INTERTEK ENTERS HIGH-GROWTH TRAVEL & TOURISM INDUSTRY WITH ACQUISITION OF LEADING HOSPITALITY ASSURANCE BUSINESS
17 DECEMBER 2019
· Travel and tourism sector contributed $8.8 trillion to the global economy in 2018 and outpaced the growth rate of world GDP
· The market for systemic Quality Assurance services within the global travel and tourism industry will continue to grow rapidly driven by consumer and regulatory pressures
· Building on its leadership position, CSF will now benefit from Intertek's global network and broad customer base, facilitating expansion into other geographies and adjacent sectors
More information is available here: https://www.intertek.com/investors/csf-video/
Intertek Group plc ("Intertek"), a Total Quality Assurance provider to industries worldwide, is pleased to announce that it has acquired Check Safety First ("CSF"), a market leading global health, safety, quality and security risk management business focused on the travel, tourism and hospitality sectors.
With the travel and tourism sector contributing $8.8 trillion to the global economy* and outpacing the growth rate of world GDP, consumer awareness and concerns in relation to health, hygiene, safety and security when travelling have also increased significantly. The potential reputational damage for hotels caused by poor food safety and security standards, combined with greater regulation and compliance requirements imposed by governments in tourist destinations, has seen more importance placed upon the need for bespoke, innovative outsourced Quality Assurance solutions.
Founded in 2003 in the UK, CSF is a trusted partner to major hotels and tour operators around the world providing a unique range of assurance solutions to the industry. Through its Cristal and Checkpoint branded audit and software solutions, CSF enables hoteliers, restauranteurs and tour operators to meet the highest industry-specific health & safety and security standards. CSF has 145 auditors across 24 countries and is expected to generate revenues of c. £10 million in 2019.
Building on its leadership position in tourist destinations across the Middle East, North Africa, Caribbean and Spain, CSF will now benefit from Intertek's global network and broad customer base, facilitating expansion into other geographies and adjacent sectors.
André Lacroix, Chief Executive Officer of Intertek, said: "The market for end-to-end Quality Assurance services within the global travel and tourism industry will continue to grow rapidly as leading hotel groups and travel operators seek to mitigate against the risks linked to health, hygiene, safety and security issues impacting the experience their customers enjoy, their businesses and brand reputation. This acquisition establishes a strong presence for Intertek in the global hospitality industry, complementing our existing end-to-end ATIC services in adjacent sectors. We welcome CSF to Intertek and look forward to working together to deliver total peace of mind to companies in this fast-growing industry."
*Source: World Travel & Tourism Council, 2018, LINK
For further information please contact:
Denis Moreau, Investor Relations
Telephone: +44 (0) 20 7396 3400 firstname.lastname@example.org
Jonathon Brill/James Styles, FTI Consulting
Telephone: +44 (0) 20 3727 1000 email@example.com
Total Quality. Assured.
Intertek is a leading Total Quality Assurance provider to industries worldwide.
Our network of more than 1,000 laboratories and offices and over 44,000 people in more than 100 countries, delivers innovative and bespoke Assurance, Testing, Inspection and Certification solutions for our customers' operations and supply chains.
Intertek Total Quality Assurance expertise, delivered consistently, with precision, pace and passion, enabling our customers to power ahead safely.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact firstname.lastname@example.org or visit www.rns.com.