Kitwave Group reports record results for 2012

Wholesale and distribution group Kitwave has reported record results for 2012 having almost doubled its turnover to £193m

Paul Young, group chief executive officer of Kitwave
Paul Young, group chief executive officer of Kitwave

Wholesale and distribution group Kitwave has reported record results for 2012 having almost doubled its turnover to £193m.

The fast-growing firm, which is made up of seven trading entities, posted the strong results just over two years since a capital investment was made by NVM Private Equity.

North Shields-based Kitwave was established in 1987 as an acquisition vehicle set up to purchase the small confectionery wholesale business, M&M Value.

Since then, the business has expanded by acquiring several firms.

Growth for 2012 has been achieved by the successful integration of Automatic Retailing, Teatime Tasties and Anderson Wholesale – all of which have been acquired since 2011’s investment.

The year-end accounts also show positive profitability trends, with profits rising to £5.2m from the previous year’s figure of £3.6m.

Kitwave’s success has won the food and drink wholesaler a place on this year’s Sunday Times Grant Thornton Top Track 250 league table which ranks Britain’s leading mid-market private companies with the biggest sales. The company, which employs 237 people, pops up at number 210 in the list.

The Group also achieved an impressive level of debt reduction during the year, thanks to strong cash generation from working capital.

Commenting on the results, David Brind, group finance director, said: “The board is very pleased with Group performance, in what continues to be a challenging trading environment. The management team has worked hard to successfully integrate three businesses into the Kitwave Group over the last two years, and this is shown in these excellent results.”

Paul Young, group chief executive officer, added: “With the recent additions of Mike Sonia and Alan Aitchison to the commercial team, the Kitwave Group looks forward to building on these strong foundations, and to continue its growth plan over the coming years. We wish to build on our strong supplier and customer relationships to ensure that we provide the ‘best in class’ delivered service solution to the independent retail, vending and distribution sectors.”

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