Fourth Hospitality, a leading software supplier to the likes of Subway, Baker & Spice, Le Pain Quotidien and Krispy Kreme, has made it into the list of Britain’s fastest-growing technology firms.
The business, led by Ben Hood, featured in The Sunday Times Tech Track 100, an annual index that ranks companies based on sales growth across a three-year period. Fourth Hospitality was placed 48th, having also featured in 16th position in 2010 and in the top 10 in 2009.
The company, which was founded in 1999 and specialises in web-based systems that enables its customers – typically multiple-site hospitality groups – to run staffing, stock control and procurement more profitably, saw sales grow by 61% per year on average in the past three years. Its sales have risen from £2.4m in 2007 to £9.9m in 2010 – and are expected to top £12m when its most recent accounts are finalised and posted at Companies House.
Hood, chief executive officer, said: “To make this prestigious list in 2009, 2010 and again in 2011 really speaks of the phenomenal growth the company has experienced. To be recognised as one of the UK’s fastest-growing technology firms is a great achievement, and testament to the hard work of all those that work at Fourth.
“But while the rate of sales growth is clearly an important measure for any business, we don’t think of it as a driver of our business – more an end-product of, we think, our cutting-edge web-based systems and our industry-leading service levels, which when combined deliver powerful results for our customers. And that will always be the key focus for our business. ”
The index, which is compiled in association with Microsoft by Fast Track, an Oxford-based organisation that researches Britain’s top-performing private companies, saw online money-lending firm Wonga.com emerge at the top of the pile, followed by employee benefits provider Asperity, and CD and games trader musicmagpie.co.uk.