Westbury Street Holdings (WSH), based in Reading and the UK’s largest independent foodservice operator, has once again seen annual turnover grow by double digits.
Turnover has risen 14.74% to £534.8 million (2012: £466.1m), and this is the 13th consecutive year that growth has been in double figures.
The rise also marks the first time that annual turnover at the company has exceeded half a billion pounds.
WSH, which counts BaxterStorey, Caterlink, Holroyd Howe, Benugo and Portico among its portfolio of trading brands, was formed in 2000.
Together with its subsidiaries, the company underwent a refinance and restructure last November, according to documents filed at Companies House relating to the 52 weeks to 27 December 2013, resulting in Boxford Investments, a newly-incorporated company, being made the ultimate parent business.
Three new subsidiary firms were incorporated at the same time to facilitate the refinancing, including WSH International Investments and WSH UK & Ireland. A third business, WSH Hospitality, acquired 100% of the issued ordinary shares of WSH.
Profit for the period was £1.1m (2012: £1.6m) and included £15.1m of exceptional costs related to the refinancing.
BaxterStorey, the company’s business & industry arm and biggest division, put in a strong performance, reporting a 10% increase in sales to £303.4m, up from £275.8m the previous year, for its operations in England and Wales. Operating profit stood saw a rise of 13.4% to £20.1m.
Commenting on the BaxterStorey figures, co-chief executive Noel Mahony said: “We place great emphasis on investment in training and supporting our people who are fundamental to the success of our business. This combined with our philosophy to source local, fresh, seasonal food, presented creatively on site has resulted in like-for-like sales growth of 3.5% and higher customer participation in our restaurants and cafes”.
John Bennett, co-chief executive, added: “We are committed to our team through our chef, barista and management academies, as well as recruiting over 40 young people to our graduate programme and offering extensive training for all our staff.”
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