WSH acquires Genuine Dining

BaxterStorey-owner Westbury Street Holdings (WSH) has acquired workplace caterer Genuine Dining.

 

WSH stressed Genuine Dining will “continue to operate under its own independent structure” following the deal, which was signed this afternoon.

 

Noel Mahony, executive director at WSH, told The Caterer: “Luke Johnson supported the business for many years and wanted to move on. Chris Mitchell and the team were looking for a new investor to support the next stage of the business and they thought a good home would be WSH.

 

“We also really like the people and know them well. Some of them even more so as they worked with the business. I’m a huge fan of [chief executive] Chris Mitchell and the team, so having them join WSH is just fantastic.”

 

It was revealed Genuine Dining’s chairman and majority shareholder Luke Johnson is exiting the business after 14 years of “active involvement”.

 

In its latest set of reported accounts, for the period 30 September 2022 to 30 September 2023, Genuine Dining’s turnover was £37.1m, with EBITDA of £1.7m.

 

It also posted a 38% boost in year-on-year sales growth and an operating profit just shy of £1.5m across the group. The business also secured 23 new contracts during the financial year.

 

Johnson, former chairman at PizzaExpress and newly announced chair of Revolution Bars, first acquired a majority stake in what was then called Yes Dining in 2011 through his private equity firm Risk Capital Partners (RCP).

 

The investment marked his first foray into contract catering and led to the change in name to Genuine Dining Co the same year.

 

Yes Dining was previously owned by the Bright Futures Group (BFG), the former parent company of Restaurants at Work and Jill Bartlett, which were acquired by BaxterStorey in 2010 after they collapsed into administration.

 

Chris Mitchell, who was managing director of Yes Dining at the time, oversaw its transition into workplace caterer Genuine Dining, which has since grown its portfolio to over 45 sites across sectors such as law, consulting and media under his stewardship as chief executive.

 

In 2017, Genuine Dining snapped up London-based Japanese restaurant group Feng Sushi, which Johnson previously owned a majority stake in, and formed Signature Dining, a new division to cater for the care sector, which secured nine contracts and turned over £3.5m in its first year.

 

Mitchell was awarded the Foodservice Caterer Award at the 2018 Cateys in recognition of his success.

 

Following the pandemic, Mitchell and business development director Robbie Laidlaw trained to cross the Atlantic and succeeded in doing so in December 2023, which won the pair the Extra Mile Award at the 2024 Cateys.

 

Commenting on the acquisition, Mahony confirmed: “WSH businesses work autonomously, with independent leadership and it will be business as usual for Genuine Dining which will continue to operate under its own independent structure with Chris Mitchell continuing to lead the business as CEO. Tim Axe, Amanda Kay, Paul Robottom and Ruth Lawton-Owen will continue as Managing Directors of their respective businesses.”

 

Mitchell added: “Partnering with WSH is an exciting moment for Genuine Dining. In 14 years we have grown significantly, introducing new services, and to meet our future ambitions, it was important we selected a partner who lives and breathes our values and champions our individuality.

 

“Chairman and majority shareholder, Luke Johnson, working through Risk Capital Partners (RCP), is realising his investment and exiting the business, following 14 years of active involvement with Genuine Dining. Luke has been a huge supporter of our business, and we thank him for his time as Chairman.”

 

He added: “More than simply an investor, we made the decision to partner with WSH because of its commitment to the industry, supporting and enabling businesses to grow. I am very excited about the opportunity this partnership will bring to our people and business.”

 

Johnson said: “We are immensely proud of the achievements of Genuine Dining since we first became involved, and grateful to Chris and his team for their outstanding efforts in expanding the business. I’m excited to see the next phase of the businesses growth through the support of likeminded business, WSH.”

 

Terms of the deal were not disclosed.