Kitwave Wholesale Group has announced “record” year-end financial results.
The Group reported this week that its earnings before interest, tax, depreciation and amortization (EBITDA) had leapt by nearly 300% over the past five years, taking it to £8.7m this year and turnover over up more than 160% to £260m.The Group now employs over 650 people across the UK with over 250 based in the North East.
During the year Kitwave made its sixth acquisition when it acquired Hulleys Frozen Foods and David Miller Frozen Foods in June 2015, the full effects of which will be seen in the current financial year.
The company said the deal had provided Kitwave with “a completely new product offering to the independent foodservice sector” as well as strengthening its growing capability in the frozen food sector.
Back in February of this year Kitwave’s management team completed a refinancing deal which saw the business raise funds from US investors, Pricoa Capital Group and Allstate Investments, for a minority stake, in order to continue its acquisition strategy. In August this year it acquired Phoenix Frozen Foods, a West London based wholesaler.
David Brind, (pictured), finance director of Kitwave Wholesale Group, said: “It’s been another really positive year for the Group which ended with the successful refinancing of the business. The Group continues to deliver growth in revenue, margin and profitability whilst ensuring strong cash generation is maintained and this trend is expected to continue in the foreseeable future. During the last five years we have been made strategic acquisitions that have taken us into new markets, geographies and product ranges. During this time the business has also invested heavily in its infrastructure, IT and importantly in its senior management team.
See November’s Wholesale News (out next week), for our story about how Squirrels UK Ltd, a Kitwave Group company, which has won a Queens Award for Enterprise in International Trade.