UK – Food service and hospitality operator Westbury Street Holdings (WSH) has acquired workplace catering company Genuine Dining.
The financial details of the acquisition were not made public.
According to WSH, the workplace catering company will continue to operate independently. Chris Mitchell will continue serving as Genuine Dining’s CEO.
However, Chairman and majority shareholder Luke Johnson will step down from Genuine Dining after 14 years of active involvement.
Noel Mahony, WSH’s Executive Director, welcomed the acquisition by reiterating the catering company’s proven track record of successful investment and growth strategies.
Mahony reiterated Genuine Dining has grown to be a formidable business in the hospitality and food service space. The executive director reiterated the catering company aligns with WSH’s values of offering fresh, seasonal, local food served by industrious teams.
WSH also revealed the acquisition decision was also informed by the catering company’s recent strong performance despite a challenging hospitality environment.
In its most recent performance report (for the 2023/2024 financial year), Genuine Dining reported a turnover of £37.1 million (US$49.6 million), which translated to earnings before interest, taxes, depreciation, and amortization (EBITDA) of £1.7 million (US$2.27 million).
The catering company also reported a 38% year-on-year increase in sales growth and an operating profit of nearly £1.5 million (US$2 million) in the same period. Additionally, it secured 23 new contracts during the reported financial year.
The hospitality reiterated it intends to leverage its capitalization strength, network and expertise to further facilitate Genuine Dining’s.
WSH’s first order of business will be to develop the catering company’s employee fraternity through its industry-leading shared training and development programs.
Chris Mitchell welcomed the acquisition by saying, “In 14 years, we have grown significantly, introducing new services, and to meet our future ambitions it was important we selected a partner that lives and breathes our values and champions our individuality.”
“More than simply an investor, we made the decision to partner with WSH because of its commitment to the industry, supporting and enabling businesses to grow. I am very excited about the opportunity this partnership will bring to our people and business.”
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