Reading: CH&CO reports 19% increase in turnover
CH&CO has released its annual accounts for the financial year ending December 31, 2018 and they show a 19% increase in annual turnover to £286 million, in line with the previous year’s projections.
The latest results for Reading-based CH&Co Catering Group (Holdings), lodged at Companies House, show a £46m increase in turnover from 2017 to 2018 and an increase in profits to £17.2m EBITDA, representing 6% of turnover.
In contrast to previous years, there was no merger and acquisition activity in 2018 but the integration of the 2017 mergers with Harbour & Jones and Concerto Group was completed.
Bill Toner, chief executive of CH&CO, explained: “2018 was another strong year for CH&CO and all of the M&A growth of previous years was successfully bedded in. We introduced a simplified Group structure and undertook a complete rebranding to focus on seven core areas – workplaces, destinations, events, livery, venues, education and healthcare – and this was well-received by clients and team members alike. The performance of the company continues to be strong and we have a good track record of successfully growing our business through merging with like-minded companies."
He added: “Economic uncertainty, particularly surrounding Brexit, continues to be a challenge for us and many of our clients but we are a resilient company in a resilient industry and I am confident that we can weather any storms that may come our way.
“Of course, 2019 has also been an exciting year for us so far with the merging of our Scottish business with Stirling-based Inspire Catering, and last month’s acquisition of Gather & Gather and Creativevents from Mitie. We’ve also been delighted to welcome our new equity partners, Equistone Partners Europe, who share our vision for the company’s future in foodservice and will support us in our growth ambitions.”
Other successes for CH&CO, based at Thames Valley Park, in 2018 included the achievement of the Sustainable Restaurant Association’s top-level 3-Star rating, developing a Get into Work programme with the Prince’s Trust, and gaining ROSPA Gold accreditation again.
