CATERING group Entier is set to accelerate its international growth after agreeing a £6.5 million investment deal with Business Growth Fund (BFG).
Aberdeenshire-based Entier already has a significant global presence, with its operations extending to 38 remote locations in 23 countries.
But this is set to be extended as chief executive Peter Bruce looks to grow Entier into a £100 million business.
Mr Bruce said: “With the backing of BGF, I believe we could do far better than [£100m]. While the price of oil and gas remains low, offshore operators are keeping a keen eye on cost, which presents opportunities for companies like Entier because we are big enough to deliver large contracts, but small enough to work with clients to offer bespoke services on their offshore installations.
In the year to September 30, Entier’s revenue was £45m, up 13 per cent. Pre-tax profit was up 72 per cent to £1.5m. This year, revenue is set to grow by around 20 per cent.
The business, which drives most of its revenue from delivering off-shore catering, already has a presence in Australia, Canada, Singapore, Trinidad and Tobago, and the United States, and last year picked up a Queen’s Award for Enterprise for International Trade.
The company estimates that more than 4,500 people on oil and gas rigs and other remote installations around the world are served meals each day by Entier’s 760 staff, along with receiving hotel services such as cleaning, laundry, recreational and welfare services.
The company said it put an emphasis on wellbeing and healthy eating.
Mr Bruce added: “An army marches on its stomach, and we focus on delivering high quality, healthy and nutritious food to offshore workers, to play our part in improving productivity and reducing costs.”
Major clients in the offshore sector include Apache, Awilco Drilling, EnQuest, Rowan Drilling and Technip.
Mike Sibson, head of BGF’s Aberdeen office, said: “We are most impressed by the way in which Peter Bruce and his team have differentiated themselves from their rivals. They provide a bespoke service and build strong relationships with their clients, and the customer feedback is outstanding.
BGF specialises in providing growth capital to private and AIM-listed businesses with revenue typically between £5m and £100m. The investment is typically provided in exchange for equity, with the fund putting up between £2m and £10m. It is backed by Barclays, HSBC, Lloyds, RBS and Standard Chartered.
“We are delighted to be backing one of Aberdeen’s success stories, and to have the opportunity to support Peter and the team in their continued growth,” added Mr Sibson.
In addition to its offshore work the company provides catering for weddings and outside events and it operates a Fresh branded retail outlet in Aberdeen.
It also provides catering and hospitality services for 20 businesses.
The company also recently acquired Wilde Thyme, the Perthshire-based catering firm which runs the restaurants at Glamis Castle in Angus and the Glenturret Distillery in Perthshire, home to The Famous Grouse.
Mr Bruce has previously indicated that Entier was also willing to look at further acquisition to help meet its grown ambitions. This includes using acquisition as a vehicle to enter the English market.
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