Compass Group boosts school meals offer with Cygnet acquisition
Compass Group has acquired of Cygnet Food Holdings in a move that will increase its state education catering business by around 25%.
Cygnet, a specialist provider of school meals to the state education sector, services a portfolio of over 450 schools across England while Compass provides catering and support services to over 1,500 primary and 500 secondary schools throughout the UK.
Compass acquired the education caterer from Jim Cartwright and Ian Cartwright for an undisclosed sum.
For the year ended 31 December 2010 Cygnet had revenues of £9.3m and gross assets of £2.2m.
Ian Sarson, group managing director of Compass Group UK & Ireland, described the acquisition of Cygnet as a great addition to the company's education portfolio.
He said: "At a time when the public sector is coming under increasing budgetary pressures, it will enable us to offer more local authorities a proven cost-saving solution at the same time as delivering nutritionally balanced and healthy meals."
Jim Cartwright, managing director of Cygnet Catering, added: "We are delighted to be working with Compass.
"Its business culture is very similar to Cygnet Catering, which makes it an ideal fit. Compass understands the education sector and has the expertise and specialist support to drive our business forward."
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By Janie Stamford
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