Symonds Retail turnover rises following acquisition by MFG

Turnover at forecourt operator Symonds Retail nudged upwards in the lead-up to its acquisition by Motor Fuel Group (MFG), new accounts have showed.

However, rising cost of sales and administrative expenses pushed down profits slightly at the business in the year ended 31 March 2019.

Symonds runs 10 stations in the south west of England, with six under the BP brand, three Shell and one Texaco, and a retail offer split between Londis and Budgens.

The business was snapped up by forecourt giant MFG in October for an undisclosed sum, with plans to expand to more sites in the coming year.

Revenues at Symonds rose 3.7% to £22.5m in the 2018/19 financial year, a slowdown on the 77% growth recorded in 2017/18, according to accounts filed at Companies House.

Pre-tax profits slipped from £313k in the previous year to £247k as costs edged up.

Former owner Jeremy Symonds said in the accounts he was pleased with “another solid performance” by the company. He added that turnover had increased thanks to “careful management and the right investment” at the existing forecourt sites.

Parent company Symonds Estates also owns Cadbury Outlet Shops, which operates 18 stores across the UK. The confectionery arm of the business was not included in the MFG deal and is still owned by Symonds.

Sales at the business decreased by 3% in the year ended 31 March 2019 to £10.5m, while profits tumbled from £217k to £20k.