Spar wholesaler Appleby Westward has reported a sharp drop in full-year profits following exceptional property costs.
Pre-tax profits fell 65% to £378,000 in the year to 31 December 2013 in accounts filed at Companies House. In the accounts, the company listed losses on the sale of assets totalling £108,000 and an “onerous lease provision” exceptional item of £767,000.
However, the wholesaler grew turnover by almost 3% to £134m during the year and said it had put in a “satisfactory performance in a challenging retail environment.”
In September, Leo Crawford - CEO of Appleby parent BWG Group - said it would invest £2m in capital expenditure this year and next as it focused on growth. He added Appleby would continue to put emphasis on store recruitment.
BWG, which also owns Spar in Ireland, revealed this week it would invest up to €100m across its store network over the next five years. It plans to open 50 new Spar stores in Ireland over the next two years.
It also launched a premium range in Ireland called Spar Select, with products from 22 local suppliers.