Westmorland keeps on trucking
CUMBRIA-based motorway services operator Westmorland succeeded in increasing both earnings and revenues last year while operating in what it describes as an “uncertain and difficult climate”.
Recently-filed accounts for the year to July 4 show the group recorded sales of £38.3m, up 0.5%. Its acquisition of HGV specialist Tebay Gorge Services in September 2009 put an additional £5.9m on this sales figure and helped push up pre-tax profits by £1m to £2.3m.
The accounts show Tebay Gorge was acquired for £1.9m of loan stock, £250,000 in cash and 3,299 shares. It does not say who the vendor was but Westmorland director J Lane is named as the recipient of the loan notes.
The company said a weaker second half followed a buoyant start to the year but overall the motorway services business performed well.
During the year Westmorland invested in its northbound service station on the M6 and in its plans for a service station near Gloucester on the M5 which have now been granted planning permission.
It will build the new facility between junctions 11a and 12 of the M5, north and southbound. It is expected to open in 2013.
As well as the services on the M6, the Westmorland group includes the Rheged Centre in Penrith which is a leisure, conference and tourist attraction, farms shops, caravan parks and a hotel.
Westmorland is quite unlike other motorway service area operators – customers won’t find M&S food outlets, or Costa Coffee or Burger King franchises. Instead, there is a focus on supporting local food producers.
Sarah Dunning, the firm’s Penrith-based chief executive, declined to discuss the figures.
