Compass Group, the world's largest caterer, has lost a prestigious contract with Goldman Sachs, worth an estimated value of up to £10m annual turnover.
The Goldman contract, run by Compass's fine-dining business Restaurant Associates, is believed to have been won by rival caterer Aramark.
The contract includes catering for staff and executives, hospitality and management of conference and training facilities at the investment bank's London sites, which house more than 5,000 staff.
Goldman declined to comment, while Aramark was not immediately available for comment.
However, the loss of Goldman contract was tempered by the announcement that Restaurant Associates, has won new contracts worth more than £6m with companies including drug maker GlaxoSmithKline and Virgin Holdings.
RA, which also supplies conferencing and meeting room services, has won a new contract worth £3m per year with GlaxoSmithKline and a contract with Mercure Hotel in Gatwick worth £1.9m per year.
The division has also won two contracts with airport lounges at Gatwick -- a £750,000 contract with Virgin Holdings, which runs the "V Room" lounge, and a £500,000 contract with Malaysia Airlines.
RA said the latest contracts mean it has won more than £20m in new business over the past year.
Under the terms of the GSK contract, RA will run employee dining and hospitality services at eight GSK Research and Development sites in London and refurbish other sites.
In May RA teamed up with Gordon Ramsay. The partnership will see Gordon Ramsay Holdings chefs Jason Atherton and Angela Hartnett introduce their menus into RA's hospitality business.
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By Nick Huber
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