The property value of the petrol station portfolio run by real estate veteran Sir Gerald Ronson posted one of the largest rises in its history last year.

Accounts for GMR Capital for the year ended 30 September said the value of the firm’s 267 freehold and leasehold properties rose £318M to £1.5B.

The previous year, the value of the portfolio increased by about £90M.

The rise came off the back of record profits for GMR, a business that Ronson set up 60 years ago with the opening of his first forecourt in St Albans, north of London, in 1966.

The company made a pretax profit of £98.4M, up 6% on the £92.8M from the previous year. The company’s revenue was down £120M at £1.56B, but its cost of sales dropped more.

GMR flagged the success of a partnership with fast-food outlet Greggs as part of the reason for its success. The purveyor of sausage rolls and baked goods now operates from 43 GMR locations, with the partnership set to expand further.

GMR's car valet service is also driving up profits, it said. The company did not pay a dividend to its shareholder, the Ronson family trust.

As with previous years, GMR flagged the switch from petrol engines to electric vehicles as one of the biggest threats to its business. But this year, it added a kink in the hose. While it is introducing fast charging for EVs to its sites, the pace will be hindered by power constraints.

Ronson is known in the real estate industry for building skyscrapers such as the Heron Tower in the City. But petrol stations have always been the cornerstone of his business interests: Property is cyclical, whereas petrol stations produce steady income.

He has been an innovator in the sector, becoming the first owner to introduce retail stores into petrol stations in the UK.