Waterfall Services profit tops £1m for first time

18 November 2013 by
Waterfall Services profit tops £1m for first time

Warrington-based caterer Waterfall Services has seen its profit top £1m for the first time.

Pre-tax profits were up 22.5% to £1,052,248 for the 12 months to 31 March 2013 (2012: £858,824), while turnover grew 4.7% to £48.7m (2012: £46.5m).

Waterfall Services is the parent company of education caterer Taylor Shaw and care sector caterer Caterplus. It employs more than 3,000 people nationwide.

Managing director Jim Lovett (pictured) said that last year was a strong one for the company.

"We worked hard to re-secure a number of long term contracts and we have seen substantial wins in our new business helping us deliver strong growth, despite some challenging economic conditions," he said.

"While there is the ever present threat of food price inflation we have been able to take advantage of the increasing demand for high quality, freshly prepared, nutritious meals in both the sectors in which we specialise.

"At the same time, we were able to expand our footprint across the country, in both the south west and Scotland and are well positioned to improve our profitability and paving the way for further growth this year."

Taylor Shaw acquired Somerset-based Pro Serv in a pre-pack administration deal earlier this year. It has also expanded its reach in the primary schools sector with long term contracts in County Durham, Sheffield, Brent and Stockport with an estimated combined value in excess of £10m a year.

Caterplus picked up a number of nationwide contracts in the care sector, demonstrating strong growth, particularly in the extra care market where it has signed agreements with a number of clients including Hanover Housing, Peveral Care and McCarthy and Stone.

Lovett added: "The extra care market is in the middle of a rapid growth phase. We have been very successful in developing relationships with a number of national providers to become their caterer of choice.

"The traditional model of care home provision is changing and we have been quick to react to this changing requirement for catering of this client group."

The company has seen strong growth since its MBO/MBI, supported by YFM Equity Partners, in 2007.

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