Sir Gerald Ronson’s petrol station empire has made record profits, with the property tycoon’s petrol station business now worth more than £1.5bn.
GMR Capital, the parent company of petrol station operator Rontec, reported pre-tax profits of £98.4m for the 12 months to the end of September, up 6 per cent on the previous year and beating its previous peak of £95.7m in 2022.
The record came despite revenue falling 7.7 percent to 1.56 billion pounds due to what the company called a “challenging economic environment” and cautious consumer spending.
Rontec, which operates 267 petrol stations across the UK, said rising costs, higher employer national insurance contributions and living wage obligations had squeezed margins. However, lower interest repayments as borrowing costs fell during the year helped boost profitability.
The group described the period as “another successful year”, underpinning its long track record of resilience. GMR has only experienced losses three times in the past three decades, with its most recent annual loss dating back to 2009.
In 2025, estate agent Colliers revalued Rontec’s properties at £1.51 billion, an increase of £318 million. The increase was partly due to investment in site improvements and partly due to broader increases in commercial property as interest rates fell.
Rontec has invested heavily in modernizing its property. The company is in the midst of renovating its Shop’N Drive convenience stores and has modernized its Subway franchises. The takeaway offering continues to expand, including 43 Greggs franchise stores.
The group has also committed tens of millions of pounds to ultra-fast charging stations for electric vehicles. Six forecourts currently house the chargers, with another six planned, although the rollout has been slowed by delays in securing high-capacity grid connections and uncertainty in the electric vehicle market.
Ronson, 86, who introduced self-service filling stations to Britain in the 1960s, has previously described Rontec as his “damned” company because of its ability to generate cash across economic cycles.
Best known to the public for landmark buildings such as the 46-story Heron Tower in the City of London, Ronson also served six months in prison in the 1990s for his role in the Guinness stock trading scandal.
He remains chairman of GMR, and his wife Gail and daughters Nicole and Lisa also serve on the board.
Company reports show Ronson spent £164,000 on chartering the company jet during the year, along with £82,000 on the use of a company-owned yacht. The yacht was subsequently sold to a company owned by his wife for £2 million.
Despite headwinds in consumer spending and higher operating costs, Ronson’s petrol station empire has once again demonstrated its ability to generate record returns – boosting its reputation as one of Britain’s most resilient private business empires.
