Mr King appeared in the UK's Rich List for the first time this year with an estimated worth of £54 million, and last year's £35m value of G1 rose to just under £40m in the year to March 2013. The group said yesterday it had delivered positive results "within a tough operating environment and a challenging market place".
G1 runs pubs, restaurants, cinemas and nightclubs including venues such as the Corinthian in Glasgow, a raft of well-known pubs and hotels in Edinburgh, and the newly launched Forgan's in St Andrews, which played host earlier this year to Hillary Clinton.
Chairman Brian McGhee said: "The UK economic environment is showing tentative signs of growth but there is still a good deal of uncertainty over how it will develop. The referendum in 2014 adds considerably to that uncertainty in a Scottish context.
"Hence it is pleasing that G1 is able to report a continuing strong performance... that was achieved not through any major acquisitions in the period, but through carefully targeted investment in the existing portfolio, harnessing the flair and creativity of the team and our designers."
Turnover was up 11% at £66m, and total operating profit including share of joint ventures rose 18.6% to £10.4m, while strong cash generation saw earnings before interest, tax, depreciation and amortisation reach £16.3m, though the group gave no comparable figure for 2012 and has not disclosed pre-tax profit.
The gross margin edged up from 75.5% to 76.4%, while core operating profit was said to have risen 36.4% to £10.2m.
Mr McGhee said: "With a strong balance sheet and the benefit of a 99% freehold estate, G1 Group looks forward to 2014 with cautious optimism. Every opportunity will be scrutinised with only the very best opportunities for the group being considered.
"The company has continued to invest heavily in its core estate to maintain its reputation for unique and exciting venues."
The group reported "significant" capital and investment expenditure of £9.6m. It also noted a focus on web, digital and social media tools in maintaining a rapport with customers
Much of the investment was in Edinburgh, including full refurbishments at the Bank Hotel, now the Inn on the Mile, Biddy Mulligans and the Central Hotel, the creation of a boutique hotel offering at Murrayfield House, and "creative" upgrades at the Three Sisters and Cabaret Voltaire.
Forgan's, on the site of the former golf manufacturing business, was transformed into a bar and restaurant with live music.
Mr McGhee said the current year had finally seen the group relocate its headquarters from Virginia House in the Merchant City to Hamilton House in Glasgow's West End.
He said: "It took a good deal longer than originally anticipated but the superb environment provides a stimulus to all the team.
"The group is looking to maintain its momentum into 2014 and beyond, but is likewise alert to the uncertainties... and the challenges of a slowly recovering market."