Business & Economy
Kitwave Group ‘looking for growth opportunities’ after ‘strong’ performance
November 6, 2023
An independent wholesaler has refused to rule out further expansion following a “strong” financial and operational performance.
Kitwave Group says it is continuing “to look for opportunities to grow organically and through acquisitions”.
Bosses made the commitment in a trading update for the year to October 31, during which they praised the ongoing effect of the North Shields-based company’s “extensive experience and expertise” on “the prevailing macroeconomic landscape”.
They also highlighted the impact of West Country Food Holdings, which Kitwave bought last year to bolster its presence across the South West, and will soon benefit from a new 80,000sq ft warehouse.
Chief executive Paul Young [pictured above, right, with chief financial officer David Brind], who also used the update to announce his retirement, said: “Given trading in the wholesale sector is typically stronger in the second half of our financial year, we capitalised on the positive momentum from the first half and anticipate being in line with current market expectations for the full year.
“We are particularly pleased with the excellent performance of West Country Food Holdings.”
Paul will be replaced by Kitwave’s chief operating officer Ben Maxted at the company’s annual general meeting in March, with a handover period now underway.