Kitwave Wholesale Group, the leading independents’ independent wholesaler, is pleased to announce another year of record financial results for the year ended 30 April 19. The group which was recently named as number 47 in the Sunday Times Top Track 250 list of Britain’s leading privately owned mid-market growth companies, has now reported its 8th year of consecutive growth. During the last 12 months the business has successfully increased its EBITDA by over £1.2 million to £14.6 million and increased turnover by over £25 million to £367 million. The North East based Group now employs nearly 1,000 people across the UK and expects to maintain strong growth going forward.
An excellent summer and positive effect from last years football World Cup helped Kitwave achieve over 7% top line like for like growth. This was all achieved with excellent service quality and nearly 98% of all customer orders delivered as requested. This drive for customer service has been a key part of the Groups ethos and has been supported by the trusted supplier relationships built up over many years.
The year has also seen continued investment in the delivery fleet and IT infrastructure that are key building blocks of the service provided.
Since the year end the group has made two further acquisitions, including, Central Supplies (Brierly Hill) Limited a West Midlands based wholesaler of chilled products adding a further product offering to the ever-expanding customer base.
Commenting on the results David Brind, CFO of Kitwave Wholesale Group, said: “It has been a very positive year for the Group. Kitwave continues to deliver growth in revenue, margin and profitability, whilst ensuring strong cash generation is maintained. The Group expects this trend to continue in the foreseeable future.”
“It is vital to us, to our customers and to our Brand supplier partners that we are seen as the trusted route to market. Our service delivery scores are testament to the hard work of all our staff and our commitment to providing a reliable delivered solution to the independent sector. The independent retail and foodservice sectors demand service quality, product range, value and product availability and the Kitwave solution continually delivers in all of these areas”.
“We are also really excited to have recently completed the investment in Central Supplies and the acquisition of Alpine Fine Foods. Sitting alongside our nationwide frozen operations the addition of Central Supplies and their chilled product offering will create exciting opportunities for the group. Alpine is a Hull based service led Foodservice company that will ideally complement our existing offering from David Millers based in York”
“It is fundamental to Kitwave’s strategy that the Group maintains a flexible operational platform which is supported by a strong financial structure. These results demonstrate robust operational cash performance and the Group expects to see further benefits of the recent acquisitions in the 2020 results. The Board has every confidence in the future performance of the Group and in the continued long term support from our Investors, Pricoa Capital & Allstate and our banking partners, Barclays and Yorkshire Bank.”