Kitwave Wholesale Group, the independent UK wholesaler of FMCG products, last week announced record annual financial results.
Over the last five years the business has successfully increased its EBITDA (earnings before interest, taxes, depreciation and amortization) by over 200% to £5.5m and increased turnover by over 120% to £197m. The Group now employs over 400 people across the UK.
This year also saw Kitwave make its fourth acquisition (frozen food and ice-cream wholesaler Eden Farm) in three years, with support from its investors NVM Private Equity and also Barclays Bank. This 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”.
According to a spokesperson for the company, 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. We’ve also launched a new online trading platform for their Group businesses; Turner amp; Wrights, Bishops and Automatic Retailing. “
Kitwave’s impressive growth was also recognised by The Sunday Times Grant Thornton Top Track 250 survey and 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.”