Irenic highlights SSP’s predictable revenues, scope for growth in US airport concessions, and capacity to unlock capital through asset sales, including its £1.48bn stake in Indian joint venture Travel Food Services. SSP’s current market value stands at £1.25bn.

The company, which operates Upper Crust, Caffè Ritazza, and franchised outlets of M&S Simply Food and Burger King, has struggled to recover from the pandemic amid sluggish UK rail travel. Operating margins dropped to 2.7% in the six months to March, down from 5% in 2019.

The move echoes Irenic’s 2023 campaign at The Restaurant Group, which culminated in a £506m sale to Apollo Global Management.