Business

Harbinson Mulholland unveils new Top 100 of north's most profitable family businesses

Pictured at the launch of Northern Ireland’s Top 100 family and locally owned businesses are, from left, Rajesh Rana, Andras Group; John Simpson, research principal and visiting Professor, Ulster University; Michael McQuillan, Ulster University Business School and Darren McDowell, Harbinson Mulholland
Pictured at the launch of Northern Ireland’s Top 100 family and locally owned businesses are, from left, Rajesh Rana, Andras Group; John Simpson, research principal and visiting Professor, Ulster University; Michael McQuillan, Ulster University Busi Pictured at the launch of Northern Ireland’s Top 100 family and locally owned businesses are, from left, Rajesh Rana, Andras Group; John Simpson, research principal and visiting Professor, Ulster University; Michael McQuillan, Ulster University Business School and Darren McDowell, Harbinson Mulholland

THERE'S money in keeping it in the family . . .

A new top 100 list has been revealed, bringing Northern Ireland's most profitable family and locally owned businesses under the spotlight for the first time.

Launched in Belfast by Harbinson Mulholland Chartered Accountants and the Ulster Business School, it coincides with the creation of a new family business forum to support the sector which collectively employs more than 52,000 people.

Topping the table was international grain importer W&R Barnett in Belfast, a fourth generation family business employing 286 people and paying out £17.6m in wages.

During the last year it increased its pre-tax profits by 21 per cent to £26.9 million.

Biggest employer overall was Almac Pharmaceuticals (ninth in the list with a pre-tax profit of £12.6m) which has 3,927 staff on the payroll - and also the highest pay bill of £130 million.

Norbrook, John Henderson, Lissan Coal and First Derivatives took second, third, fourth and fifth places respectively.

Others in the 'top 10' included SHS Group, TG Eakin, Randox Holdings, Almac and Progressive Building Society.

In all, 14 of the companies listed showed an increase in pre-tax profits of more than 100 per cent over the previous year, with the biggest leap recorded by men's fashionwear supplier Douglas & Grahame, where figures rose from £212,000 to £1.78m.

Darren McDowell, partner at Harbinson Mulholland, said family businesses - representing 74 per cent of all Northern Ireland businesses - brought "core values" to the workplace and were a "major player" in the business sector.

"They are the back-bone of the Northern Ireland business community and have a reputation for working hard and just getting on with things," he said.

"Out of the 100 listed companies, 72 are mainly family-controlled - and that is remarkable.

"Such businesses operate across every economic sector and there is no doubt they face unique challenges in maximising financial performance while maintaining family control and introducing new blood into the company.

"We think of our own business as a 'family affair' because of our history and ethos, so we understand what it takes to overcome these hurdles."

Michael McQuillan of the Ulster University Business School, of which Harbinson Mulholland is patron, said he was "delighted" to support the project.

"We help many family and owner-managed SMEs to move forward more quickly through access to expertise that would not normally be available to them," he said.

"The upcoming forum will be of invaluable support to these businesses as they generate hundreds of millions of pounds in wages which are then re-invested back into the Northern Ireland economy."

The full list can be accessed online at www.harbinsonmulholland.com/family-business where companies can also register for the new Family Business NI Forum.