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SSP Group

SSP Group plc is a British multinational company specializing in the operation of food and beverage outlets in travel locations worldwide, including airports, railway stations, and other transport hubs. Headquartered in , , it manages approximately 3,000 outlets across 38 countries, employing around 49,000 people, and offers a diverse portfolio of owned and franchised brands ranging from quick-service restaurants and cafés to premium dining concepts. The company traces its origins to 1961, when it was established as SAS Catering, a division of the Scandinavian airline , initially focused on airport catering services. Over the decades, SSP evolved through a series of acquisitions and expansions: in 1993, it was acquired by and renamed Select Service Partner; it went private in 2006 under ; and it listed on the London Stock Exchange in 2014. Key milestones include its entry into in 1995, the acquisition of businesses like AG in 2004 and Lufthansa's airport operations in 2008, and recent growth through joint ventures, such as a 49% stake in India's Travel Food Services in 2016, and expansions into markets like Brazil (2019), Malaysia (2020), and New Zealand (2024). SSP's operations emphasize tailored food and beverage solutions for high-traffic travel environments, with a strong emphasis on international brands like , , and its proprietary concepts such as UrbanCrave and Nippon Ramen. The company reported revenue of approximately £3.7 billion for the ending September 30, 2025, reflecting an 8% increase from the prior year, driven by recovery in global volumes post-pandemic and strategic wins in contracts at major hubs like Bangkok's and International Airport. In October 2025, the company announced a £100 million share buyback program. As a leader in travel concessions, SSP focuses on initiatives, including reducing food waste and sourcing responsibly, while navigating challenges like geopolitical disruptions and in the aviation sector.

History

Founding and early development

SSP Group traces its origins to 1961, when it was established as SAS Catering, a division of the System () Group, primarily focused on providing onboard services for airline passengers. Initially operating from facilities in , SAS Catering supported flights by preparing and delivering meals to aircraft, capitalizing on the growing demand for in-flight dining as expanded in the region during the post-war economic boom. This foundational role positioned the division as an integral part of 's operations, emphasizing efficiency in food preparation and logistics tailored to needs. By the early , SAS had evolved to encompass a wider array of services, leading to a name change in to SAS Service Partner, which better reflected its broadening scope beyond exclusive . This rebranding coincided with investments in ground-based infrastructure, including flight kitchens and restaurants at airports, as well as explorations into passenger services like baggage handling and ground transportation. Operations remained centered in , where the company expanded into travel-related food services at airports and rail stations by the late , adapting to the increasing volume of ground passengers and diversifying revenue streams amid rising competition in the sector. These developments marked a shift toward a more comprehensive travel model, with SAS Service Partner generating significant revenue—2,393 million Swedish kronor in 1984/85—from combined ground and inflight activities. A pivotal milestone occurred in 1993, when Compass Group acquired SAS Service Partner for £73.5 million, subsequently rebranding it as Scandinavian Service Partner (SSP) to underscore its independence from the airline parent and focus on specialized travel food services. This transaction separated the non-airline catering operations from SAS, allowing SSP to operate as a standalone entity dedicated to airport and rail concessions, primarily in its Scandinavian home markets. The acquisition provided Compass with a strong foothold in European travel catering, enabling SSP to build on its established expertise in high-volume, location-specific food provision.

Expansion through acquisitions

In 1992, Compass Group acquired Travellers-Fare, the former catering division of , for £28.2 million, integrating its UK rail and airport operations into the company's portfolio and laying the groundwork for expanded travel catering services. This acquisition provided Compass with a strong foothold in the British travel sector, including sandwiches and refreshments at stations and airports across the country. By 1995, , then operating under , marked its entry into the Asian market through a that secured its first contract at Bangkok's , where it opened a . This move represented the company's initial foray beyond , capitalizing on growing demand in . The mid-2000s accelerated SSP's international expansion via targeted acquisitions. In , acquired Mitropa AG, Germany's leading railway station caterer and a subsidiary of , strengthening SSP's European presence in high-traffic rail hubs. The same year, it purchased Creative Host Services in the , which operated over 100 sites across airports and travel locations, establishing a North American base. These deals led to the formal creation of SSP as a dedicated travel concessions division within Compass, focusing on food and beverage operations in airports, train stations, and other transit points. A pivotal shift occurred in 2006 when EQT Partners acquired SSP from Compass for £1.2 billion in a carve-out transaction, granting the company independence to pursue aggressive global growth. This buyout, structured with Macquarie Bank involvement for related assets, valued SSP at approximately 16 times its earnings and enabled focused investments in new markets. In 2008, SSP further consolidated its German operations by acquiring Lufthansa's airport restaurant business from subsidiary LSG-Airport Gastronomiegesellschaft, capturing about 20% of the market with outlets at major hubs like and . Concurrently, the company rebranded as "Food Travel Experts" to emphasize its expertise in travel dining solutions worldwide. The late 2000s saw extend into the and deepen ties. In 2009, it debuted in with a contract at , introducing branded outlets amid rising regional travel. The following year, in 2010, SSP secured a landmark $100 million, multi-year contract to operate food and beverage concessions at , marking a significant US expansion with over 20 outlets. These developments transformed SSP from a regional player into a global leader in travel food services by the early 2010s.

Listing and recent growth

SSP Group went public through an (IPO) on the London in July 2014, under the ticker SSPG, raising approximately £467 million in gross proceeds to fund further international expansion and operational growth. In 2016, the company entered the market via a with K Hospitality Corp, acquiring a 49% stake in Travel Food Services to leverage local expertise in travel food and beverage operations. The following years saw accelerated geographic diversification. In 2019, SSP opened its first food and beverage units in Brazil at Rio de Janeiro and São Paulo airports, marking its entry into Latin America; it also launched the first Burger King airport outlet in Belgium at Brussels South Charleroi Airport and gained majority control of Red Rock's travel food operations in Australia, acquiring 14 units at Perth and Melbourne airports. Expansion continued into 2020 with entry into , a win of a tender for more than 20 units at , and a planned acquisition of Station Food from AG for rail operations in ; however, the severely disrupted operations, leading to widespread temporary closures of outlets, an 80-85% revenue drop in key markets like the and , and financial restructuring measures including government support and cost reductions, with only about 1,200 units operational by fiscal year-end. Recovery gained momentum in 2021, highlighted by a joint venture with for operations in airports, the launch of an AI-powered contactless retail concept in partnership with Zippin at New York’s JFK Airport, and entry into the through a win in . From 2022 to 2024, SSP secured key tenders and made strategic acquisitions amid rebounding travel volumes. In 2022, it won its first at in and renewed operations with a six-year agreement for 34 units at ’s . The 2023 period included acquisitions of ECG Ventures in and Midfield Concession Enterprises in the US to bolster North American presence, alongside debuts in and a for 26 units at Jeddah Airport in . In 2024, the company entered with its initial , acquired Airport Retail Enterprises Pty Ltd to add over 60 retail outlets in , debuted in the rail market at , and partnered for the Kyra lounge at . Despite setbacks, SSP expanded to more than 3,000 outlets across 38 countries by 2025, demonstrating resilience through targeted innovations and contract wins in high-traffic travel hubs.

Operations

Business model and services

SSP Group's business model centers on a concession-based approach, where the company secures long-term contracts, typically ranging from 5 to 10 years, to operate food and beverage outlets in high-traffic travel locations such as airports and railway stations through competitive tender processes. These contracts enable SSP to develop and manage a diverse portfolio of outlets tailored to the fast-paced demands of travelers, emphasizing high-volume service delivery in time-sensitive environments. The company's services encompass a wide range of offerings, including quick-service restaurants, cafes and bakeries, bars and lounges, casual and , convenience retail, and onboard for and trains. This variety allows SSP to cater to different traveler needs, from grab-and-go options to more leisurely dining experiences, all optimized for the unique constraints of travel hubs. Key to SSP's operations is its expertise in managing complex , particularly for perishable goods, which involves efficient supply chains to ensure fresh ingredients despite varying and regulations. The company maintains compliance with stringent travel-specific regulations, including health, safety, and operational standards, while employing approximately 49,000 staff globally to support across its outlets as of September 2025. SSP fosters a partnership-driven model, collaborating closely with landlords like airport authorities and rail operators, as well as brand licensors, to co-create outlet concepts that align with local preferences. Revenue is generated through at these outlets, with agreements often incorporating revenue-sharing structures such as a of (typically around 20-21%) paid as concession fees to landlords, supplemented by fixed minimum guarantees. Sustainability is integrated into SSP's core operations, with initiatives focused on waste reduction through commitments like the UK Food Waste Reduction Roadmap, ethical sourcing of ingredients to promote climate-friendly choices, and energy-efficient practices that achieved a 5% reduction in Scope 1 and 2 . Additionally, the company targets 100% reusable, recyclable, or compostable packaging for its own brands by the end of 2025, with 97% achieved as of 2024, addressing the environmental challenges inherent in high-volume .

Geographic presence

SSP Group operates in 38 countries worldwide, managing over 3,000 food and beverage units primarily in locations such as over 180 , more than 300 stations, and additional sites in highways, hospitals, and shopping centers as of September 2025. This global footprint supports around 49,000 colleagues and emphasizes high-traffic venues to serve millions of passengers annually. In the Americas, SSP maintains a strong presence with operations across 57 airports in the United States, , and , encompassing roughly 500 units focused on airport concessions. Key locations include (JFK) in , Seattle-Tacoma International Airport (SEA), and (CVG), where the company delivers immersive dining experiences tailored to diverse passenger flows. This region accounts for about 25% of the group's half-year revenue as of March 2025, reflecting robust growth through contract wins and expansions. Europe serves as SSP's core market, with approximately 1,500 units spanning the , , and continental countries including , , , , the , , and . In the and , operations extend to major rail stations like International, alongside airports and motorway services. Continental features significant rail presence, such as 40 Point convenience stores at German stations including Central, , and (Main), as well as units in Spanish airports and Dutch train stations. This region contributes over 50% of revenue, underscoring its foundational role despite varied performance across markets. The region drives expansion with around 600 units in countries like , , , , , , , and the . Notable sites include Airport's domestic terminals (eight new units in 2025) and , bolstered by a joint venture in and renewals at Bangkok's . marked entry in 2024, enhancing coverage in high-growth travel hubs. This area, combined with the , generated 18% of half-year revenue, fueled by 38% sales growth. In other regions, SSP has emerging operations in the (e.g., 33 units in Saudi Arabia's Jeddah Airport), ( since 2019), and the (). These markets represent targeted growth opportunities in underserved travel networks. SSP adapts its offerings to local contexts by integrating regional cuisines and flavors—such as authentic or Thai specialties—while standardizing operational processes for efficiency across its global units. This approach ensures cultural relevance in diverse locations like U.S. airports and European rail stations.

Brands and offerings

SSP Group's brand portfolio encompasses a diverse array of owned, licensed, and franchised concepts tailored to the fast-paced needs of travelers in airports, train stations, and other transit hubs. The company manages over 550 , national, and local brands across its operations, selecting them to optimize revenue in space-constrained environments while appealing to varied traveler preferences for convenience, quality, and familiarity. Among its owned brands, SSP Group features proprietary concepts developed over decades to deliver fresh, on-the-go options. Upper Crust, established in 1986, specializes in baguettes and sandwiches, emphasizing premium baked goods for quick consumption.) AMT Coffee provides specialty coffee and light bites, while Millie's Cookies offers freshly baked cookies and pastries. Café Local focuses on regional coffee and casual snacks, UrbanCrave brings American street food flavors like tacos and sliders to airport settings, Nippon Ramen serves noodle and dumpling dishes inspired by , and Camden Food Co. delivers craft-inspired options such as gourmet sandwiches and salads. The portfolio also includes licensed and franchised brands from global partners, enabling SSP Group to offer recognizable names adapted for travel locations. Key examples include for premium coffee and teas, for flame-grilled burgers and fast-casual meals, M&S Simply Food for British grab-and-go groceries and sandwiches, for fresh salads and soups, and for craft beers and pub fare. These partnerships often involve local adaptations, such as the introduction of Belgium's first airport in 2019. SSP Group's offerings span a wide spectrum of food and beverage choices, from grab-and-go items like sandwiches, , and baked goods to more substantial meals including burgers, , , and fine dining elements in select concepts. The company emphasizes healthier and sustainable options, guided by its People & Planet Menu Framework, which integrates plant-based and vegetarian items—reaching 33% of meals in owned brands by the end of 2022—along with responsibly sourced ingredients to reduce environmental impact. In terms of innovation, SSP Group has introduced custom concepts to enhance traveler experiences, such as the 2021 launch of an AI-powered contactless retail store at New York's JFK Terminal 4 in partnership with Zippin, allowing frictionless shopping for snacks and essentials. Additionally, in 2024, the company co-launched the Kyra Lounge at , a premium lounge offering curated food, beverages, and relaxation spaces designed for comfort and efficiency.

Corporate affairs

Leadership and governance

SSP Group's leadership is headed by Chairman Mike Clasper CBE, who has served since 2016 and provides oversight on strategic direction, though he announced his intention to step down following the 2026 Annual General Meeting on January 23, 2026. The Group CEO is Patrick Coveney, appointed in March 2022, who has focused on post-pandemic recovery, operational resilience, and advancing sustainability initiatives across the company's global operations. The executive team includes Geert Verellen as Group CFO since 2025, responsible for financial strategy and oversight. The board comprises the Chairman, Senior Independent Director Carolyn Bradley, four independent non-executive directors, and two executive directors (the Group CEO and ), ensuring a balance of executive insight and independent scrutiny. It operates through specialized committees, including the Audit and Risk Committee for financial reporting and risk oversight, the Remuneration Committee for aligning with long-term , and the Nomination Committee for board composition and . practices emphasize , with a Board Diversity Policy targeting at least 40% women and one member from a minority ethnic background annually, alongside broader commitments to 40% female representation in senior leadership roles by 2025. Key past leaders include Kathryn Swann, who served as CEO from 2013 to 2019 during a period of significant international expansion, and Simon Smith, CEO from 2019 until his departure in 2021 amid the early stages of the recovery. Following the 2014 on the London , SSP's governance evolved to align with the , enhancing transparency, board independence, and accountability structures. SSP integrates (ESG) principles into its operations, with approved net-zero targets across its by 2040 from a baseline, supported by near-term reductions in Scope 1 and 2 emissions. The company commits to ethical supply chains through its Supplier , utilizing the Supplier Ethical Data Exchange (Sedex) for due diligence on suppliers and prohibiting forced labor. As a publicly traded entity since its IPO, SSP has no single majority owner following the 2006 acquisition by from , with institutional investors holding over 50% of shares, including major holders such as (UK) Ltd. at approximately 8.4% and Ltd. at 8.2%.

Financial performance

SSP Group's revenue has shown significant growth since its on the in 2014, when it reported £1,314 million, expanding to £2,795 million by fiscal year 2019 through organic expansion and acquisitions. The severely impacted the sector, leading to revenue declines to £1,346 million in FY2020 and £1,003 million in FY2021, reflecting widespread outlet closures and reduced passenger traffic. Post-recovery, revenue rebounded strongly, reaching £3,433 million in FY2024, a 17% increase on a constant currency basis from £2,933 million in FY2023, driven by like-for-like sales growth of 9% and net new business wins. In its fourth quarter trading update, the company reported revenue of approximately £3.7 billion for FY2025, an increase of 8% on a constant currency basis from FY2024. In October 2025, following the trading update, the company announced a £100 million share buyback . Profitability has similarly fluctuated with travel volumes, with underlying operating profit margins recovering to 5-7% in recent years after pandemic-era losses. In FY2024, underlying operating profit reached £206 million, up 32% from the prior year, achieving a margin of 6.0%, while rose to 10.0 pence from 7.1 pence. During the height of , the company recorded statutory losses, including a net loss of £193 million in FY2020 and £240 million in FY2021, attributed to impairment charges and reduced operations. Key financial events include a 2020 debt facility amendment and covenant waiver to secure £520 million in liquidity amid lockdowns, as well as a raising £240 million. Dividends were suspended during the crisis but resumed in FY2023 with a final dividend of 1.4 pence per share, increasing to 3.7 pence total for FY2024. Revenue segmentation underscores the company's international exposure, with approximately 60% derived from operations outside the in FY2024, led by (34% of total ) and (23%), followed by the (28%) and APAC & EEME (15%). By channel, accounted for around 70% of , reflecting SSP's core focus on high-traffic hubs, while and other locations contributed the remainder. On the investor front, SSP's shares, listed on the LSE under ticker SSPG, have experienced tied to global trends, with the stock price ranging from 134 pence to higher levels in 2025 and a of approximately £1.10 billion as of November 2025.

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