Lakenheath-based Murfitts Industries makes Investec Mid-Market 100 listing
- Credit: Archant
A rubber granule manufacturer based in west Suffolk has been named in the new Investec Mid-Market 100 ranking of the UK’s fastest-growing private companies.
The list, which Investec plans to publish twice a year, ranks private UK-registered companies according to their four-year percentage growth in turnover.
Murfitts Industries, based at Lakenheath, is ranked 29th in the listing, with its most recent turnover figure of £11.085million representing growth of 39%.
The rules for inclusion in the listing are that, over the four year period, year one turnover must be a minimum of £1million, year four earnings must be at least £1m and year four turnover must be at least £10m. Murfitts’ most recent annual earnings totalled £2.901m.
The company was formed in 2001 ahead of European Union directives on landfill and end-of-life vehicles, which meant an alternative means of disposal needed to be found for 450,000 tonnes of tyres a year.
It now handles 11m tyres a year, recycles 100% of the components which go to make up a tyre, including the rubber, steel and fibre. The main product is rubber granules which is sells globally for a wide range of applications, including sports surfaces and carpet underlay.
Murfitts is one of five companies in the East of England to make the Investec listing. London and the South East collectively account for almost two fifths of the list with 22% and 17% respectively.
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However, mid-market growth was strong across the UK, in particular the Midlands and South West, with 11% each, as well as Yorkshire and the North West, which had 9% of the top 100 companies respectively. Completiing list are Scotland (7%), Northern Ireland (5%), the North East (2%) and Wales (2%).
The listing also covers a broad range of industries, most notably manufacturing/industrial and food and drink, which accounted for 20% and 19% respectively. Other sectors represented included retail (13%), professional services (9%), technology and software (8%), financial services (7%), automotive (6%), recruitment (6%), agriculture (4%), transport and logistics (4%) and arts and leisure (4%).
Together, the 100 companies have generated £4.85billionn of revenues and £347m of profits in the last financial year.
Ed Cottrell of Investec, said: “The UK mid-market contributes nearly £1trillion of revenues annually and up to a quarter of private sector employment, and it is important that its contribution is understood and recognised. Through analysis such as the Investec Mid-Market 100, we hope to develop greater appreciation for this vital part of our economy.
“It is great to see mid-market growth coming from all four corners of the UK and across a broad range of industry sectors. We know from our experience of working with mid-sized businesses that they are highly committed to investing for long-term growth and we look forward to seeing these companies go from strength to strength in the future. Congratulations to all of those that have made this year’s Investec Mid-Market 100.”
Damian Kimmelman, chief executive and founder of DueDil, which compiled the list, added: “As they’re less visible than quoted companies, unlisted private medium-sized businesses are often seen as high risk and can be outgunned when seeking finance, pitching for contracts, attracting the best talent or applying for leases.
“Investec and DueDil have been working to address this problem. The Investec Mid-Market 100 and associated Investec Mid-Market Index demonstrate what insights can be derived when you properly organise and contextualise the information around the UK’s most high-performance private companies.”