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Record year at Kitwave

North Tyneside-headquartered Kitwave Wholesale Group has enjoyed a record year on the back of a successful refinancing.


The fast-moving consumer goods company has increased turnover by 50 per cent to £296m and EBITDA by almost 100 per cent to £10.8m over the past four years.


It employs a workforce of more than 1,000 and is anticipating strong growth.


During the results period to 31 April 2017, Kitwave’s management team completed a refinancing deal which involved the business raising funds from US investors Pricoa Capital Group and Allstate Investments for a minority stake.


This funding, along with longer-term money from Barclays and Yorkshire Bank, is in place for the next seven years and will allow Kitwave to pursue its core acquisition strategy having recently bought Phoenix Frozen Foods and HB Clark.


David Brind, chief financial officer of Kitwave Wholesale Group, believes it has been a “fantastically positive year” following the refinance.


“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,” he added.


“It is fundamental to our strategy that we maintain a flexible platform from which to operate and that includes our financial structure that is always kept at longer term serviceable levels.


“Whilst some exceptional costs have been incurred due to the refinancing project the sustainable future performance of the group will be very strong. The result for April 2017 reflects this very strong operational and cash performance, and we expect to see the full benefits of the recent acquisitions in the 2018 results.”


On the strategy of the business and future expectations, Brind added: “During the last few years Kitwave has made strategic acquisitions that have taken us into new markets, geographies and product ranges. In this time the business has also invested heavily in its infrastructure, IT and importantly in its senior management team.


“This new investment will allow us to develop further in some key focused areas and we are excited about delivering on our ambitious expansion targets for the future.


“The independent retail and food service sectors demands service quality, product range, value and product availability and the Kitwave solution continually delivers in all of these areas.”