Record growth at North Shields wholesalers

Grocery wholesalers Kitwave Group have announced record results for 2013.

The North Shields-based firm, made up of seven trading entities, has nearly doubled its turnover to £193 million since a capital investment was made by NVM Private Equity just over two years ago.

This growth has been achieved by the successful integration of Automatic Retailing, Teatime Tasties and Anderson Wholesale — all have been acquired since the investment was made in 2011.

The year-end accounts also show positive profitability trends, with profits rising to £5.2 million from the prior year figure of £3.6 million.

Kitwave’s success has won the company 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 Group also achieved an impressive level of debt reduction during the year, thanks to strong cash generation from working capital.

David Brind, group finance director, comments: “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 CEO, comments further: “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.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.