On 15 December, Harbour & Jones acquired PCC Ltd, which trades in both the event and business and industry catering fields as Fare of London, the prestigious contract catering and venue management business, and Principals Catering, a prominent education caterer. The deal provides Harbour & Jones with the scale it needs to pursue its ambitious growth plans, whilst staying independent.
£50 million turnover
PCC Ltd was sold for an undisclosed sum and Harbour & Jones, which incorporates Harbour & Jones Events and H&J Upfront, remains entirely privately owned and funded. The deal gives the new combined business a turnover in excess of £50m and a team of 1,500, providing services to a range of businesses predominantly across London and the South East.
Bigger but smaller at heart
The acquisition came as a central part of Harbour & Jones’ strategy for the next five years. The businesses will continue to trade in their own respective markets and as separate and distinct brands. Harbour & Jones, Fare of London and Principals Catering are all experts in their field and at this stage it would be foolhardy to change what is already a winning approach. The nature of this initiative will strengthen the business and allow it to remain both competitive and independent, whilst many other companies of a similar size are being acquired by the larger ones.
“Our vision is to create a portfolio of businesses offering a bespoke, personal service to our clients. We believe we’ve brought the right flavours together to make this acquisition work for our clients, our customers and our colleagues.”
Nathan Jones, Harbour & Jones
A personal connection
Founded over 25 years ago, both Fare and Principals are well-established companies, run by respected managers and operators, who will add to Harbour & Jones’ portfolio and experience. There is also a personal connection with PCC in that in his early career Nathan Jones worked for the owner, John Durden, at both Principals Catering and later, Fare of London. As John was looking to plan his retirement he wanted to hand on his company to people he knew and trusted. The agreement was the next logical step for both Durden and Harbour & Jones, and an opportunity that has enabled the business to fulfil its growth strategy.
Durden is staying on for the next two years at PCC to oversee the transition and to enable Harbour & Jones to have excellent support in learning more about both Fare and Principals and strengthening the companies as they move forward.
A foothold in the education sector
Today’s deal also gives Harbour & Jones a foothold in the education sector, with Principals Catering currently serving nearly 2 million school meals a year. Harbour & Jones are excited at the opportunity to work with Principals Catering to continue to bring innovation and nourishment to school dining.
“We may be bigger but our values will stay the same: our pursuit of innovation and creativity; our commitment to good nourishing food; our focus on quality and service, and our verve.”
Patrick Harbour, Harbour & Jones
Harbour & Jones and PCC have had significant success this year, retaining and gaining business worth in excess of £50m turnover combined over the life term of their contracts.
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