Oil 4 Wales celebrates £110 million turnover during latest financial year
Wales’ leading oil distributor is celebrating achieving a turnover of £110 million in its latest financial results.
Oil 4 Wales, which is run by father and daughter team Colin and Sally Owens, saw turnover rise by £20 million in 2016/17, up from £90 million in the previous year.
The company, which supplies 65,000 domestic and commercial customers across Wales, also achieved a small profit, which is reflective of the over-supply of the market and volatile prices.
The results also follow a year of investment for the community-focussed business.
It invested £200,000 into the redevelopment of its owned and operated petrol station in Maesteg - Maesteg 24/7. The significant investment provided enhanced facilities including a total redesign of the shop and the development of a modern and spacious new café.
Facilities were also improved at its depot in Powys thanks to a £300,000 investment, which enabled the site to become fully bottom loading to serve the local farming community more efficiently.
During the year, the independent oil distributor also recruited 27 new members of staff, reaffirming its commitment to employing local people across its depots in Cardiff, Carmarthen, Blaenau Ffestiniog, Newtown, Lampeter, Maesteg, Brecon and Pembroke Dock.
Alongside its staff and brand expansion, Oil 4 Wales has also strengthened its support for charitable and agricultural causes, attending 17 events, including ploughing matches, muck and slurry events, the Vale of Glamorgan Agricultural Show, Anglesey Agricultural Show, Pembroke Show, and the Denbigh and Flint Show.
On its latest results, managing director Colin Owens, said: “For a company of our turnover, the profit is smaller than we’d hoped, but it does reflect the over-supply and volatile market in the current political climate.
“Also over the past 12 months, we have worked tirelessly to enhance our depots and petrol stations for our loyal customers, create employment opportunities, and provide vital support within the communities that we serve.
“These results are a testament to our teams’ hard work throughout the year, and we’d like to thank them for their dedication once again.
“Our growth comes after a period in which Oil 4 Wales has made significant investment, so we are thrilled that we are having a positive impact across the communities we serve.
“We are committed to the communities of Wales through employing local staff, using local suppliers, providing a fair deal to our customers, supporting local causes and investing in the local community. This is something we will build on in our new financial year.
“During the next year we plan to strengthen and expand the brand even further through a number of high-profile projects, which we will announce in due course. And over the next five years, we are aiming to continue achieving growth of 20 to 30 per cent year on year whilst building up our reserves to ensure the company’s long-term future. We would also like to establish a relationship with the Welsh Government and help Welsh profits stay in Wales.”
Established in 2010, Oil 4 Wales has grown considerably over the last seven years and now supplies 65,000 domestic and commercial customers across Wales.
Its seven depots in Cardiff, Carmarthen, Blaenau Ffestiniog, Newtown, Lampeter, Brecon and Pembroke Dock handle a total volume in excess of 160,000,000 litres of fuel per annum.
In excess of 16,000,000 litres of fuel are supplied to some of Wales’ leading businesses including Mansel Davies & Son, Edwards Coaches, Walters Group and Persimmon Homes.
It owns four petrol stations and operates a further 27 in franchise agreements.