Compass Group PLC
26 February 2001
26 February 2001
COMPASS GROUP PLC
COMPASS GROUP SIGNIFICANTLY INCREASES PRESENCE IN MIDDLE EAST
Compass Group PLC is pleased to announce that it is forming a joint venture
company - ADNH Compass Middle East LLC - which will significantly increase its
presence in the region, becoming a market leader. The joint venture is being
formed by merging Compass Group's Middle East operations with that of United
Emirates based foodservice company Abu Dhabi National Hotels (ADNH).
The new company will offer foodservice management across a wide range of
sectors including business and industry, education, healthcare, oil and gas
onshore and offshore, defence, leisure, retail and airports. The Middle
Eastern market* is estimated to be worth in excess of US$1.3 billion and is
comparatively underpenetrated by foodservice operators.
The total investment made by Compass Group is US$63.5 million and the new
company will be led by Chief Executive, Jerome Marrel, previously Regional
Vice-President, Compass Group Middle East and India.
Miguel Ramis, Divisional Chief Executive, Compass Group, said: 'We are
delighted to be joining forces with ADNH to form the major foodservice company
in the Middle East. The market has huge potential and I am confident that our
combined skills will enable us to increase our presence in all market sectors'.
Michael J Bailey, Group Chief Executive, will be in Abu-Dhabi on 27 February
2001 to host the official launch of the new venture.
* The Middle East market is defined here as including Saudi Arabia, UAE,
Oman, Kuwait, Quatar, Iran, Syria, Bahrain and Jordan. Approximately 35% of the
market is contracted out.
Ends
Enquiries: Cathi Lawrence
Compass Group Tel: 01932 573 000
Nick Lyon / Wendy Baker
Hudson Sandler Tel: 020 7796 4133
Notes to Editors:
Compass Group is the largest foodservice group in the world, with over 250,000
employees providing catering for clients including major employers,
educational establishments, hospitals, leisure venues, retail locations,
motorway service areas and at major airports and stations throughout USA,
Europe, Scandinavia and developing markets in Asia and South America. It
operates through sector-specific subsidiaries such as Eurest, the world's
largest specialist in providing foodservice to business and industry clients.
The Group has increased turnover to over £7.3bn and now operates in over 80
countries world-wide.
Website: www.compass-group.com
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Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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