Independent catering and hospitality company bucks economic downturn with strong financials
Westbury Street Holdings Ltd (WSH), the parent company for leading catering and hospitality businesses BaxterStorey, Holroyd Howe, Caterlink, benugo and Portico, has posted strong results for 2011 revealing year-on-year organic turnover growth of 12%. After only 11 years of trading, WSH has a consolidated turnover of more than £406 million.
Despite last year's challenging trading conditions, WSH reported a trading uplift of £44m and continues to outperform the marketplace. Its combined businesses now employ more than 11,000 people across the UK and Europe and all performed strongly in 2011.
BaxterStorey, the UK's largest independent contract caterer and the biggest brand in the WSH stable, grew its turnover by 7.6 per cent in England, 20 per cent in Ireland and 25 per cent in Scotland during 2011. The business has gained contracts with many notable names in the UK including Goldman Sachs, Network Rail, BlackRock and BBC Salford Quays. BaxterStorey has also developed a European foothold with new operations in France, Belgium, the Netherlands and Norway.
Caterlink, the state education catering specialist, and Holroyd Howe, which caters for the independent education market, have posted equally impressive results, with the firms experiencing year-on-year growth of 27 per cent and 26 per cent respectively. New contract wins in 2011 included Bedfordshire Schools, Swindon College and City of Westminster College for Caterlink and Shrewsbury School and St Bede's School for Holroyd Howe.
benugo, WSH's deli and public venues operation, has increased its turnover by 23 per cent in the last year and secured a number of top name visitor attractions as new clients, including The Science Museum, Westminster Abbey and National Museums of Scotland. In addition, benugo has recently been awarded a significant contract with The British Museum, with annual revenues expected to be more than £6m.
Alastair Storey, Chief Executive of WSH, said: "I am exceptionally proud of the organic growth we have achieved as a company over the last year. We took our first step into the European market with BaxterStorey and we have consistently defied the downturn, setting us further apart from our competition. Our results are proof that by investing in our workforce and our supply chain to deliver fresh, quality, British food, using a more retail-focused approach, we can continue to grow our market share.
2012 is set to be another challenging year for both the UK and the European economies but there are still many exciting opportunities for all our businesses so we are optimistic and have high expectations for the year ahead. Importantly, the success we have achieved to date allows us to reinvest back into the company and build towards an even stronger future."