Roadside Real Estate plc
Roadside Real Estate Plc (formerly Barkby Group Plc) is a UK, AIM-listed real estate business whose stated vision is to build a scalable portfolio of high-quality petrol filing stations (PFS) and roadside retail assets, underpinned by a best-in-class management team. During FY2025 the Group restructured to focus solely on this roadside/forecourt real estate strategy, co-investing via the Meadow Partners LLP joint venture (Roadside funds/owns 3%) and disposing of its legacy Commercial Property, automotive and Cambridge Sleep Sciences (CSS) businesses. At the year end its only wholly-owned operating asset was a former Sainsbury's petrol filling station in Coventry, with a six-site Gardner Retail forecourt portfolio under binding agreement to complete after the year end.
7 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (7)
FY2026Next report expected 31 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Roadside Real Estate Plc, which is building a portfolio of petrol filling stations and roadside shops, had no revenue in the year to 30 September 2025, the same as the year before. It made a profit after tax of £507k, down from £43.4m, while its loss before tax narrowed to £1.6m from £3.1m. During the year the company sold its older property, car and sleep-science businesses to focus only on forecourts. Its costs were pushed up by professional fees for deals and disposals, which rose to £3,463k from £660k. One-off gains lifted the final profit, including a rise in the value of an agreement to sell its remaining Cambridge Sleep Sciences stake. Cash at the year end was £128k and borrowings were £17.9m, all lent by a company controlled by the chief executive's family. No money was raised from shareholders and no dividend was proposed. The chairman described a solid financial foundation, with six Southwest England petrol stations due to be bought on 25 February 2026. But the auditor highlighted serious doubt over whether the company can keep going, as it relies on a planned share sale of at least £20m or extra borrowing.
From the reportevery line sits on the page it namesWhat drove revenueRoadside real estate asset management and development fees/rental income (continuing operations)
Revenue from continuing operations principally arises from roadside real estate asset management and development activities; continuing revenue was £nil in both FY2025 and FY2024
page 49AndMeadow JV asset management fee income
Other operating income of £50k management fee (2024: £21k) received from the Meadow JV arrangement
page 62What moved the margintailwindGroup cost base review/reduction following disposal of non-core businesses
"The Group's cost base has now been adjusted to ensure it is appropriate for the ongoing operations of the Group"
page 9AndheadwindElevated professional fees from M&A activity and disposals
Administrative expenses included professional fees associated with exploring M&A opportunities and the acquisition of Gardner Retail Ltd as well as costs associated with the disposal of non-core businesses and reorganisation; professional fees rose to £3,463k (2024: £660k)
page 9What management saidChairman: Roadside now stands on a solid financial foundation, with strong resources to execute on our acquisition pipeline and grow our earnings profile.
page 5Going concern and the auditAudit opinion unmodified (unqualified) but drawing attention to a material uncertainty related to going concern (reliance on cash flows from an equity fundraising and/or utilising debt facilities of uncertain timing and quantum); the Group's strategy is centred on petrol forecourts, with cashflow forecasts to 28 February 2027 assuming an equity fundraise of at least £20m, a downside scenario showing an additional funding requirement of £19.1m that management believe is covered by the Tarncourt facility headroom. Key Audit Matters: disposal accounting/discontinued operations, accounting treatment of the CSS put option, and investment-in-associate vs held-for-sale classification. Auditor: Crowe U.K. LLP (John Charlton, Senior Statutory Auditor), dated 17 February 2026.
page 31The risks it names first- Reliance on Tarncourt Facility - a related-party financing facility controlled by the CEO, required until the Group becomes cash flow positivep.11
- Successful completion of the CSS put option - counterparty (CGV) default risk on the £48m put optionp.11
- Real Estate Funding - macro factors (higher interest rates, low GDP, geopolitical instability) affecting availability of capital for UK real estate development/investmentp.11
- JV Acquisition Risk - timing uncertainty in sourcing and securing Meadow JV acquisition opportunitiesp.11
Read from C001107-AR-2025-ch.
- FY2022Year to 2 Jul 2022 Opens with a free accountThe report, its reading and its figures
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- FY2019Year to 31 May 2019 Opens with a free accountThe report, its reading and its figures