Wholesaler BWG makes sales of €1.3 billion
Trading under Triode, BWG Foods has posted ample sales growth for 2007, with more of the same planned for the next year
9 December 2008 | 0
Triode Investments Ltd, the company that owns BWG, has posted accounts for the first full year of ownership of the wholesalers revealing that it increased its sales by 5% last year to €1.3 billion. While the wholesaler’s operating profit rose 2.1% last year to €26.9 million, it was also disclosed that the company spent €27.9 million on interest and other costs relating to its €390 million buyout of BWG in October 2006.
Speaking to the press a spokesperson for BWG said that the group was “comfortable” with its level of debt, recalling the fact that it had invested a further €50 million last year developing the business, not including the €40 million spent this year on the Mangans acquisition.
In a statement to ShelfLife, group chief executive, Leo Crawford said: “Our 2007 results represent our first full year trading under new ownership and we were pleased with the performance. During the year, we invested a further €50 million in the business, supporting more than 900 individual retailers across our various symbol brands. We maintained our focus on innovation, developing our food and beverage offering and upgrading our store formats.
“We continue to invest in the business, as evidenced by this year’s acquisition of Mangan Brothers and other other key initiatives, and we look forward to continuing to work closely with our retailers in the more challenging environment that we all face.”