Kitwave Group (KITW)

Sector:

Personal Goods

Index:

FTSE AIM 50

 352.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 406.50
  • 52 Week Low: 244.00
  • Currency: UK Pounds
  • Shares Issued: 70.11m
  • Volume: 200,775
  • Market Cap: £246.79m

Kitwave buys Total Foodservice in £21m deal

By Josh White

Date: Thursday 28 Mar 2024

LONDON (ShareCast) - (Sharecast News) - Wholesaler Kitwave announced the acquisition of Total Foodservice Solutions on Wednesday, an independent food wholesaler operating in the North of England.
The AIM-traded firm said the acquisition entailed the purchase of the entire issued share capital of Total Foodservice for a total gross consideration of £21m in cash.

It said funding for the transaction was facilitated by using its existing banking facilities.

Kitwave said Total Foodservice, with a legacy spanning over 130 years, specialises in delivering wholesale catering supplies encompassing around 4,000 product lines, including chilled, frozen and ambient food, and non-food and cleaning products.

Total Foodservice operates from depots in Clitheroe, Lancashire, and Huddersfield, Yorkshire, serving a diverse customer base across the North of England, comprising licensed trade establishments, restaurants, coffee shops, sandwich bars, schools, universities, and the care industry.

For the financial year ended 30 April 2023, Total Foodservice reported an audited turnover of £25.4m, with a profit before tax of £2m.

Additionally, the company's balance sheet showed net assets totaling £8.5m, including £4m in cash and freehold property with a book value of £2.1m.

Following completion of the acquisition, the net cash outflow from Kitwave would amount to around £17m.

The board said it expected the acquisition to yield immediate earnings enhancement after accounting for associated costs.

"We are delighted to announce the acquisition of Total Foodservice, which is a one-stop shop for wholesale commercial catering supplies and enables us to further expand our product range offering across the North of England and in particular Yorkshire and the North West, complementing our existing foodservice offering," said chief executive officer Ben Maxted.

"Total Foodservice is a well-established business in the catering industry and we look forward to welcoming its team to Kitwave and integrating the business into our Foodservice division.

"This acquisition is in line with Kitwave's growth strategy, and we will continue to seek to identify further opportunities in the UK's highly fragmented wholesale market to deliver further value to the group and its shareholders."

At 1228 GMT, shares in Kitwave were up 3.93% at 370p.

Reporting by Josh White for Sharecast.com.

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Kitwave Group Market Data

Currency UK Pounds
Share Price 352.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 406.50
52 Week Low 244.00
Volume 200,775
Shares Issued 70.11m
Market Cap £246.79m

Kitwave Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.32% below the market average61.32% below the market average61.32% below the market average61.32% below the market average61.32% below the market average
53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average
Price Trend
91.17% above the market average91.17% above the market average91.17% above the market average91.17% above the market average91.17% above the market average
84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average
Income
27.36% above the market average27.36% above the market average27.36% above the market average27.36% above the market average27.36% above the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Growth
80.43% above the market average80.43% above the market average80.43% above the market average80.43% above the market average80.43% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

Kitwave Group Dividends

  Latest Previous
  Final Interim
Ex-Div 04-Apr-24 13-Jul-23
Paid 26-Apr-24 04-Aug-23
Amount 7.45p 3.75p

Trades for 14-Jun-2024

Time Volume / Share Price
16:20 20,000 @ 352.00p
16:51 17,000 @ 352.60p
16:46 17,000 @ 352.60p
16:37 17,000 @ 353.00p
16:35 23,796 @ 352.00p

Kitwave Group Key Personnel

CFO David Brind
CEO Ben Maxted

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