For example, William Hill’s losing billions following cold food (7)

'for example william hill's losing billions' is the definition.
I can't judge whether this definition defines the answer.

'cold food' is the wordplay.
I cannot really see how this works, but
'cold' could be 'c' (eg on taps) and 'c' is present in the answer.
'food' could be 'e' (E is an example) and 'e' is found in the answer.
This may be the basis of the clue (or it may be nonsense).

'following' is the link.

Can you help me to learn more?