Sodexo Prestige has signed a new five-year catering and hospitality contract with long-term client Ascot Racecourse, beating several rival bids to win.
The new contract comes two years after the company signed a £100m five-year deal with Ascot in 2011, which featured a break clause allowing changes to be made if needed.
The latest deal marks a departure from the previous contract in that it allows both parties to be involved throughout the process, share costs, and split income accordingly.
A spokesman from Ascot told Caterer and Hotelkeeper: "This will be a more profitable partnership for both and allows both parties more input into what we would like to see. Sodexo is the elite in its field, and we're delighted to be going ahead to work with them.
"Catering at Royal Ascot is as important as the racing action; we're operating restaurant level food and we have to make sure customers get that experience. Sodexo has proved to us that it is able to deliver that."
Negotiations are on-going but it is clear that the company will take on the role of lead caterer for the venue, with the potential to extend in future.
Charles Barnett, chief executive at Ascot, said: "Sodexo has been providing catering services at Ascot since 1998 and has demonstrated that it remains best equipped to provide the unique quality and range of catering expected by visitors to Ascot."
Chris John, managing director, Sodexo Prestige, said: "Winning a contract of this scale with one of the world's most prestigious sporting venues is incredibly exciting. We are delighted to be entering into a new era of partnership and innovation with Charles and his team at Ascot Racecourse."
Ascot conceded that a lot of detail was still to be confirmed but that the agreement would be in place by next year's Royal Ascot events.