Independent caterer Vacherin has announced that in its second full year under a new management structure, turnover increased by 33% to £26.2m, far exceeding the predicted 20%.
The London-based hospitality specialist has added eight new contracts to its portfolio worth an annualised turnover of more than £2.6m.
Operating profit growth kept pace with turnover growth thanks to Vacherin’s industry-leading record of contract retention, allied to keen cost awareness and despite a bad debt provision of £105k as a result of the failure of Carillion for whom Vacherin operated one significant contract.
The company has significantly invested in research and development this year, creating bespoke communications apps for both its customers and employees. The former enhances the customer experience by presenting them with the site-specific range of food and beverage choices available to them and informs them of nutritional and allergen content.
The employee app ensures that every team member is provided with information that concerns them in the most innovative and timely fashion.
Phil Roker, Owner and Managing Director, said: “We are thrilled with these results. The head office appointments we’ve made have enabled us to remain committed to our clients and core values, while benefitting from consistent growth. Our other key performance measures including contract and staff retention, turnover and cash generation remain extremely robust.”
The company’s financial year, which began again in September, kick-started with the opening of two new contracts. The first was with the Royal College of Pathologists in Aldgate at a purpose-built new location and the second with a global advisory firm whose London team has recently relocated to Victoria. The combined value of the contracts is £4m.
