Joint Venture
Compass Group PLC
23 May 2000
COMPASS GROUP, RUGBY FOOTBALL UNION AND PETER PARFITT SPORT
FORM NEW CATERING COMPANY FOR TWICKENHAM
Compass Group, the Rugby Football Union (RFU) and Peter Parfitt Sport today
announced the launch of Twickenham Experience Ltd, a joint venture company
capitalised at £42 million, which will provide match day spectator catering
and hospitality, conference, exhibition, meeting, reception and banqueting
services at Twickenham Stadium, the home of English rugby.
Compass Group and Peter Parfitt Sport have subscribed for shares in the new
company. Compass Group will hold 40 per cent and Peter Parfitt Sport 7.5 per
cent, leaving the RFU as the majority shareholder with 52.5 per cent. The RFU
will receive £16.75 million as payment for the rights to Twickenham Experience
Ltd and, thereafter, profits will be split between the shareholders according
to their shareholding, generating a strong stream of income for the RFU. The
board of the company will consist of a chairman and six directors: three
appointed by the RFU, two by Compass Group and one from Peter Parfitt Sport.
Twickenham Experience Ltd begins operating immediately and is responsible for
the sales, marketing and operation of all catering and hospitality facilities
within Twickenham Stadium, which include hospitality suites and boxes, meeting
rooms, restaurants, bars and refreshment points. The next international
matches at the stadium will be in the autumn, when England takes on Australia,
Argentina and South Africa prior to the Six Nations Championship in early
2001.
Enquiries:
Nick Lyon / Wendy Baker Hudson Sandler Limited 020 7796 4133
Editors' notes:
Compass Group is the world's largest foodservice organisation, with over
190,000 employees in more than 75 countries worldwide. Compass Group's UK
leisure business companies provide hospitality and foodservice to leading
sporting events including the Open Golf Championship, the Compass Group
English Open, Goodwood Racecourse and Motor Circuit, Wembley Stadium, Aintree
Racecourse and the Dome at Greenwich. Around the world, Compass Group
companies provide foodservice at the Ryder Cup, the Oscars, the Guggenheim Art
Gallery in New York, the 2000 Summer Olympics in Sydney and the Winter
Olympics in Salt Lake City.
The Rugby Football Union which promotes, fosters and governs rugby in England,
is based at Twickenham Stadium, the home of English rugby. Located in South-
West London, Twickenham Stadium has been hosting major rugby matches,
including England's international games, since the 1920s. Completely rebuilt
and renewed in the late 1980s and early 1990s, Twickenham Stadium is the
spiritual home of rugby worldwide.
Peter Parfitt Sport is a specialist provider of hospitality services at
leading sports venues in Britain. The company has been appointed by the MCC to
provide hospitality at test matches and markets and operates hospitality
facilities at other test match grounds, the British Grand Prix and major
events across the country.