23. Banner Group

Revenue: £179.1m

A mainstay of the UK’s online tech scene, Ebuyer has long been a go-to for consumers and businesses looking for competitively priced IT hardware, electronics and electricals. Banner Group continued its evolution in 2023 from a traditional office supplies reseller into a broad managed procurement specialist serving the UK and Ireland. Focused on long-term contract management for corporate and public sector clients, the business now provides a diverse range of workplace consumables and services, from workwear to facilities supplies.

The company delivered a strong financial performance in 2023, with revenue rising to £179.1m, up from £171.5m the previous year, and profit before tax surging to £3.7m from just £587k in 2022. Growth was driven by a mix of new and retained business, with over £75m of contracts renewed and more than £30m secured in new wins. The firm has also begun expanding into emerging categories such as feminine hygiene, where it secured initial orders worth £300k and expects further growth in 2024.

Banner also delivered gains in profitability, with gross profit increasing to £47.7m and gross margin improving to 26.0%, up from 24.7%. The business attributed this to a successful effort to pass on inflationary costs to customers, describing pricing conversations as “not easy” but necessary to maintain fair returns. Meanwhile, average headcount was reduced by 15% to 404 employees, as the firm worked to realign its overheads and improve efficiency while continuing to invest in growth areas.

EBITDA before exceptionals rose to £6.8m, up from £4.5m in 2022, reflecting margin gains and tighter operational discipline. Management said further improvements in product mix and service diversity are expected in the year ahead. Despite efforts to embrace technology, the company emphasised its commitment to human service, stating that customers and suppliers “can always talk to a person.”

Banner is backed by EVO Group and private equity firm Endless LLP, which has extended its facilities and investment horizon in line with the group’s banking arrangements. The directors said this ongoing support provides a “sensible level of liquidity headroom” and reflects strong belief in the group’s long-term prospects.