3 November 2014
Kitwave Wholesale Group, an independent UK wholesaler of FMCG products, has announced record annual financial results. Over the last five years the business has successfully increased its EBITDA by over 200% to £5.5 million and increased turnover by over 120% to £197 million. The Group now employs over 400 people across the UK.
Kitwave made its fourth acquisition in just three years, with support from its investors NVM Private Equity and also Barclays Bank. In February 2014, they acquired ice cream and frozen food wholesale and distribution business, Eden Farm. This has provided Kitwave with a completely new product offering for its independent retailers, and allowed the Group to increase its geographic presence to the South East of England – an exciting new region for trading prospects.
Kitwave’s management team has been focused on building a platform for future sustainable growth. The business has worked closely with its suppliers to develop its own promotional programme, offering great value deals to the independent retail sector. They also launched a new online trading platform for their Group businesses; Turner & Wrights, Bishops and Automatic Retailing.
Kitwave’s accelerated growth has been recognised by The Sunday Times Grant Thornton Top Track 250 for the last two years. The company also accepted an invitation to join the London Stock Exchange ELITE scheme for fast growing companies.
David Brind, Finance Director of Kitwave Wholesale Group,said: “It’s been a really positive year for us which ended with the successful acquisition of Eden Farm. This new product range will allow us to develop a deeper relationship with our customers whilst maintaining our high levels of customer service. The independent retail sector demands product range, value and product availability, and the Kitwave solution continually delivers in all of these areas.”
NOTES TO EDITORS
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