CONVENIENCE store chain G101 Off Sales reported that it was “satisfied” with a small increase in turnover but a slight fall off in profits last year.
The company, which is owned by George and Cynthia King, said it managed to increase its gross profit margin slightly, from 14 per cent to 14.4 per cent “in spite of the continuing period of economic uncertainty”, according to accounts filed at Companies House.
The group, which added two more retail outlets in the period, hit turnover of £46 million, up from £45.2m in the year to the end of May 2012.
Pre-tax profits fell to £203,000, from £216,000.
The group works closely with G1 Group, the bar and nightclub portfolio of the King’s multi- millionaire son Stefan. G101 made sales of £3.8m to the night club group, which runs around 45 operations, including The Three Sisters and the Murrayfield Hotel in Edinburgh.
The G101 wholesale division, which runs a fleet of delivery trucks servicing pubs and restaurants, also sold £99,032 worth of goods to Stefan’s nightclub Cabaret Voltaire, and £294,315 worth of goods to another of his businesses, Lister Square.
The accounts said that G101 would have distributed £125,926 in dividends during the year although George, 76, who is the majority shareholder of the group, waived the payout.
The top paid director at the group saw a slight increase in salary to £50,357 from £46,031 although he or she lost out on a £112,500 pension contribution made in 2011.
The number of employees of the company rose to 433, from 410 in the year.
The firm, which has about 47 shops around Glasgow, was established in 1972 and remains one of Scotland’s largest family-owned convenience store chains. Its portfolio includes stores, which trade as One O One, warehouses and a fully bonded warehouse.
The King family is one of Glasgow’s most successful business dynasties.
George King’s father founded William King & Son bookmakers more than 70 years ago.
Daughter Natalie King, 49, is also a director of G101.
