Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Bestway Wholesale Group has reported a year-on-year rise in EBITDA of 81.8% in FY20, up from £20.8m to £37.9m.
Revenues at the owner of Bestway Wholesale, Bestway Retail, Bestway Northern, Bestway Property, and MAP, also increased, but at a slower rate of 1.4% year-on-year to £2.55bn.
The year to June 2020 saw a number of “new challenges” for the group, with a number of “major supermarkets” entering the UK wholesale market.
Bestway also had to “absorb the continued impact of national living wage” alongside the “additional costs and associated uncertainty” of both the global pandemic and Brexit during the period.
However, the year also saw the successful integration of Bestway Retail into the business, in turn delivering the associated scale benefits.
Dawood Pervez, managing director at the company, said: “Throughout the onset of Covid in 2020, we moved with agility and spent significant time and resource in ensuring all sites were robust from a health and safety perspective.
“We continued to improve and manage availability of products during this period which resulted positively on sales and during the year we continued to help our customers increase their margins and profitability.”
Since the period end, Bestway has successfully acquired the Costcutter Supermarkets Group (CSG), adding a further 1,500 stores to its portfolio.
