Sir Gerald Ronson’s petrol forecourt empire has achieved record profits, with his service station business now valued at more than £1.5 billion. GMR Capital, the parent company of Rontec, reported pre-tax profits of £98.4 million for the 12 months ending in September, up 6% on the previous year and surpassing its previous peak of £95.7 million in 2022.
The record profit comes despite revenues falling 7.7% to £1.56 billion, which the company attributed to a “challenging economic environment” and cautious consumer spending. Rontec operates 267 service stations across the UK, and rising costs including employer national insurance contributions and the national living wage have squeezed margins. Lower interest payments, however, helped bolster profitability as borrowing costs eased over the year.
The company described the period as “another successful year,” adding to a long record of resilience. GMR has recorded losses only three times in the past 30 years, with the last annual loss in 2009.
Rontec’s estate was revalued in 2025 by property agent Colliers at £1.51 billion, an increase of £318 million. The uplift was partly due to investments in site improvements and partly to broader commercial property gains following a fall in interest rates.
The company has been investing heavily in modernising its forecourts. Shop’N Drive convenience stores are mid-refurbishment, while Subway franchises have been upgraded and the food-to-go offer expanded, including 43 franchised Greggs outlets. The group has also allocated tens of millions of pounds for ultra-fast electric vehicle charging hubs. Six sites currently feature the chargers, with six more planned, although the rollout has been slowed by delays in securing high-capacity grid connections and uncertainty in the EV market.
Ronson, 86, who introduced self-service petrol stations to the UK in the 1960s, has previously described Rontec as his “f*** you” business because of its ability to generate cash across economic cycles. Better known for landmark developments such as the 46-storey Heron Tower in London, Ronson also served six months in prison in the 1990s for his role in the Guinness share-trading scandal. He remains chairman of GMR, with his wife Gail and daughters Nicole and Lisa also serving on the board.
Company accounts show Ronson spent £164,000 chartering the company jet during the year and £82,000 on a company-owned yacht, which was later sold for £2 million to a company owned by his wife.
Despite headwinds from consumer spending pressures and higher operating costs, Ronson’s forecourt empire has once again delivered record returns, reinforcing its reputation as one of Britain’s most resilient private business empires.
