Feb 25, 2025
The contract catering industry has seen many great companies develop over time, but few have managed to scale a catering company like Bill Toner has. As the CEO of CH&CO, Bill led an incredible journey of growth - starting with a 14-million-pound company and turning it into a 500-million-pound industry giant through a combination of organic growth and smart acquisitions, which all accumulated in a 475M Pounds (€574M) exit to Compass Group in 2024.
We recently had the chance to sit down with Bill for a conversation about leadership, growth, and what it takes to build a powerhouse in the contract catering space. The talk includes a series of great insights for anyone looking to scale their business or drive success in the hospitality industry.
The art of growth: Organic Expansion vs. Acquisitions
From the start, Bill and his team knew that real growth wouldn’t come from just one approach. CH&CO expanded through a mix of organic growth (£100 million) and acquisitions (£400 million). But how do you decide which companies to acquire?
Bill said acquisitions weren’t just about numbers- they were about fit.
“It was all about networking, knowing where companies stood in the sector, and paying close attention to their teams and track record. You want to create an environment where both companies come out stronger.”
In total, CH&CO made 14 acquisitions. And what’s the key to successful M&A? Reputation. When your company is known for fair, strategic deals, founders are more willing to trust you with their businesses and employees.
Beyond just identifying good opportunities, CH&CO built a reputation as a company that looked after its acquired teams.
“When you acquire a company, you’re not just taking over numbers - you’re taking over people, culture, and legacy. Our goal was always to create a win-win for everyone involved.”
The Journey also included a lot of personal risk for instance, when Bill had to put his house up as collateral to make a deal:
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The COVID Challenge: From Crisis to Comeback
Every industry faced hardships during COVID, but for CH&CO, the timing was particularly tough. They had just completed three major acquisitions, taking on significant debt, when the world shut down overnight.
“We had borrowed 100 million pounds, and suddenly, no cash was coming in. The banks didn’t write off the debt because of COVID. We had to find a way to survive.”
Thousands of employees were let go, operations came to a halt, and the business was left struggling. But, as Bill put it, the key was resilience and a willingness to rebuild. The hospitality industry is still recovering, but those who fought through the crisis are emerging stronger and sharper than ever.
One of the biggest takeaways from this period was the need to adapt. Many companies had to rethink their strategies overnight, and those that did so effectively were the ones that came out ahead.
“In a crisis, you can either panic or pivot. We chose to pivot.”
The Big Exit: Selling to Compass Group
After years of steady growth, CH&CO was acquired by Compass Group for an astonishing £475 million - one of the largest contract catering deals in history. But Bill was clear that selling wasn’t just about the highest bidder; it was about ensuring the business would keep thriving.
“We didn’t put ourselves up for sale. We structured a deal that made sure our culture and people would continue to grow.”
Selling a company isn’t just about numbers - it’s about making sure its identity and strengths remain intact. CH&CO’s leadership worked hard to ensure employees and clients were taken care of during the transition.
Despite now being part of Compass Group, CH&CO is still operating all its brands - such as Vacherin, Company of Cooks, Gather & Gather, Blue Apple Workplace Catering, and Pabulum Ltd - each with its individual focus and scope. Now, when combined with the many Compass Group brands, there are a lot of tenders in which Compass Group bids with multiple brands. Bill added some of his high-level strategic thoughts on this:
“There are times were both of us are competing (…) Sometimes they win, sometimes we win, but from a group point of view and a very high level we get two bites at the cherry and we just need to make sure one of us are the winner.
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Lessons for Entrepreneurs and Executives
So, what can today’s catering and hospitality entrepreneurs learn from Bill’s journey?
1. People Matter Most
From hiring to retention, people make or break a company. Bill’s philosophy was simple: find the best talent and create an environment where they want to stay.
“You’re only as good as your team. If you hire right, everything else falls into place.”
2. Your Reputation is Everything
In a sector where acquisitions and partnerships are common, being known as a fair and strategic buyer can open more doors than money alone.
“People remember how you treat them. If you build a reputation for fairness, opportunities will come to you.”
3. Keep Adapting
Technology, sustainability, and client expectations are changing fast. Businesses that don’t evolve will be left behind.
“When I started, getting into contract catering was simple. Today, you need technology, sustainability strategies, and strong procurement. It’s a different game.”
4. Take Smart Risks
One of the biggest moments in Bill’s career came when he was told he had to put his house up as collateral for an acquisition. He did it, and it paid off.
“If you really believe in what you’re building, you’ll take the leap.”
5. Networking Pays Off
Bill credits much of his success to his ability to build strong relationships. Whether acquiring a company or looking for growth opportunities, knowing the right people is priceless.
“I never went to an event just for the sake of it. Every conversation is a potential opportunity.”
The Future of Contract Catering
As the industry keeps changing, the future will belong to those who embrace technology, sustainability, and strong leadership. While Bill has now moved into more of an advisory role, his passion for the industry is still as strong as ever.
“The world is changing, but the basics of business stay the same—deliver value, treat people well, and keep moving forward.”
For entrepreneurs and executives alike, his story is a lesson in perseverance, smart decision-making, and leadership.
