Kitwave buys fresh-food retailer WestCountry Food for GBP29 million

Kitwave Group PLC - North Shields, England-based food wholesaler - Buys 166 year-old local, ...

Alliance News 12 December, 2022 | 2:27PM
Email Form Facebook Twitter LinkedIn RSS

Kitwave Group PLC - North Shields, England-based food wholesaler - Buys 166 year-old local, regional and imported fresh food retailer WestCountry Food Holdings Ltd for GBP29.0 million. Kitwave says that the acquisition has been funded via current banking facilities and a new three-year revolving credit facility provided by its banking partners. WestCountry reported pretax profit of GBP3.9 million and revenue of GBP29.7 million in 2021. Kitwave CEO Paul Young says: "The acquisition of WestCountry enables us to expand our product range to include high-quality fresh produce and complements our existing foodservice offering in the South West, following the acquisition of MJ Baker earlier in 2022." Kitwave bought Devon-based MJ Baker Foodservice Ltd in February for GBP24.5 million, which it said would be immediately earnings enhancing.

Current stock price: 180.00 pence, up 5.3% on Monday

12-month change: up 33%

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Kitwave Group PLC 387.00 GBX 2.52 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures