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Economy

Gerald Ronson’s Forecourt Empire Nets £100m Profit After Greggs Expansion and Property Upside

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

Ronson’s Forecourt Group Posts Near £100m Profit Amidst EV Transition

Table of Contents


Gerald Ronson stands on the 44th floor of Heron Tower
Gerald Ronson, Chairman of GMR Capital, oversees a growing portfolio of forecourts adn convenience stores.

London, United Kingdom – A petrol forecourt business led by City veteran Gerald ronson has reported a pre-tax profit of £98.4 million for the year ending September 2025. GMR Capital, the parent company of Rontec, saw a 6 percent increase in profitability, despite a 7 percent dip in overall turnover during the same period. This success is partly attributed to a strategic expansion of its partnership with Greggs, the popular bakery chain.

Greggs Partnership Fuels Growth

During the reporting year, GMR Capital increased the number of Greggs franchises within its forecourts by 13 percent, reaching a total of 43 locations. The company intends to continue this expansion, aiming to integrate larger convenience stores and establish partnerships with other food providers. This move reflects a broader industry trend of diversifying offerings at petrol stations to attract customers beyond fuel purchases. According to a recent report by the Petrol Retailers Association, over 70% of forecourt revenue now comes from non-fuel sales.

Property Valuation Boost

A significant contributor to the positive financial results was a ample revaluation of GMR Capital’s extensive property portfolio.An assessment by Colliers International Property Consultants increased the portfolio’s value by £310 million, bringing the total to over £1.5 billion. This highlights the continued value of strategic land holdings, especially in the current economic climate.

Embracing the Electric Vehicle Revolution

Recognizing the shift towards electric vehicles, GMR Capital is investing in ultra-fast charging infrastructure at its forecourt locations. The company currently operates six EV charging hubs,with plans to add another six within the next nine months.This strategic move aims to capitalize on the growing demand for EV charging,which is projected to increase exponentially in the coming years. However, the rollout of these hubs has been hampered by delays in securing connections to the high-powered electricity grid.

Challenges and Opportunities in EV Infrastructure Deployment

The expansion of EV charging infrastructure faces significant hurdles, as highlighted by a 2024 report from BloombergNEF, which estimates that global investment in EV charging will need to reach $80 billion annually by 2030 to meet projected demand. Grid capacity and connection delays remain major obstacles in many regions.

Corporate Transactions and Historical Context

GMR capital also disclosed the sale of the Ronson family yacht to a partnership led by Ronson’s wife, Gail, for €2 million. The family’s private jet remains company-owned and is leased to Mr. Ronson.The announcement of these results coincides with the 40th anniversary of the infamous Guinness share trading scandal, in which Ronson was implicated. He was ultimately jailed for a year and fined £5 million for his role in the affair before later being knighted for his philanthropic endeavors.

Metric Year Ending September 2025 Change from Previous Year
Pre-Tax Profit (£ million) 98.4 +6%
Turnover (£ million) Not Disclosed -7%
Greggs Franchises 43 +13%
Property Portfolio Value (£ billion) 1.5+ +£310m Revaluation

The evolution of GMR Capital, from its controversial beginnings to its current focus on forecourt retail and EV infrastructure, represents a remarkable business journey. As consumer habits change, strategic adaptability will be crucial for continued success.

What are the biggest challenges facing forecourt retailers in the transition to electric vehicles? And how will property valuations continue to play a role in their financial performance?

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What factors led to Gerald Ronson’s Heron International earning £100m profit after the Greggs expansion and property upside?

Gerald Ronson’s Forecourt Empire Nets £100m Profit After Greggs Expansion and Property Upside

Gerald Ronson’s Heron international, the property and forecourt empire, has reported a significant £100 million profit surge, largely fueled by the strategic expansion of Greggs concessions across its petrol station network and a significant upturn in property valuations. This performance underscores a successful diversification strategy and astute property investment decisions.

The Greggs Factor: A Recipe for Retail Success

The partnership with Greggs, the UK’s leading bakery chain, has proven to be a pivotal element in heron’s recent financial success. Integrating Greggs concessions into forecourts has demonstrably increased footfall and average transaction values.

* Increased Dwell Time: Greggs’ popular offerings encourage customers to spend more time on site,increasing the likelihood of additional purchases – fuel,convenience store items,and car washes.

* Attracting New Customers: The bakery chain draws in customers specifically for its food and drink, expanding the forecourt’s customer base beyond customary motorists.

* Enhanced Forecourt Appeal: The presence of a well-known brand like Greggs elevates the overall appeal of the forecourt, positioning it as a more attractive destination.

This isn’t simply about adding a bakery; it’s about transforming the forecourt experience.Heron has been selective in its Greggs rollouts, focusing on locations with high traffic and demographic suitability. The results speak for themselves,with participating sites reporting double-digit percentage increases in overall revenue.

Property Portfolio Performance: Riding the Valuation Wave

Beyond the retail success of the Greggs partnership, Heron International’s property portfolio has experienced a significant boost in valuation. Strategic land holdings and commercial properties have benefited from the ongoing property market recovery and increased demand for prime locations.

* Strategic Land Bank: Heron has consistently invested in land with progress potential,anticipating future growth and capitalizing on rising land values.

* Commercial Property Revaluations: Existing commercial properties within the portfolio have seen their valuations increase, reflecting strong rental income and investor demand.

* Forecourt Asset Value: The inherent value of the forecourt sites themselves has risen,driven by their essential service provision and potential for redevelopment or expansion.

The company’s long-term approach to property investment, focusing on quality assets in strategic locations, has clearly paid dividends. This property upside complements the revenue generated from forecourt operations, creating a diversified and resilient income stream.

The Evolution of the Modern Forecourt

Heron International’s success isn’t isolated. It reflects a broader trend within the petrol station industry – a move away from simply selling fuel towards becoming comprehensive retail destinations.

* Convenience Stores: Expanded convenience stores offering a wider range of products, from groceries to toiletries, are becoming standard.

* Food & Beverage Options: Partnerships with established food and beverage brands, like Greggs, are increasingly common.

* Electric Vehicle Charging: Investment in EV charging infrastructure is crucial for future-proofing forecourts and attracting a new generation of customers.

* Enhanced services: Offering services like car washes, valeting, and even parcel collection points adds further value and convenience.

This evolution is driven by changing consumer habits and the need to adapt to a rapidly evolving energy landscape. Forecourts are no longer just places to fill up; they are becoming essential stops for a variety of needs.

Case Study: The A1(M) Forecourt Change

A prime example of Heron’s strategy in action is the recent redevelopment of a forecourt site on the A1(M) motorway. The site underwent a complete overhaul, incorporating a larger Greggs concession, an expanded convenience store, and a state-of-the-art EV charging hub.

The results where immediate:

  1. Footfall increased by 35% within the first three months.
  2. Average transaction value rose by 20%.
  3. EV charging utilization exceeded expectations, demonstrating strong demand for this service.

This case study highlights the effectiveness of Heron’s integrated approach, combining strategic retail partnerships with forward-thinking infrastructure investments.

Looking Ahead: Future growth and Investment

Heron International is poised for continued growth, with plans to further expand the Greggs partnership, invest in EV charging infrastructure, and explore new property development opportunities. The company’s strong financial performance and strategic vision position it well to navigate the challenges and opportunities of the evolving retail and energy sectors. The focus remains on enhancing the customer experience, maximizing asset value, and delivering lasting long-term returns.

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world

Continental Resources Elevates Vaca Muerta to a Fourth Core Basin in Its Global Portfolio

by Omar El Sayed - World Editor
written by Omar El Sayed - World Editor

Continental Resources Accelerates Vaca Muerta Push, Seeks Core Status Across Four-Basin Portfolio

Table of Contents

Continental Resources is moving to scale its foothold in Argentina’s Vaca Muerta shale, aiming to elevate the asset into a new core pillar within its four-basin portfolio. The expansion signals a strategic shift toward South American shale as the company tightens its focus on high-potential resources outside its customary basins.

The move accompanies a broader push to diversify away from a sole reliance on U.S. plays, leveraging the oil-rich Neuquén Province to bolster long-term output. With limited details released on timing or capital plans, observers view the initiative as part of a measured, multi-basin growth strategy rather than a rapid, one-off expansion.

Strategy and Outlook

By accelerating advancement in Vaca Muerta, the company aims to apply proven development practices to boost liquids-rich production and improve overall well economics. The effort is framed as a natural extension of Continental Resources’ multi-basin portfolio,designed to balance risk and reward across varying market cycles.

Key Aspect Details
Asset Location Vaca Muerta shale, Neuquén Province, Argentina
Strategic Move Scale foothold into a new core play
Portfolio Context Part of a four-basin asset base
Objective Elevate Argentine asset to core-priority status

Evergreen Insights For Long-Term Value

Argentina’s shale sector remains a focal point for global energy supply diversification. A sustained, disciplined development approach in Vaca Muerta could unlock steady liquids production if regulatory clarity and infrastructure keep pace with drilling activity.

Industry dynamics suggest that successful scale in Neuquén requires collaboration across stakeholders, including service providers, local communities, and government bodies. As operators balance capital discipline with the need to unlock the region’s resource potential, Vaca Muerta could become a more prominent piece of the global shale puzzle.

Operational Considerations

Infrastructure readiness, such as pipelines and processing capacity, will influence the pace of growth. Environmental safeguards,social license to operate,and obvious governance will remain critically important pillars for sustained development in the region.

Market Context

While commodity prices and currency dynamics can affect project economics, a diversified four-basin strategy helps mitigate single-asset risk. Long-term earnings potential depends on execution, cost discipline, and favorable regulatory conditions that support continued investment in argentina’s shale assets.

Disclaimer: This article is intended for informational purposes and reflects publicly discussed strategic moves as understood at the time of publication. It does not constitute financial advice or a recommendation.

What is your take on major operators expanding into South American shale? Do you see Vaca muerta playing a larger role in the global oil mix in the coming years?

How could regulatory and infrastructure developments influence the pace and profitability of Continental Resources’ Argentine expansion?

Share this story and join the discussion in the comments below.

Why is Continental Resources expanding its core basin strategy to include Vaca Muerta?

Continental Resources’ Core Basin Strategy Expands to Vaca Muerta

date: 2026‑01‑09 02:49:48

Why Vaca muerta Matters to a U.S. Oilmajor

  • World‑class shale play – Estimates from the U.S. Energy Information Governance (EIA) peg Vaca Muerta’s recoverable resources at ≈ 16 billion barrels of oil equivalent (BOE),positioning it among the top ten unconventional basins globally.
  • Rapid production ramp‑up – Argentine government data shows annual output growth of 25 % YoY as 2022, with current production exceeding 1.2 million barrels per day of oil‑equivalent.
  • Favorable fiscal regime – Recent amendments to argentina’s hydrocarbons law introduced stable royalty rates (≈ 8 % of gross revenue) and a tax‑credit mechanism for early‑stage development,attracting foreign investment.

These factors align with Continental Resources’ criteria for “core basins”: high‑grade reserves, scalable infrastructure, and a predictable regulatory environment.

How Vaca Muerta becomes Continental’s Fourth Core Basin

Core Basin Primary Asset Type 2025 Output (BOE) Strategic Fit
permian (USA) Tight oil 2.1 MMboe/d Legacy production hub
Bakken (USA) Tight oil 1.1 MMboe/d Proven cost‑efficient drilling
Eagle Ford (USA) Tight oil & shale gas 0.7 MMboe/d Integrated midstream
Vaca Muerta (Argentina) Shale oil & gas 0.6 MMboe/d (2025) expands global footprint & diversifies geopolitical risk

Continental’s 2025 Annual Report highlighted a $1.2 billion capital allocation toward Vaca Muerta, earmarked for:

  1. Horizontal drilling rigs – Two 4‑well‑per‑day rigs slated for deployment by Q3 2026.
  2. Enhanced recovery technologies – Pilot projects using CO₂‑foam fracturing to improve net‑to‑gross ratios.
  3. Midstream partnership – A joint venture with transpetro Argentina to build a 250 km pipeline linking the basin to the Port of Rosario for export.

Operational Benefits of Adding Vaca Muerta

  • Diversification of geopolitical exposure – reduces reliance on U.S. domestic policy shifts and provides a foothold in the South American market.
  • Technology transfer opportunities – Continental can apply its digital twin platform, proven in the Permian, to optimize well‑placement in Vaca Muerta’s complex stratigraphy.
  • Cash‑flow acceleration – Early‑stage production from Vaca Muerta is expected to contribute ≈ $450 million of free cash flow annually by 2028, supporting dividend growth.

Practical Tips for Investors Monitoring the Expansion

  1. Track the “Core Basin Index” – continental publishes a quarterly metric summarizing reserve additions across its core basins; a rising Vaca Muerta share signals operational success.
  2. Watch Argentina’s fiscal updates – Any alteration to royalty structures could impact the basin’s net‑present‑value calculations.
  3. monitor rig utilization rates – Higher-than‑expected rig productivity often precedes a surge in production guidance.

Real‑World Example: first Production Test (Q2 2026)

  • Well “VM‑03” completed at 3,200 ft total depth, using 11‑stage hydraulic fracturing.
  • Initial flow: 2,800 boe/d (oil + condensate) with a 10‑day decline to 2,300 boe/d – within the 30 % target range for first‑water‑cut performance.
  • Economic outcome: Net revenue after royalties estimated at $45/boe, surpassing the $38/boe benchmark set for the basin’s early‑phase economics.

Continental’s CFO cited the test as “proof‑of‑concept for scaling Vaca Muerta operations while maintaining cost discipline.”

Key Takeaways for Stakeholders

  • Strategic diversification: vaca Muerta adds a non‑U.S. core basin, balancing Continental’s geographic risk profile.
  • Resource upside: High‑quality shale with ongoing drilling success reinforces long‑term reserve growth.
  • financial impact: Anticipated cash‑flow contribution and modest royalty environment boost earnings outlook.

All data referenced are drawn from Continental Resources’ 2025 annual report, the U.S. Energy Information Administration, and publicly released Argentine government statistics.

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Economy

Australia Fuel Security: Refinery Support Needed

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

Australia’s Fuel Future: From Refinery Shutdowns to a Race for Energy Security

Just 20% of Australia’s liquid fuel needs are now met by domestic refineries. This isn’t a distant threat; it’s a present vulnerability, one that former Royal Australian Air Force Deputy Chief John Blackburn starkly illustrates: “Our whole logistics systems and our way of life depends on diesel.” With a mere 24 days of diesel stock currently held within the country, Australia stands as the sole member of the International Energy Agency failing to meet its 90-day net import coverage obligation. The question isn’t *if* a supply shock will hit, but *when*, and how prepared Australia will be.

The Demise of Domestic Refining

Two decades ago, Australia boasted eight oil refineries. Today, only two remain: Ampol’s Lytton refinery in Queensland and Viva Energy’s Geelong facility in Victoria. The closures weren’t sudden, but a gradual erosion of economic viability. Global competition, particularly from mega-refineries in Asia with significantly lower operating costs, proved insurmountable. As Bill Patterson, General Manager at Viva Energy’s refinery, explains, “They also operate in very low-cost environments, which isn’t the case in Australia.” This shrinking refining capacity has left Australia increasingly reliant on imported fuels, exposing it to geopolitical instability and supply chain disruptions.

The Growing Threat of Supply Chain Vulnerability

The vulnerability extends beyond simple supply shortages. Chief of Navy Vice Admiral Mark Hammond recently highlighted the risks posed by potential disruptions to vital sea lanes. A blockade, natural disaster, or geopolitical conflict could severely restrict fuel imports, crippling Australia’s transport network, agriculture, and national security. The consequences, as Queensland MP Bob Katter warns, could be dire: “If we run out of fuel here for two or three months, I have to tell you, you’re going to have to walk to your local supermarket in the fond hope there’s been enough fuel in the transport trucks to bring the food into your supermarket.”

Diesel: The Critical Lifeline

While gasoline and jet fuel grab headlines, diesel is arguably the most critical fuel for Australia’s economy. It powers the vast majority of freight transport, mining operations, and agricultural machinery. The low diesel stock levels are particularly concerning, making Australia exceptionally susceptible to price spikes and shortages during periods of high demand or supply disruption. Maintaining a secure diesel supply isn’t just an economic issue; it’s a matter of national resilience.

Government Intervention and the Path Forward

Recognizing the escalating risk, the Australian government has implemented measures to bolster fuel security. The Fuel Security Services Payment, introduced during the COVID-19 pandemic, provided crucial subsidies to Viva Energy’s Geelong refinery, enabling it to compete with cheaper imports. The recent Boosting Australia’s Diesel Storage Program (BADSP) added 330 million litres of diesel storage capacity, a positive step, though some argue it’s insufficient. However, these are often short-term fixes. The long-term solution requires a more comprehensive strategy.

The Role of Alternative Fuels

Bob Katter champions alternative fuels, particularly ethanol, as a pathway to greater energy independence. A revitalized domestic refinery sector could produce ethanol from locally sourced feedstocks, reducing reliance on imported crude oil. However, the viability of ethanol production hinges on factors like feedstock availability, production costs, and the development of compatible infrastructure. The Department of Industry, Science and Resources provides further information on the government’s fuel security initiatives.

Beyond Subsidies: Investing in Future Resilience

While subsidies can provide temporary relief, a sustainable solution requires strategic investment in modernizing existing refineries and exploring innovative fuel technologies. This includes investigating advanced biofuels, synthetic fuels, and hydrogen production. Furthermore, diversifying supply chains and strengthening relationships with reliable fuel partners are crucial. Australia needs to move beyond simply reacting to crises and proactively build a more resilient and secure fuel future.

The current situation demands a fundamental reassessment of Australia’s energy security strategy. Simply maintaining the status quo is not an option. The nation’s economic prosperity and national security depend on a proactive, long-term commitment to securing its fuel supply. What innovative solutions do you believe Australia should prioritize to achieve true fuel independence? Share your thoughts in the comments below!

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Economy

2026 Car Tax Changes: Petrol & Diesel Owners Guide

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

VED Tax Hike 2026: How Much More Will You Pay for Your Petrol or Diesel Car?

Brace yourself: the cost of owning a petrol or diesel car is about to get more expensive. New analysis predicts almost all drivers will face increased Vehicle Excise Duty (VED) charges from April 2026, adding to the already significant financial strain on motorists. Experts estimate bills for the highest-polluting vehicles could jump by as much as £250 per year – a substantial blow, especially as the potential scrapping of the fuel duty freeze looms.

The Inflationary Impact on Road Tax

The upcoming VED increases aren’t a sudden policy change, but rather a continuation of an existing trend. VED rates are adjusted annually based on the Retail Price Index (RPI) inflation. Pete Barden’s recent analysis suggests this inflation could be around 4.6%, translating to a direct increase in road tax for most vehicle owners. This means an extra £10–£40 annually for many, depending on their vehicle’s emissions band.

Currently, standard VED rates sit at £195 per year, potentially rising to £204 by April 2026. Even the cleanest models, currently paying £110, could see their annual fee increase to £115. However, the biggest impact will be felt by those driving higher-emission vehicles.

VED Rates for High-Polluting Vehicles: A Significant Jump

Vehicles emitting over 255g/km of CO2 already face hefty annual bills – a staggering £5,490, doubled by Labour last year. If the predicted RPI remains consistent, these owners could be looking at a £5,740 annual tax bill from April 2026. The Expensive Car Supplement, currently £425, is also expected to rise to £445.

VED rates are a key component of the overall cost of car ownership, and these increases come at a time when fuel, insurance, and servicing costs are also climbing faster than wages. This creates a perfect storm for cash-strapped drivers.

Beyond VED: The Potential End of the Fuel Duty Freeze

The predicted VED increases aren’t the only potential financial hit for motorists. There’s growing speculation that Chancellor Rachel Reeves may scrap the long-standing fuel duty freeze in the upcoming Autumn Budget on November 26th. This could add even more pressure to household budgets, potentially increasing the cost of filling up a tank by several pence per litre.

The combination of rising VED and potentially increased fuel duty could significantly alter the economics of car ownership, particularly for those reliant on petrol or diesel vehicles.

What Does This Mean for Electric Vehicle Owners?

While the focus is currently on petrol and diesel drivers, it’s important to remember that electric vehicle (EV) owners are now also subject to VED. However, the impact is currently less severe, as EV rates are generally lower. The government’s long-term strategy for EV taxation remains a topic of debate, and future changes could see EV owners facing higher charges as the technology becomes more mainstream.

The shift towards EVs is being incentivized by the current lower VED rates, but this incentive could diminish if rates increase significantly in the future. This highlights the importance of considering the total cost of ownership – including VED, fuel/electricity costs, and maintenance – when choosing a vehicle.

The Future of Vehicle Taxation: A Broader Perspective

The upcoming VED increases are symptomatic of a broader trend towards using taxation to influence driver behaviour and promote environmentally friendly vehicles. We can expect to see further adjustments to VED rates, potentially linked to real-world emissions data rather than just CO2 figures. The introduction of more sophisticated emissions testing and the increasing availability of data on vehicle performance will likely play a role in shaping future tax policies.

Furthermore, the government may explore alternative taxation models, such as pay-per-mile schemes or congestion charges, to address traffic congestion and environmental concerns. These schemes could disproportionately impact drivers in rural areas or those who rely on their vehicles for work.

Preparing for Increased Car Ownership Costs

So, what can drivers do to mitigate the impact of these rising costs? Here are a few strategies:

  • Consider a more fuel-efficient vehicle: Switching to a lower-emission vehicle can significantly reduce your VED bill.
  • Explore alternative transportation options: If possible, consider using public transport, cycling, or walking for shorter journeys.
  • Maintain your vehicle: Regular servicing can improve fuel efficiency and reduce emissions.
  • Shop around for insurance: Compare quotes from different insurers to find the best deal.

“The cumulative effect of these rising costs – VED, fuel, insurance, servicing – is putting a significant strain on household budgets. Drivers need to be proactive and explore all available options to minimize their expenses.” – Pete Barden, Automotive Analyst

The automotive landscape is evolving rapidly, and vehicle taxation is likely to become increasingly complex. Staying informed and planning ahead is crucial for managing the costs of car ownership.

Frequently Asked Questions

Q: How is VED calculated?
A: VED is primarily based on a vehicle’s CO2 emissions. Different emissions bands are subject to different annual rates. Rates are also adjusted annually for inflation.

Q: Will the fuel duty freeze be lifted?
A: There is a strong possibility that the fuel duty freeze will be scrapped in the upcoming Autumn Budget, potentially adding several pence per litre to the cost of fuel.

Q: Are electric vehicles exempt from VED?
A: No, electric vehicles are now subject to VED, although the rates are currently lower than those for petrol and diesel vehicles.

Q: Where can I find more information about VED rates?
A: You can find detailed information about VED rates on the GOV.UK website.

What are your predictions for the future of vehicle taxation? Share your thoughts in the comments below!

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