Symonds Forecourts is to continue developing its store portfolio this year despite a drop in profits.
The chain, which has seven forecourt sites in the west of England and was set up by the former owners of wholesaler T&A Symonds and c-store chainSmile Stores, reported a 43% fall in pre-tax profits from £92,150 to £161,200 in the year to 31 March, according to accounts filed at Companies House. Sales rose 23% from £24m to £29.5m during the period.
Writing in the accounts, MD Jeremy Symonds said: “The directors continue to focus on developing and improving the store portfolio via a programme of capital expenditure. This is to be funded through the company’s cash reserves and where necessary through bank borrowing and equity investment.”
The retailer opened its seventh site, in Wells, Somerset, in July this year.
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