Family-run Oil 4Wales closes in on PS100m turnover target.
Byline: Chris Kelsey Assistant head of business email@example.com
INDEPENDENT oil distribution company Oil 4 Wales has closed in on its PS100m turnover milestone in its most recent results. The family-run business posted a turnover of PS97.6m in its latest accounts, up from PS86.7m the previous year.
Founded by entrepreneur Colin Owens in 2010, Oil 4 Wales supplies more than 35,500 customers in Wales.
It is the only Welsh oil distributor to have its fuel accredited by the FPS (Federation of Petroleum Suppliers) having been tested for its cleanliness.
In addition to five depots across Wales, the oil distributor supplies more than 30 petrol stations across the country.
Colin Owens, founder and managing director of Oil 4 Wales, said: "The oil industry has changed significantly in the last 10 years and you now have to be of a substantial size to thrive.
"The nature of the industry means that it's high volume, low margins, so we aim to be as competitive as we can be to become the national oil brand of Wales.
"We have been very fortunate to have a strong supply partner in BWOC Limited, not only in ensuring they satisfy all our fuel needs, but also in supporting us in the expansion and development of our business.
"Our five-year plan was to grow our turnover to PS100m, then consolidate over the next five years and build up profits and reserves.
"We have grown our business organically, however where opportunities arise that give us access to a new market, we are not averse to making acquisitions.
"In the past year, we have acquired the Milford Haven operation of Silvey, giving us access to the marine market in Pembrokeshire. We have also purchased Maesteg 24/7 Express Store Limited, which is a company that holds long-terms leases on three garages in Maesteg, Tenby and Porthcawl, adding to our franchised operations.
"In the last four months, we have opened a depot in Blaenau Ffestiniog giving us access to the North Wales market and we have further expansion scheduled later this year with planning permission for a new depot in Brecon.
"Once this is complete, we have one more depot in the pipeline in order to complete the jigsaw and cover the whole breadth of Wales."
Oil 4 Wales was recently one of 18 Welsh companies included in the London Stock Exchange's 1,000 Companies to Inspire Britain.
To be included in the list, which features the UK's fastest-growing small and medium sized businesses, Oil 4 Wales needed to show consistent revenue growth over a minimum of three years, significantly outperforming its industry peers.
Mr Owens added: "Recognition like this rewards the hard work shown by our employees to get us where we are today.
"When we established Oil 4 Wales, we did so with the aim of creating a truly independent Welsh oil brand that focused on giving a good deal to the communities of Wales.
"Five years on and we are now well on our way to making our vision a reality."
Founded by entrepreneur Colin Owens in 2010, Oil 4 Wales supplies more than 35,500 customers in Wales
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|Publication:||Western Mail (Cardiff, Wales)|
|Date:||Mar 18, 2015|
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