At 51 on the Hot 100 list, Sitec is one of the more mature businesses featuring in this year’s Hot 100. Founded in 1951 by Leonard Medlock, who still owns a 25 per cent stake in the business, the company has sprouted into one of the world’s largest privately owned engineering services companies, with sales last year exceeding £73.7m.
Not only have Leonard and his son David resisted the temptation to sell the business but they also own it outright, having self-funded it with no loans or equity investment in the firm’s 57-year history. They put Sitec’s solid growth down to a wealth of projects won from its key clients in the UK and Europe, which include Airbus. Forecasts put next year’s turnover at £82m, despite a slight slowdown in the aerospace industry.
