UNITED Wholesale (Scotland), the cash-and-carry business owned by former MP Mohammed Sarwar and his family, saw pre-tax profits almost triple last year, despite start-up costs of new online discount and mobile phone app subsidiaries.
UNITED Wholesale (Scotland), the cash-and-carry business owned by former MP Mohammed Sarwar and his family, saw pre-tax profits almost triple last year, despite start-up costs of new online discount and mobile phone app subsidiaries.
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TIM SHARP CITY EDITOR
Turnover rose 10.2% to £184.2 million in 2011, according to accounts filed with Companies House.
This translated into a surge in pre-tax profit from £657,000 to £1.7m.
The key driver of the improvement was the absence of £1.1m of exceptional expenses taken in 2010 to cover legal expenses for the successful appeal of Athif Sarwar, a former director and son of Mr Sarwar, against a conviction for using the business to conceal the proceeds of VAT frauds.
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