UNITED Wholesale (Scotland), the Glasgow-based cash and carry and delivered wholesale firm, has posted record profits in its most recent financial year.
The company, whose single biggest shareholder is Mohammad Sarwar, the former Glasgow MP now governor of the Punjab province in Pakistan, defied a competitive economic climate to book 22.4% rise in pre-tax profits.
United delivered pre-tax profits of £2.06 million for the year ended December 31, compared with £1.68m the year before, amid strong performances at its cash and carry depots in Queenslie and Pollokshields.
Turnover rose by 9.9% to £202.5m from £184.2m.
The company's activities split into two main areas, with its core business serving independent retailers via cash and carries and delivering goods to stores trading under the Day to Day fascia.
It also has an online deals service, Today's Great Deal.
New accounts at Companies House reveal a rise in pre-tax profits for its grocery supply division to £2.13m, and a narrowing of losses on its deals operation to £74,000, from £283,000 in 2011.
Managing director Asim Sarwar said the company had benefited by focusing on store development, expanding its Day to Day fascia and supporting its customers to enhance their businesses.
He said: "Given the economic climate and the fact our consumers would have had less disposable income, to increase the turnover and the profitability is a good result for us."
Mr Sarwar said United supplies 275 stores under three fascias - Day to Day Elite, Day to Day and Day To Day Express - across Central Scotland, with the brands allocated on the basis of store turnover and size.
The company generates 75% of its revenue from cash and carry sales, with the balance driven by direct deliveries to retailers.
Mr Sarwar said United is receiving enquiries from independent retailers and members of other fascias looking to sign up thanks to the service, prices and promotions it offers.
Mr Sarwar added: "Our promotions are quite aggressive, which our retailers pass on to the consumers. They drive footfall into our stores."
The accounts show an interim dividend of £200,000 was paid during the year, in line with 2011, with no final dividend proposed.
They also reveal the company made charitable donations of £56,090, down from £62,028 in 2011, which included donations of £39,000 to the Labour Party and £10,000 to the Charitable Aid Foundation.
United employed an average of 196 staff over the year, up from 187 in 2011.
Overall staff costs, including directors' remuneration, rose to £3.98m from £3.76m.
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