Confectionery wholesaler Kitwave Ltd has acquired Westone Distribution.
In a deal worth £3.2m, Westone joins fellow wholesalers Turner & Wrights and FW Bishop which were purchased by Kitwave three years ago.
Kitwave, which trades as M & M Value, sells sweets, soft drinks and tobacco to independent stores throughout the North East, North West and Yorkshire. According to Kitwave managing director Paul Young, this deal will add 15% to the group’s turnover and bring staff numbers up to 250.
Young said that the Kitwave has no intention of stopping its speedy rate of growth. He said: “It is the plan to keep our base in the North East but acquire more units as they become available.
“Our plan is to grow by acquisition,” he added. “In the next three or four years, if we don’t double or treble our turnover based on acquisitions, we’ll be disappointed as a management team.”
Young has high hopes for his business to survive the recession. He said: “Every market has been affected but ours is the impulse confectionery sector - the kind of market people tend to turn to for a comforting treat.”