Bestway Wholesale has blamed multiples entering the wholesale sector for a sales slump during its latest trading year.
Accounts for the year ending 30 June 2018 show annual turnover declining from £1.65bn to £1.61bn. Profit in the same period remained flat at £6.6m.
Bestway Wholesale director Naser Khan said: “The market is highly competitive with multiple convenience businesses in the wholesale sector and various mergers and acquisitions within the industry.
“The wholesale business will continue to focus on organic growth which is supported by investments in existing and new initiatives. Despite competitive trading conditions, we are confident that we will continue to provide the maximum support to our customers by delivering the best prices, value and service to them.”
These latest financial figures do not take into account the company’s purchase of the Bargain Booze brand from collapsed drink wholesaler Conviviality in April last year.
Separate accounts for Bestway’s retail business show gross profit and turnover for the June financial year were £9m and £80m respectively.
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