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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 £29.0 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 £3.9 million and revenue of £29.7 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 £24.5 million, which it said would be immediately earnings enhancing.
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By Tom Budszus, Alliance News reporter
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