Statement re Seiyo Food Systems
4th July 2002
COMPASS GROUP: SEIYO FOOD SYSTEMS
Compass Group confirms that its Japanese subsidiary Seiyo Food Systems has sold
a portion of its shareholding in Yoshinoya as part of Yoshinoya's buy-back of
shares - representing total proceeds to Seiyo of ¥6.4 billion (approximately £
35 million). The company confirms its shareholding in Yoshinoya has now reduced
to 133,540 shares, representing 20.2% of the equity of Yoshinoya.
Compass Group also confirms that it is exploring with Yoshinoya entering into a
franchise arrangement for the use of the Yoshinoya `beef bowl' concept in USA
in Compass Group's trade channels in B&I, education, and healthcare area. The
company would also work with Yoshinoya in a number of other areas, including
purchasing and acting as a consultant to Yoshinoya in its own network
development in North America.
Michael J Bailey, Chief Executive, Compass Group noted, 'Yoshinoya is a great
brand and we are delighted to have agreed a preliminary framework for an
on-going relationship in our key markets in both Japan and USA. The close
collaboration between our two companies and our commitment to work together in
the future in areas of mutual benefit, such as purchasing, will build on the
excellent relationship built in Japan by Yoshinoya and Seiyo Foods.'
Ends
For further information contact:
Tim Grey/ Pamela Small, Brunswick 020 7404 5959
Notes
1. Compass Group
Compass Group is the world's largest foodservice company with annual
foodservice revenues in excess of £10bn. Compass Group has over 360,000
employees working in more than 90 countries around the world providing
foodservice and hospitality. For more information visit www.compass-group.com.
2. Seiyo Food Systems
Founded in 1947, Seiyo is based in Tokyo and manages 360 contract outlets for
clients and operates 273 concession outlets throughout Japan.
On 30 January 2002, Compass Group confirmed the successful conclusion of its
cash tender offer for Seiyo. Compass Group now owns 80.0% of Seiyo's issued
share capital and has the additional voting support of Seiyo's two largest
shareholders, Saison Network Inc. and Seibu Department Stores, Ltd., together
representing a further 13.5% of the equity of Seiyo.
3. Yoshinoya
Yoshinoya D&C Co. Ltd. is a leading Japanese fast food chain with No.1 market
share in the beef bowl business. It is operating the beef bowl business in six
countries and regions, including the U.S. and Taiwan. The total number of group
chain store is 1,848 as of February 2002. It is listed on the 1st section of
Tokyo Stock Exchange with a market capitalisation of ¥142 billion (£792
million).
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