Roadside Real Estate annual report 2024/25: FY25 forecourt count and results

Quick answer: how many forecourts does Roadside Real Estate have?

At 30 September 2025, Roadside owned one petrol filling station asset: Austin Road in Coventry, which was under reinstatement, according to Roadside’s FY25 annual report.

Following the Gardner completion, Roadside added six operational forecourts, taking the practical total to seven PFS assets when Coventry is included, although Coventry was still under redevelopment at the FY25 report date set out in the annual report.

The distinction matters because Gardner was a post-balance-sheet acquisition rather than part of FY25 trading, as the annual report explains.

This article is not a replacement for the annual report; it is my read-through of the results and the forecourt plan.

Roadside Real Estate FY25 results at a glance

Roadside reported a £0.5m profit for the year including discontinued operations, down from £43.2m in FY24, in its FY25 results.

Continuing operations recorded a £1.56m loss, compared with a £3.13m loss in FY24, according to the same annual report.

The headline profit therefore needs context. The continuing business remained loss-making, while discontinued operations contributed to the overall result.

The strategy: forecourts and roadside retail

Roadside’s stated vision is to build a scalable UK portfolio of petrol filling stations and roadside retail assets, with convenience retail, food and beverage, a broader energy mix and decarbonised forecourt solutions forming part of the strategy in the annual report.

The Coventry site was acquired for £1.25m and was being reinstated as a petrol filling station and convenience store with EV charging and ancillary services, with completion expected in summer 2026 when the annual report was published.

This is the clearest example of the intended model: fuel, convenience retail and alternative-energy services on one site.

Exiting legacy commercial property

In September 2025, Roadside agreed to dispose of its commercial property business to Tarncourt for about £12m, resulting in £4.7m of net consideration receivable, according to the annual report.

Maldon and Wellingborough completed on 30 September 2025, while the Swindon and Spalding REIT disposal completed on 17 November 2025, the annual report records.

Strategically, that makes the story easier to understand. Roadside is moving away from a mixed property portfolio and towards forecourts and roadside retail.

What Gardner Retail adds

Roadside entered a binding agreement on 24 December 2025 to acquire Gardner Retail and its subsidiaries for an estimated £17.8m net consideration, with the transaction described as a post-balance-sheet event in the annual report.

Gardner’s six forecourts generated about 22 million litres of fuel sales in FY25, according to Roadside’s acquisition and equity announcement.

For the 12 months ended 31 July 2025, Gardner reported £33.9m of revenue, approximately £2.1m of adjusted EBITDA and £0.6m of profit before tax in the same company announcement.

Those figures explain the attraction. Gardner brings an operating platform and established trading sites rather than another development project.

Funding and going-concern risk

Roadside sought to raise about £20m at 60p per share to finance the Gardner acquisition and provide working capital, according to its equity announcement.

The auditor identified a material uncertainty related to going concern because Roadside was reliant on equity fundraising and/or debt facilities whose timing and amount were uncertain, although the audit opinion was not modified, as set out in the annual report.

That is the main counterweight to the strategic story. The forecourt plan may be straightforward, but investors still need to judge the cost, availability and timing of funding.

What investors should monitor

• Gardner’s trading contribution after integration.
• Progress on completing and opening the Coventry site.
• The terms and effect of further equity or debt funding.
• Evidence that the expanded forecourt platform can produce dependable cash flow.
• Further acquisitions and whether they improve returns without stretching the balance sheet.

Bottom line

Roadside’s direction is much clearer: dispose of legacy commercial property, build a forecourt and convenience-retail platform, and use Gardner to add operating scale.

The important nuance is the forecourt count. The FY25 balance sheet included one owned PFS asset under redevelopment, while the later Gardner completion added six operational sites.

For me, the next phase is about delivery rather than strategy. Gardner needs to integrate well, Coventry needs to move from development to trading, and the funding structure needs to support growth without undermining the investment case.