SSP Group

SSP Group plc is a London-listed (FTSE 250) operator of food & beverage outlets in travel locations - airports, railway stations and motorway service areas - across ~37-40 countries, running ~550-600 brands in roughly 2,800-3,000 units with c.42,000-49,000 colleagues; FY2024 revenue ~GBP3.4bn rising to a guided GBP3.7-3.8bn for FY2025. It operates a three-tier model of franchised global brands (Starbucks, Burger King, M&S), proprietary concepts (Upper Crust, Ritazza, UrbanCrave, Nippon Ramen) and local 'hero' brands. It is a concession/hospitality operator that wins long (~7-10yr) site contracts and prepares food on-site or in regional commissary/central kitchens; it does not manufacture goods on a production line. This makes it a structurally weak fit for AGD's contact-rich assembly wedge - its labour is overwhelmingly customer service, retail and food prep distributed across thousands of small units rather than concentrated on a factory floor.