Servest Group raises £90m for further acquisitions

Caterer and facilities management firm Servest Group has raised £90m to pursue further acquisitions.

It bought 7 Day Catering in December 2012, along with building services firms Maxwell Stewart and FSG last year.

Servest said that the cash raised would be used to buy more FM and catering firms as it seeks to become one of the top five FM service providers in the UK.

Chief executive Rob Legge (pictured) said: "This capital raising is part of our growth strategy which we aim to achieve through a mix of organic growth and acquisition."

The firm has secured some large new contracts in the past months, including an £8.5m a year catering contract with the BBC, and a £9m relationship with the London Borough of Sutton.