The Aspire Group has bolstered its partnership with Silverstone Motor Circuit with a nine-year contract extension worth £36m.
The venue hospitality specialist, which has operated at the home of British motorsport for the past four years, will continue to focus on corporate hospitality and conference and banqueting for Silverstone's event calendar, including the annual Formula 1 British Grand Prix in July.
Richard Phillips, managing director of Silverstone Holdings, said that Aspire's focus on quality ingredients, restaurant-style menus and customer service had led to client satisfaction rising to over 90%. "We are delighted to be extending our relationship with Aspire for a further term and developing the offer to the next level through our master plan," he added.
As part of the contract Aspire will invest almost £1m in new, state-of-the-art kitchen facilities at the Northamptonshire motor circuit's new pit and paddock building, including a 5,500sq m main central production kitchen and four additional kitchens on levels one and two.
The new building, which will accommodate 4,000 seated guests in one sitting and also house a 500-seat conference auditorium, will be one of the largest purpose-built hospitality facilities in the UK when it is completed in May.
"It's all part of Silverstone's plan over the next 5-10 years to develop the 800-acre site and utilise the asset at their disposal," Aspire co-owner and managing director Sean Valentine told Caterer.
"There is talk of possibly introducing a technology park and a number of hotels to the site, but for now the new paddock and pit building will effectively be the new Formula 1 facility during the Grand Prix for the dedicated Paddock Club."
A full-time team of 25 staff will be responsible for day-to-day operations, increasing to 800 at peak periods, but with the contract expected to double in size over the next four years the core team is likely to grow.
Retaining the Silverstone contract, which was won soon after Aspire was established in 2006, is a significant milestone for the company as it aims to grow its annual turnover to between £10m and £15m over the next five years.
HOW ASPIRE HAS STAYED ON TRACK
2006 Aspire Group founded by Sean Valentine and Steven Saunders
2006 Acquired New Mill restaurant, Berkshire
2007 Won Silverstone Motor Circuit contract, annual turnover £4m
2009 Won one-year Yas Marina F1 circuit contract, Abu Dhabi, turnover £5m
2009 Sean Valentine becomes chairman of ACE (Association of Catering Excellence)
2011 Nine-year contract extension at Silverstone Motor Circuit, annual turnover £4m By Janie Stamford
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