Thorntons Budgens reports sales and profits uplift

Thornton sold his crouch End store to Musgrave GB

Thorntons Budgens was in good shape before owner Andrew Thornton decided to hand back a store to Musgrave GB.

The retailer reported a 132% hike in pre-tax profits to £158,066 on sales up 1.3% to £15.8m for the year to 30 September 2012 in accounts filed at Companies House this week.

It is the first time in two years the company has reported a sales increase. Thornton sold his Crouch End store to Musgrave GB last month so he could “pursue other interests”.

Crouch End had recently been “a drain to the company profit on ordinary activity before taxation”, said the company, adding that it would receive “in excess of the book value of the assets” for the store.