Management Incentive Plan

RNS Number : 6557G

Kitwave Group PLC

27 July 2021

 

 27 July 2021

Kitwave Group plc

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

Management Incentive Plan

Kitwave Group plc (AIM: KITW), the independent, delivered wholesale business, is pleased to announce that it has implemented the management incentive plan ("MIP"), as outlined fully in the Company's Admission Document, dated 7 May 2021.

Under the MIP, which intends to retain and incentivise key management personnel, the Company has granted Growth Shares in the Company's subsidiary, Kitwave Limited, to David Brind (Chief Financial Officer) and Ben Maxted (Group Operations Director and Head of Frozen & Chilled).

Full details of the MIP and its terms are set out in the Company's Admission Document, a copy of which is available on the Company's website: www.kitwave.co.uk .

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For further information please contact:

Kitwave Group plc Paul Young, Chief Executive Officer David Brind, Chief Financial Officer www.kitwave.co.uk	Tel: [phone]
Canaccord Genuity Limited (Nominated Adviser and Sole Broker) Bobbie Hilliam Alex Aylen Richard Andrews Georgina McCooke	Tel: [phone]
Yellow Jersey PR (Financial media and PR) Sarah Hollins Henry Wilkinson Matthew McHale	Tel: [phone]

Company Overview

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.

With a network of 26 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 .

 

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