Independent contract caterer Charlton House has made its first acquisition - high-end caterer Chester Boyd.
Since being founded by chief executive Robyn Jones in 1991, Charlton House has grown organically to 150 contracts with an annual turnover of £57m. But Tim Jones, co-founder and chairman of the company, said it was the right time to move into acquisitions.
Chester Boyd was set up in 1983 as a joint venture between Charles and Liz Boyd and a City livery company to caterer for the Butchers' Company. It has a turnover of £10m and 228 staff working at 14 venues, including Founders' Hall and the Naval & Military Club.
No official sale price has been given but industry sources suggested a range of £5m-£7m.
Charles Boyd has joined Charlton House as chief executive of Chester Boyd, which will be run as a separate division of the main group.
By Chris Druce