London Stock Exchange welcomes Kitwave Group plc to AIM

London Stock Exchange today welcomes Kitwave Group plc to AIM under the ticker “KITW”, after it raised gross proceeds of £64.0m for the Company and a further £17.6m for the Selling Shareholders. The Placing Price was 150 pence per share resulting in a market capitalisation of £105m at Admission.

Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is an independent, delivered wholesale business, specialising in selling and delivering impulse products, frozen and chilled foods, alcohol, groceries and tobacco to approximately 38,000, mainly independent, customers.   

Kitwave has a highly successful acquisition strategy, having acquired and integrated 10 wholesale distributors into the Group since 2011.   The Group intends to continue its growth both organically and through a strategy of acquiring smaller, predominantly family owned, complementary businesses in the fragmented UK Grocery and Foodservice Wholesale market.

The Board believes that trading on AIM will support its successful buy-and-build strategy, enhance the profile of the Group and its brands, improve Kitwave's position with key suppliers, strengthen the Group's balance sheet, and provide the Group with greater ability to incentivise and retain key employees going forward.   

The Company intends to use the gross proceeds of the Placing to reduce the Group’s existing debt and to pay the Group’s expenses in connection with the Placing.

Paul Young, Chief Executive Officer of Kitwave, commented:

“We are delighted to announce Kitwave’s successful admission to AIM.  It represents an important milestone for the Group and supports our strategy to capitalise on future growth opportunities within the highly fragmented UK Grocery and Foodservice Wholesale market.

“With the considerable experience across our Board and Senior Management team, we strongly believe that we are well placed to generate shareholder value.

“I would like to welcome our new investors and look forward to updating them as well as the wider market as we continue to execute our strategic plans for the business."

Advisers to the Company

Canaccord Genuity Limited - Nominated Adviser and Sole Broker 
KPMG LLP – Auditors and Reporting Accountants
Muckle LLP – Solicitors 
Yellow Jersey PR – Financial PR

To find out more about Kitwave Group plc, please visit:

Quick facts

Market: AIM
Instrument market cap (£m)
Listing/Admission to trading
24 May 2021
Looking for new and recent issues?

More recent

London Stock Exchange welcomes Graft Polymer Plc to the Main Market

The London Stock Exchange today welcomes Graft Polymer (UK) PLC, a business focused on the development of polymer modification, bio/food supplements and drug delivery systems, to the Main Market, trading under the ticker symbol “GPL”.

Graft Polymer is an early-stage company with a state-of-the-art polymer research and development, manufa

Learn more
London Stock Exchange welcomes Genflow Biosciences Plc to the Main Market

London Stock Exchange today welcomes Genflow Biosciences Plc, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age, to the Standard Listing Segment of the Main Market, under the ticker symbol "GENF".

Genflow Biosciences opened th

Learn more
London Stock Exchange welcomes East Star Resources Plc and their readmission to the Main Market

London Stock Exchange welcomes the readmission of East Star Resources, a company focused on the discovery and development of gold, copper, and base metals in Kazakhstan, to the Main Market under the ticker “EST”. The company raised gross proceeds of £3.1 million via a placing and subscription of 62,000,000 shares at £0.05 per share, delivering a ma

Learn more
London Stock Exchange celebrates FTSE Russell’s index partnership with Abu Dhabi Securities Exchange

Today, London Stock Exchange markets were opened by Abu Dhabi Securities Exchange and FTSE Russell to mark their partnership and the launch of the FTSE ADX Index Series.

FTSE ADX General Index FTSE ADX Sector Indexes FTSE Russell provides daily index calculations on the ADX General Index FTSE ADX General Index replaces the ADX General Index FTSE Russ

Learn more