Lloyds TSB took over HBOS in a £12b deal last September to form Lloyds Banking Group but, until now, Eurest and Aramark continued to provide services at Lloyds TSB and HBOS sites respectively.
Eurest's win has proved a shock to the industry, as it had been widely expected that Aramark would prove triumphant. The loss is likely to come as a significant blow to the firm which also lost a lucrative contract with Bloomberg to Compass Group's Restaurant Associates in September.
Peter Smale, managing director of Turpin Smale catering consultants, described the decision as the "natural fluctuation" of the industry: "While there is a degree of loyalty from clients, ultimately they will go for the best deal.
"In this market, I suspect both parties were very keen to win this business and put in hot tenders, but in the end the client will benefit the most."
When Aramark initially won the HBOS contract in 2007, the deal was estimated to be worth upwards of £20m per annum, servicing 65,000 employees at around 25 sites. Meanwhile Eurest's contract with Lloyds TSB provided services to 22,000 employees and has previously been estimated to be worth around £8m in annual turnover.
Both Compass and Aramark were unavailable to comment.
By Janie Stamford
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