A way to welcome company in Berkshire town (5)
I believe the answer is:
ascot
'berkshire town' is the definition.
(town in Berkshire)
'a way to welcome company' is the wordplay.
'way' becomes 'st' (abbreviation for street).
'to welcome' is an insertion indicator (in sense of 'inviting in').
'company' becomes 'co' (abbreviation).
'st' going around 'co' is 'scot'.
'a'+'scot'='ASCOT'
'in' is the link.
(Other definitions for ascot that I've seen before include "Tie or cravat" , "Broad necktie" , "Fungus affecting wood" , "Place for meeting" , "Racecourse with royal associations" .)