Kitwave Regulatory News (KITW)

6 November 2023

Kitwave Group plc

("Kitwave", the "Group" or the "Company")

Directorate Changes

Kitwave Group plc (AIM: KITW), the delivered wholesale business, today announces that Paul Young, Chief Executive Officer, will be retiring and stepping down from the Board at the end of the Company's Annual General Meeting ("AGM") to be held in March 2024. Ben Maxted, the Group's Chief Operating Officer, will become Chief Executive Officer following Paul's retirement. A handover period between Paul and Ben will commence immediately to ensure a seamless transition of Chief Executive Officer responsibilities prior to the next AGM. 

Steve Smith, Chairman of Kitwave, commented:

"Paul's retirement next year will mark the end of a remarkable career with Kitwave. Having founded the Company in 1987 as a single-site confectionery business Paul has been instrumental in its growth and development into the delivered wholesale business that it is today. On behalf of everyone at Kitwave, we thank Paul for his vision and enduring contribution to the Group and we wish him well in his retirement."

Paul Young, Chief Executive Officer of Kitwave, commented:

"On behalf of the Directors, we are delighted to announce that Ben Maxted will become Chief Executive Officer following my retirement at the Company's AGM in March 2024. As Chief Operating Officer, Ben has demonstrated excellent commercial and operational expertise and these skills will continue to be invaluable in his new role and in delivering the next phase of our growth strategy.

"The Board continues to remain committed to delivering value to our shareholders. I believe that Kitwave will continue to go from strength to strength and post my departure, I look forward to being a long-term shareholder in the Company."

- Ends -

For further information please contact:

Company Overview

Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is a delivered wholesale business, specialising in selling and delivering impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to approximately 42,000, mainly independent, customers.

With a network of 29 depots, Kitwave is able to support delivery throughout the UK to a diverse customer base, which includes independent convenience retailers, leisure outlets, vending machine operators, foodservice providers and other wholesalers, as well as leading national retailers. 

The Group's growth to date has been achieved both organically and through a strategy of acquiring smaller, predominantly family-owned, complementary businesses in the fragmented UK grocery and foodservice wholesale market.

Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of the London Stock Exchange on 24 May 2021.

For further information, please visit: www.kitwave.co.uk.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.