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Catering for today's society

Catering group ‘Compass’ says corporate hospitality spending cutbacks, job losses among clients and shorter working hours have its business extremely hard.
They have predicted that revenues for the business would only grow by a mere 1%. This new release alone has sent its shares to plummet more than 7%. Since the economy has slowed up there has been a rapid decline in profit. In the UK alone, Compass’s customers include Asda and the Royal Mail. It also operates its catering service in another 55 countries.
Wedding caterers across the country have reported some sort of loss over the last financial year due to complete un-predictability of the economy. Private catering has definitely changed forever as the Compass group alone have said that they have seen its Business & Industry and Sports & Leisure units hit by the recession. Compass did announce that they saw minor growth patterns emerging from their education, defence and healthcare divisions.
Unfortunately, it is going to be the smaller industries such as catering which is affected by this slow down in the economy as bigger corporations will be looking to cut back on ‘un-needed’ expenses such as ‘work-dos’ or ‘private corporate entertainment’. Any other day this would be considered as a luxury however the current economic climate is preventing these kind of expenditures. Instead, companies are having to focus on keeping their businesses alive rather than spend out on un-necessary expenses. So, no more expensive, lavish meals for potential clients!
There have been some very small signs that the economy may be levelling out but it will be a long time yet until we will be able to see any improvement what so ever. Company budgets are unfortunately going to be extremely tight for the foreseeable future and the catering industry could still suffer during this very hard time indeed.


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