18. Azzurri - £129.5m

The West Midlands-based firm has endured a tough 12 months, but it claims to be in solid shape, following a change in leadership and ownership. Sales for its 2011 fiscal year declined 8.2 per cent, while operating profit plummeted 23.5 per cent to £8.9m. Azzurri is now largely owned by its banking backers, a move which it claims allowed it to realise an additional £238m of equity on its balance sheet and reduce the previously hefty burden of debt on the company. The company is now helmed by former Datapoint leader Vim Vithaldas, who claims the VAR and its customers are “no longer distracted by uncertainty and debt”.