The company, which operates from warehouses across the North and the Midlands selling tobacco, alcohol, confectionery and soft drinks, has increased turnover from about £15 million in 2006 to more than £100 million last year. The business offers a delivery and cash and carry service, with clients being a mix of independent retailers and wholesalers.
Kitwave was formed in 1987 through the acquisition of M&M Value, a small confectionery wholesale business. Five years ago, the business began a consolidation-driven growth strategy and, since then, has acquired three companies.
Kitwave managing director and majority shareholder Paul Young comments, ‘Further consolidation will be the key to Kitwave’s success.’
He adds, ‘Our company’s policy is to empower the local management teams of acquired businesses with the added security of being part of a larger group. The new investment will fund further acquisitions as part of the strategic development of the group.’
The company now employs 166 staff across six warehouses located in North Shields, Middlesbrough, Carlisle, Bradford, Bolton and Telford.