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Business & Economy

Kitwave Group bites further into food market with £24.5 million M.J Baker deal

An independent wholesaler has bought a West Country food supplier in a £24.5 million deal.

Kitwave Group, based in North Shields, has taken on Devon’s M.J. Baker Foodservice Limited.

Bosses say the acquisition represents an “excellent addition” to the business, adding it will operate as part of Kitwave’s foodservice division.

Founded in 1999 and based in Newton Abbott, M.J. Baker supplies more than 3500 products across ambient, chilled and frozen foods, as well as alcohol, confectionery and non-food items.

According to latest results, the firm reported audited turnover of £16.9 million and pre-tax profit of £1.5 million for the financial year ending December 31, 2020. 

The balance sheet bought by Kitwave includes around £6 million of cash and freehold property worth about £1 million.

Paul Young, Kitwave chief executive [pictured above right, with chief finance officer David Brind], said:M.J. Baker expands the group’s nationwide reach into the South West.

“Furthermore, it is renowned for providing a quality delivered solution to its customers, which is a key part of the Kitwave ethos.

“I am delighted to welcome the M.J. Baker team and we look forward to continuing to build our nationwide foodservice offering as part of our growth strategy.”