The Kitwave group has reported robust trading over the summer, with sales being as anticipated and full-year results set to be in-line with market expectations. Recent acquisitions have also led to strong support from the Group’s shareholders and new investors, with £31.5m raised through an oversubscribed placing as part of the financing.
After acquiring Wilds of Oldham and Total Foodservice Solutions in the first half of the Period, the year culminated with the acquisition of Creed Catering Supplies Limited for a deal that could be worth £70m if performance targets are achieved over the next two years.
In October 2024, the Group’s new 80,000 sq. ft. Foodservice distribution centre in the South West also opened as planned, with the integration of Westcountry Food Holdings Limited and M.J. Baker Foodservice Limited set to be headquartered here.
Read more: Kitwave continues growth strategy with £60m Creed acquisition
Ben Maxted, chief executive officer of Kitwave, commented: “I am delighted that Kitwave continues to make significant financial and operational progress. We are particularly pleased to have completed three acquisitions in the Period, taking our total to 15 acquisitions since 2011. The trade from Wilds of Oldham and Total Foodservice Solutions has now been integrated into the Group in line with plans, whilst we expect both trade and operational efficiencies from the Creed acquisition to start to be realised in FY 2025.
“We also made some key strategic decisions to improve operational efficiencies in the Period, including investment in the new Foodservice distribution centre in the South West and our voice-picking technology at the Northern ambient hub. The management team believes that these investments will help to support organic growth and enhance our customer service.
