James Hall reports a 12% slide in profits

Spar wholesaler James Hall has reported a 12% fall in profits following its investment in a £66m new depot.

Turnover grew 2.2% to £444.5m the year to 24 March, but pre-tax profits fell to £8.5m as it paid £1.1m loan interest, according to accounts filed this week at Companies House.

The wholesaler moved into its new depot, four times the size of its old facility, in February. The accounts also revealed it paid £2.6m for Clayton Park Bakery in January “to supplement the distribution to retail outlets and commercial organisations”.