The Hut Group has grabbed the number one spot in this year's Sunday Times Tech Track 100, which ranks the fastest-growing private technology companies in Britain by sales growth over a three-year period. The company has moved up from eighth position last year and has seen sales grow 189% annually from £997,000 in 2005 to £24m in 2008.
The Hut Group provides ecommerce solutions for some of the UK's leading retailers including Asda, Argos, LoveFilm, Woolworths and WH Smith, as well as running its own stores thehut.com and Zavvi.co.uk, which it acquired in March after the high street retailer's collapse.
The firm, set up in 2004 by entrepreneurs Matthew Moulding and John Gallemore, aims to turn over £90m in 2009 and is set to launch new sites with four major retailers over the next month.
"To be ranked one is an incredible achievement," says Moulding. "Given the tough economic climate, the huge growth and subsequent listing in the Tech Track is especially rewarding and we're thrilled we have been able to buck the downward trend."