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I came close to making Kitwave, the food wholesale business, a New Year recommendation. Sadly it didn’t make the final cut but the company announced a recommended cash offer of 295p from private equity firm OEP, valuing the business at £251m. This offer is derisory, and should be rejected. Originally tipped at 174.5p in August ‘22; gain 70%. Awa... ...
In July, Kitwave noted that trading conditions had been affected by the changes to NIC announced by the Chancellor in the last budget. Many of Kitwave’s food service clients had faced rising costs, leading to cautious ordering and there had also been reduced consumption, notably in the South West where many foodservice venues are reliant on tour... ...
The second half of 2025 has kicked off strongly for small caps and I have shortlisted 7 UK-listed companies that I think will be powering ahead, four already showing strong EPS momentum and three where recent setbacks provide a buy opportunity at very attractive ratings: AdvancedADVT (ADVT; 198.5p), a NAP for 2025 and held in GP3, continue... ...
Kitwave, the independent foodservice wholesaler, continues to report a strong H1. The Group, which supplies a broad range of impulse, grocery, frozen, butchery and fresh products, reported revenue growth of 27% to £376m (+3.1% organic), driven primarily by the addition of Creed Foodservice. Adjusted EBIT rose 22% to £13.2m, while pretax profit w... ...
Kitwave has now opened its new 80,000 sq ft foodservice distribution centre in the South West to increase capacity and fully integrate the Group’s South West operations. Meanwhile, Creed - Kitwave’s largest acquisition to date - has bedded in well and expanded into regions previously under-serviced by Kitwave. This enhances the nationwide prese... ...
Kitwave’s FY24 trading update said summer trading, typically its busiest period, was strong and confirmed FY24 results are expected to meet expectations (Canaccord forecasts EBITDA of £45.5m, which is 7% higher than it was at the start of the year and a pretax profit of £28.5m). The company completed three EPS enhancing acquisitions during the y... ...
Kitwave is an independent wholesale business specializing in the distribution of food and drink products, including ambient, frozen, chilled, dairy, butchery and fresh produce. When the business was set up in 1987 by accountant turned entrepreneur Paul Young, it had just a single North East-based confectionery cash-and-carry but Young used it... ...
Kitwave’s FY23 trading update for the year to 31 October said results will be in line with current market expectations, but then it has had six upgrades since IPO, and the last one was quite significant (see August SCSW), driven by two acquisitions. Kitwave has also commenced construction of a new 80,000 sq. ft South West distribution facility,... ...
Proving that a seemingly dowdy sector of food wholesaling can still provide an outstanding investment is Kitwave, with the shares spiking to 319p, a gain of 100% on our 159p buy price in June. This month’s strong first half outcome prompts the seventh upgrade since my write up. H1 revenues grew 23% (+17% organic) to £275m with each of the thre... ...
Kitwave continues its strong growth trajectory with sales for FY22 up 32% to £503.1m and pretax profit up 323% to £18.9m. Eps rose 171% to 22.1p. A final dividend of 6.75p takes the total to 9.25p for the year. The acquisition of MJ Baker contributed £18.3m in sales, so organic LFL revenues are therefore up by 28% (c.12% growth in case volumes a... ...