Spar wholesaler and retailer AF Blakemore has reported a record profit and turnover in accounts posted on Companies House.

Pre-tax profit soared 67% to £10.1m on sales up 10% to £710m in the year to April 2008. This is despite it paying more than £7.2m in March for C&C Tyne Tees, which owns two depots in Gateshead and Middles-borough, in March. The acquisition happened at the end of the period so impact on turnover was limited.

The group also revalued its property portfolio at £25.7m - an increase of £5.2m. Since April, the company has remortgaged some property to secure a loan that will reduce its need for overdraft facilities.

AF Blakemore supplies more than 700 Spar stores in the north east, the Midlands, north Wales and London. The company also owns more than 200 Spar stores through its Tates retail arm. It is also a member of Landmark Wholesale with eight C&C depots.

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