Levy Restaurants converts £195m Wasps rugby deal
Levy Restaurants UK and rugby union club Wasps have announced a 15-year extension to their existing partnership, in a deal expected to generate £195m in total turnover.
The deal will see the sports, leisure and hospitality division of Compass Group UK & Ireland provide all catering services for match day, conferencing and events until 2030.
Wasps and its subsidiary company Arena Coventry Ltd (ACL) which runs the Ricoh Arena, home to both Wasps and Coventry City Football Club, have been working with the catering company since 2007.
Colin Bailey, managing director, Levy Restaurants UK said: "We are pleased to have extended this partnership and to be part of an exciting new chapter with Wasps at the Ricoh Arena. Wasps' arrival at the arena has generated huge excitement among the local and sporting community.
David Armstrong, group chief executive officer of Wasps, said: "The increased length and investment of this new contract reflects the upward curve Wasps and ACL have followed since Wasps acquired the Ricoh Arena and aligned the brands. It also indicates a firm belief in what we can achieve off the field at our new home, through the powerful combination of sport, business and entertainment.
"Alongside the tripling of match day attendances, hospitality has increased by over 500% in comparison to Wasps' offering last season and the Ricoh Arena's conference and exhibition business turnover has increased in the first six months since Wasps' acquisition of the venue. We are confident both businesses will continue to grow as we aim to establish the Ricoh Arena as the UK's leading venue for sport, business and entertainment."
Wasps recently announced a series of planned improvements for the Ricoh Arena, including a partnership with Hilton Worldwide to convert the Ricoh Arena hotel into a DoubleTree by Hilton. When all upgrades have been completed by the end of 2015, the Ricoh Arena will offer visitors a total of five bars, three restaurants and over 20 food and beverage outlets.
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