Kitwave Wholesale Group has announced record results for the year ended April 2017, with earnings before interest and tax of £10.8 million (almost double the figure four years ago) and turnover of £296 million (more than 50% higher).
The group, with 15 depots, employs over 1,000 people, of whom more than 250 are based in the north-east.
In the period under review, Kitwave’s management team completed a refinancing deal which saw it raise funds from US investors Pricoa Capital Group and Allstate Investments in return for a minority stake.
This money, said chief finance director David Brind, along with longer-term funding from Barclays and Yorkshire Bank, will allow Kitwave to pursue its core acquisition strategy.
During the year the group acquired Phoenix Frozen Foods, a west London wholesaler, and entered the on-trade alcohol market by acquiring HB Clark.
Brind commented: “It’s been a fantastically positive year for the group. We continue to deliver growth in revenue, margin and profitability while ensuring strong cash generation is maintained. This trend is expected to continue in the foreseeable future.”
Tel: Kitwave Wholesale Group 0191-259 2277