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The motor fuel services business owned by UK real estate grandee Gerald Ronson has seen the value of its property portfolio rise to nearly £1.2B as it weighs how to reposition itself for the growth of electric vehicles.
The value of the company’s freehold and leasehold assets grew by £90M to £1.18B, according to accounts for GMR Capital for the year to September 2024.
Ronson is known in the real estate industry for building skyscrapers like 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.
GMR owns 267 freehold and leasehold petrol and service stations across the country.
Ronson has been in the petrol business for almost 60 years. He opened his first forecourt in St Albans in 1966 and has been an innovator in the sector, becoming the first owner to introduce retail stores into petrol stations in the UK.
More recently, he has tied up with brands like Subway, Greggs and Costa to drive retail revenue on top of fuel sales.
Ronson calls petrol stations his Saturday job because he still drives around the country on Saturdays, checking on individual stations to ensure they are up to scratch.
GMR reported operating profit of £81.5M, up £6M from the previous year, from revenue that was broadly flat at £1.7B.
The biggest challenge facing the company is the move from petroleum-based fuels to electric vehicles. GMR said it is planning to invest £10M in adding EV charging points to its sites, but the decision by the government to delay the ban on sales of petrol vehicles beyond 2030 has created uncertainty on how quickly it should roll out charging facilities.
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