Bookmakers, betting and gaming companies are ranked by net revenue (amounts wagered less winnings paid out) rather than gross amounts wagered Fuel duty is included in turnover, in line with common industry practice among oil companies. The revenues of recruiters and travel agents represent a combination of gross fees, commission and monies handled on behalf of clients. Exchange rates are as quoted in the accounts or the average for the financial year. For financial years with fewer or more than 52 weeks, the figures are annualised on a simple pro-rata basis. Profits: Companies are not required to be in profit. Profits are defined as earnings before interest, tax, depreciation and amortisation (ebitda). Exceptional items, joint ventures and impairment of assets were excluded. Data collection: Companies were identified by researching accounts filed at Companies House, as well as financial data provided by Bureau van Dijk's Fame database. Where companies were willing to provide them, Fast Track also reviewed more up-to-date draft accounts, management account extracts, pro-forma accounts and accounts filed in overseas territories or available on the companies websites. The table is based on historic information, with the latest available accounts ranging from December 2016 to March Corporate structure: Companies have to be unquoted, registered in the UK and not subsidiaries. They may have their ultimate holding company offshore, as is the case for more than 30 of the companies. Exclusions: Cooperative societies were excluded, as were mutual societies such as Nationwide Building Society, provident associations such as Bupa, member-owned buying groups such as Nisa, and partnerships such as lawyers, accountants and management consultants. Companies that are majority owned by, or equal joint ventures between, quoted companies are excluded. Companies with fewer than 100 staff are also excluded. Incomplete data: Private company information can be incomplete and, while every effort is made to include all qualifying companies, as well as up-to-date financial information, there may be omissions. Nominations for next year s league table are welcome. Some exceptions were made to the qualification criteria set out above. The compiler s decision is final and no correspondence will be entered into.

24 Top Track 100 research report Other assessments Main ownership: For the purposes of this report, companies were classed as being owned by private equity firms where these held more than 50% of the business and backed by private equity where they held 20% to 50%. If the founding entrepreneur retained control of the company, it was categorised as an entrepreneur-owned company. This category also includes companies such as Arcadia, which are owned, although not founded, by an entrepreneur. The family category was used for companies still under the control of the family of a deceased or retired founder. The management and employee category was used for companies where a majority of the company is owned by management or employees. Research approach The main research was conducted by Fast Track between March and June The top 100 companies are ranked by sales from either their latest audited accounts or on latest figures provided by the companies. Thirty-five companies provided figures that were not publicly available by 30 June 2018.

25 Top Track 100 research report Sales ranking Top Track 100 ranks the UK's 100 privately-owned companies by latest sales, as opposed to other criteria, because: Other publications such as Forbes and Fortune have compiled similar league tables in the US based on sales Sales are a relatively simple measure. They are easy to understand and relatively unambiguous Sales are a reasonable indication of size, even if they may not completely reflect the performance of companies However, a limitation of ranking companies by sales is that they are biased towards 'volume' businesses such as wholesalers and retailers. Gross profit was used to rank one company, Pension Insurance Corporation (PIC) (No 41), as its statutory turnover represents the pensions liabilities of its customers, which they pay PIC to take on. Its sales figure could therefore be regarded as a balance sheet transfer, and we have chosen to rank it on gross profits. Alternative rankings Other measures by which to rank companies were evaluated but had a number of limitations, including: Operating profits or ebitda: are reported more consistently across companies than gross profit but are volatile from year-to-year. A league table based on operating profits would exclude many large companies that operate with low margins Pre-tax profits: unquoted companies are likely to keep pre-tax profits to a minimum to reduce tax liabilities Staff: a limited indicator of company size, and distorts toward labour-intensive sectors, such as retail and services

26 Top Track 100 research report SPONSORS & MEDIA PARTNER Fast Track would particularly like to thank the title sponsor of Top Track 100, HSBC, for sponsoring the league table for the fifth year; and our main sponsors Linklaters, which is sponsoring the table for a fifth year, and PwC, which is sponsoring it for a second year. The sponsors do not endorse, guarantee or recommend investment in any of the companies. Sponsors Amanda Murphy Head of Commercial Banking, UK HSBC is the title sponsor of Top Track 100 for a fifth year; and has sponsored Fast Track league tables for 15 years. HSBC is one of the world s largest banks. We support over 1 million UK businesses, among 37 million customers worldwide. In 2017, we won the title of The World s Best Bank in Euromoney magazine s Awards for Excellence. Our international banking network covers 54 international markets and gives us access to around 90% of world trade flows. Our regional heads work with experts in markets, liquidity and cash management to design sophisticated, cross-border solutions. Alongside specialist teams serving eight key sectors, two further teams offer core financing support. Our Leverage Finance service supports deals of all sizes, facilitating M&A, syndication financing, and access to high-yield bonds and Treasury. Our Commercial Banking Origination service facilitates and advises on sophisticated corporate financing in the UK and Europe.

27 Top Track 100 research report Linklaters is a main sponsor of Top Track 100 for a fifth year. John Lane Partner & Global Co-Head of Equities Linklaters LLP specialises in advising the world's leading companies and their owners, financial institutions and governments on their most challenging transactions and assignments. The firm is a recognised market leader for delivering outstanding service to clients throughout the world on takeovers, mergers and acquisitions, equity and debt capital markets transactions, joint ventures, disposals and other corporate advisory matters. PwC is a main sponsor of Top Track 100 for a second year; and has sponsored Fast Track league tables for 17 years. Suzi Woolfson Private Business Markets We are private business specialists with over 16,000 private business, family business and entrepreneur clients, with more dedicated specialists on the ground than any other firm. We can help you spot opportunities for growth, manage risk, save money and create value and will work with you to put all the pieces together. We are focused on building long-term relationships, based on honesty, trust and commitment, and work with our clients through the ups and downs.

28 Top Track 100 research report Media partner The Sunday Times has published the Top Track 100 for all 17 years. Oliver Shah Business editor The Sunday Times has been Fast Track's media partner for all 21 years. It is Britain s No 1 newspaper for business, and the leading broadsheet newspaper attracting over three million readers every week. More than half (54%) of the business elite read The Sunday Times, a greater market share than any other publication, according to the latest Ipsos survey.

29 Top Track 100 research report ABOUT FAST TRACK Compiler & publisher Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone sponsorship from Richard Branson. He works closely with leading entrepreneurs, sponsors and media partners to try to ensure their expectations are exceeded and that they remain engaged with the alumni network. He is an associate fellow at Green Templeton College, Oxford University, where he completed his masters and doctorate in management studies and subsequently set up and held the Virgin research fellowship in entrepreneurship. The authors Eva Gronbech is a senior research manager, and was previously head of research at Fast Track. Prior to joining the company in 1999, she worked for companies such as Kuwait Petroleum and Maersk Line. She has a masters in politics from Oxford University and a degree in business from Copenhagen Business School. Richard Tyler is director of editorial, working closely with sponsors and companies within our network. He was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy towards business. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University. Jon MacLeod is director of research at Fast Track. Prior to this he was a director in the equity research department of Citigroup Global Markets, where he worked for 17 years. Jon began his career in the fixed income markets and has also worked as a financial journalist. He has a masters in social and political science from Cambridge University. Research support was provided by Fast Track researchers Michael Cook, Dan Robinson, Laura Kebble and freelancer Suzie Pilkington.

30 Top Track 100 research report Fast Track Top Track 100 is compiled by Fast Track, the UK's leading face-to-face networking events and research company, which ranks top-performing private companies and entrepreneurs. Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 21 years. It publishes six other annual league table awards programmes: SME Export Track 100 ranks Britain's SMEs with the fastestgrowing international sales (total sales less than 25m) Tech Track 100 ranks Britain's private TMT companies with the fastest-growing sales Fast Track 100 ranks Britain s private companies with the fastest-growing sales (excluding tech companies) International Track 200 ranks Britain's midmarket private companies with the fastest-growing international sales (total sales over 25m) Profit Track 100 ranks Britain's private companies with the fastest-growing profits Top Track 250 ranks Britain s leading mid-market private growth companies with the biggest sales ( 115m to 650m, and minimum 5% growth in sales or profits) Fast Track is based in Oxford with 30 staff, and a network of freelance researchers. CONTACT DETAILS Fast Track Angel Court 81 St Clements Street Oxford OX4 1AW Tel: info@fasttrack.co.uk Web: The Sunday Times Fast Track