Cheltenham firm joins UK's fastest growing companies
Published: 13 December, 2010
CHELTENHAM: ADEY Professional Heating Solutions has been named as one of the fastest growing companies in the UK in the Sunday Times Virgin Fast Track 100.
The company has been ranked 11th in the national league tables, and is the fastest growing private company in the South West.
The independent firm designs and manufactures special magnetic filters that maintain and protect central heating systems significantly reducing heating bills and CO2 emissions.
Managing director Chris Adey invented the MagnaClean magnetic filtration process in his garden shed 10 years ago. The technology is now widely adopted by the heating industry as a highly effective method of removing the 'sludge' that accumulates within radiators and pipes making central heating systems less effective, causing radiator cold spots and eventual system breakdowns.
In the seven years since Chris Adey launched his company, which now employs 35 people, the firm has become market leader in the niche magnetic filtration sector it created, and last year turnover reached £20 million.
The Sunday Times Virgin Fast Track 100 league table ranks Britain's 100 fastest-growing private companies based on sales growth over three years, with ADEY recording exceptional growth of 139%.
Mr Adey says: "It's an amazing achievement. I can't quite believe it. To be ranked among the fastest growing independent companies throughout the UK and No.1 in the South West is an unbelievable accomplishment and we're obviously delighted.
"The company has humble beginnings and is based on the back of a simple idea conceived less than ten years ago when magnetic filtration was an unknown concept in the plumbing and heating sector.
"As is often the case, getting people to listen and take the technology seriously was the biggest hurdle to overcome. When I look back and recall doors being closed all around me and assembling and packaging products in my garden shed, this latest achievement is all the more astonishing.
"The innovation has continued since that day. It's been driven forward by an incredibly energetic and focused group of people throughout the company and this has been a key part of our success.
"I could never have imagined we'd be ranked alongside some of the biggest names in British business and we're all extremely proud."