25th Sep 2009 - 00:00
Abstract
Fourth Hospitality has been listed 13th in the Sunday Times annual survey of the fastest growing private technology companies in Britain after recording a 102% a year sales rise over the last three years from £821,000 in 2005 to £6.7m in 2008.
The company's success in providing web-based products and services that enable clients to cut costs and improve efficiency, reflects a survey dominated by companies who have shown the ability to innovate and grow against the backdrop of troublesome economic conditions.
Under the guidance of managing director Ben Hood and with an annual R&D budget in excess of £1m, Fourth has spent the last six years working with the leaders of the hospitality industry to create systems. The results of this work can be seen in the day-to-day business processes of hospitality companies across 12 countries, including the USA and Russia, and at the industry's most recognisable pub, hotel, restaurant and contract catering chains such as Pizza Express, Ask, Marston's, Fuller's, SSP, Hilton Hotels, Soho House, Wolseley, Aramark and De Vere. Hood said: "I came into hospitality from retail and I was shocked at just how far behind hospitality was in terms of the systems and processes required to run a successful and efficient business with control over KPIs. However, things are changing now and I'm proud to say that Fourth is at the vanguard of that change with the aim of becoming the industry standard." Edwina Lilley – who co-owns Fourth with husband Derek – sees the Tech Track listing as vindication for her decision to make the unusual move from restaurant owner to technology provider to the entire hospitality industry.
The husband and wife team had previously started the innovative Est Est Est restaurant chain (sold to City Centre Restaurants in 1997) and The Restaurant Bar and Grill and Piccolino brands (now under the guise of IRC) before founding Fourth Hospitality in 1999. She explained: "Derek and I have received many awards for our restaurants in the past, but to see this listing in The Sunday Times is the greatest achievement for both of us and vindicates our move into the technology arena. It also provides well deserved recognition for the exceptional people we have invested in over the years."