REG - Kitwave Group PLC - Directorate Changes

KitwaveAnnouncement

06/11/2023 07:15

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RNS Number : 4111S  Kitwave Group PLC  06 November 2023

 

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:

 Kitwave Group plc                                    Tel: +44 (0) 191 259 2277

 Paul Young, Chief Executive Officer

 David Brind, Chief Financial Officer

 www.kitwave.co.uk (http://www.kitwave.co.uk/)
 Canaccord Genuity Limited                            Tel: +44 (0) 20 7523 8150

(Nominated Adviser and Sole Broker)

 Bobbie Hilliam

 Alex Orr
 Yellow Jersey PR                                     Tel: +44 (0) 20 3004 9512

(Financial media and PR)

 Sarah Hollins

 Shivantha Thambirajah

 Bessie Elliot

 

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
(http://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.

 

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