Kitwave Group PLC Acquisition of WLG (Holdings) Limited (9023T)
20 Novembre 2023 - 8:00AM
UK Regulatory
TIDMKITW
RNS Number : 9023T
Kitwave Group PLC
20 November 2023
20 November 2023
Kitwave Group plc
("Kitwave", the "Group" or the "Company")
Acquisition of WLG (Holdings) Limited
Kitwave Group plc (AIM: KITW), the delivered wholesale business,
is pleased to announce that the Group has acquired the entire
issued share capital of WLG (Holdings) Limited, which trades as
Wilds of Oldham ("Wilds of Oldham"), a composite drinks wholesaler
(the "Acquisition"). The total gross consideration for the
Acquisition, payable in cash, has been funded from the Group's
current banking facilities.
Established for over 25 years, Wilds of Oldham is a composite,
family-run drinks wholesaler supplying the on-and-off trade. Based
in Oldham, Manchester, the company has a history of helping
businesses achieve the best in licensed trade supplies. Currently,
there are 35 members of staff, with 11 fleet vehicles that deliver
to customers within a 50-mile radius of its warehouse in Oldham. In
the financial year ended 30 September 2022, the business had a
turnover of GBP10.2 million.
The Acquisition will be incorporated into Kitwave's existing
Foodservice on-trade business H.B. Clark & Co. (Successors)
Limited ("HB Clark").
Commenting on the Acquisition Paul Young, Chief Executive
Officer of Kitwave, 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 UK 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."
- Ends -
For further information please contact:
Kitwave Group plc Tel: +44 (0) 191 259 2277
Paul Young, Chief Executive Officer
David Brind, Chief Financial Officer
www.kitwave.co.uk
Canaccord Genuity Limited Tel: +44 (0) 20 7523 8150
(Nominated Adviser and Sole Broker)
Bobbie Hilliam
Alex Orr
Yellow Jersey PR Tel: +44 (0) 20 3004 9512
(Financial media and PR)
Sarah Hollins
Shivantha Thambirajah
Bessie Elliot
Company Overview
Founded in 1987, following the acquisition of a single-site
confectionery wholesale business based in North Shields, United
Kingdom, Kitwave is a delivered wholesale business, specialising in
selling and delivering impulse products, frozen, chilled and fresh
foods, alcohol, groceries and tobacco to approximately 42,000,
mainly independent, customers.
With a network of 29 depots, Kitwave is able to support delivery
throughout the UK to a diverse customer base, which includes
independent convenience retailers, leisure outlets, vending machine
operators, foodservice providers and other wholesalers, as well as
leading national retailers.
The Group's growth to date has been achieved both organically
and through a strategy of acquiring smaller, predominantly
family-owned, complementary businesses in the fragmented UK grocery
and foodservice wholesale market.
Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of
the London Stock Exchange on 24 May 2021.
For further information, please visit: www.kitwave.co.uk .
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
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END
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