Catering giant Compass Group has launched a new food and drinks procurement company that it claims will “revolutionise’ the buying model for foodservice.
Named Foodbuy, the new venture was created following Compass’ acquisition of third party procurement specialists Acquire Services in October 2015, and combines the "heritage and expertise" of both companies.
The new company will be headed up by Oliver Cock as managing director, former MD for commercial at Compass. It will serve hospitality, restaurants and hotels, care homes and education establishments with a spend value of around £1 billion. This will bring “significant cost savings” to clients, as well as access to Compass suppliers, e-commerce tools, spend analysis and responsible sourcing dashboards.
Cock said: “As well as offering huge cost savings and access to some of the best produce out there, Foodbuy also opens up the market with its flexible approach to procurement. Unlike traditional third party procurement, Foodbuy clients can now pick and choose the products that they want to source whilst still having access to the scale of our supply chain.
“Foodbuy is also brilliant news for Compass’ long-standing and trusted supplier partners. Our suppliers will have access to new markets and increased volumes and as we grow, they grow with us. Foodbuy already has a promising pipeline of opportunities and I’m really excited about the benefits this new model of procurement will bring to both our clients and supplier partners.”
Acquire will continue to trade under its own identity, while Compass Group UK & Ireland clients and suppliers will continue to be supported as usual, a company statement said.