Reading: WSH acquires event caterer Searcys

Westbury Street Holdings (WSH) has acquired hospitality provider and event caterer Searcys for an undisclosed sum following months of speculation over the company's future.

Alistair Storey, founder of Reading-based WSH, becomes Searcys chairman, with the existing management team continuing to run the business.

Searcys, which runs the restaurant at the top of the Gherkin building in London, was put on the market last November with a price tag of £25 million to £30m.

BDO was appointed to manage the sale and there was speculation that Searcys might be broken up and sold in parts. However, WSH has acquired the business in its entirety.

Managing director Chris Maddison will stay on in his role after the transition to WSH while chairman Richard Tear is understood to be taking retirement.

Storey said: "Searcys is a great business. The company will benefit from WSH’s huge commitment to training and development which we strongly believe with the right level of investment will see the brand go from strength to strength."

Founded in 1847, Searcys has 20 sites and 1,082 employees, and has an annual turnover of nearly £43m.