G101 Off Sales, which trades under the One O One brand, has seen its profits more than halve in spite of a rise in sales.
Annual accounts for the Glasgow independent off licence and convenience store chain, which is majority controlled by George King, the father of nightclub entrepreneur Stefan King, show an increase in turnover from £48.6 million to £50m in the 12 months to May 31.
Writing in the accounts the directors said: "The company believe that this continued growth is due to the company's continual policy of expansion, enhancing the company's overall position within the convenience store market. The company has traded well during the year and has seen significant improvements in its gross profit margin."
However pre-tax profits were just £20,000, down from £56,000.
The balance sheet showed an increase in stock levels from £4.05m to £4.65m.
The business ended the financial year with net funds of more than £3m, up from £2.7m.
Staff costs were up from £5.1m to £5.5m even though average employee numbers dipped from 437 to 426.
Directors' remuneration rose from £51,647 to £52,349.
During the year G101 made around £3.7m worth of sales to Stefan King's G1 Group as well as almost £750,000 of additional sales to companies under Mr King's control.
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