Snax 24 has blamed an 82% fall in pre-tax profits last year on “unrealised gains on freehold property” - or sales it had not yet received money for.

Profits fell to £194,000 in the year to 30 September, having shot up 94% in 2011, revealed accounts filed at Companies House. The indie, part of the consortium that acquired Total UK’s forecourt network in 2011, also reported a 6% rise in sales to £236m.

It said it continued to seek opportunities to expand its network.