Wholesale group Kitwave has announced its latest acquisition with a deal to take over a company in Greater Manchester.
The North Shields firm has bought WLG (Holdings) Ltd, a drinks wholesaler which trades as Wilds of Oldham. The deal was funded from the Kitwave’s banking facilities.
The £10m turnover company has 35 members of staff and a fleet of 11 vehicles which delivers drinks to customers in a 50-mile radius of its warehouse in Oldham. The acquisition will be incorporated into Kitwave’s HB Clark division, which it bought in 2016.
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Kitwave chief executive Paul Young said: “We are delighted to announce the acquisition of Wilds of Oldham, which will assist in the distribution of HB Clark’s alcohol and soft drinks products throughout the North West. Wilds of Oldham is a proven, successful business that will make a strong addition to our Foodservice division.
“At Kitwave, we remain focussed on capitalising on the fragmented 海角视频 wholesale market and will continue to identify the best opportunities to deliver the most value for our stakeholders. We are looking forward to working closely with the Wilds of Oldham team and integrating the business into the group’s foodservice division.”
In July, Kitwave said it had seen significant revenue and profit growth, with unaudited revenues in the six months to the end of April rising 23% to £275m compared with the same period last year. A trading update earlier this month pointed to a “strong” performance in the first half of its financial year, though it sounded a note of caution about inflationary pressures in its markets.
That update also announced that Mr Young will retire next year, having grown Kitwave from a single cash-and-carry in North Shields to a national operation with a £500m turnover. The firm, which listed on the London Stock Exchange in 2021, said he would be replaced by the company’s chief operating officer Ben Maxted.