Moto Hospitality has reported a 0.9% increase in turnover to £1.07bn in the year ended 27 December 2023.

The group is well placed to benefit from “recovery and growth” in the UK economy and remains focused on long-term growth, according to its latest accounts on Companies House.

Turnover has exceeded the recovery of that of the National Highways traffic, with traffic levels returning to c97.4% of pre-Covid levels in 2019.

Moto operates a national network of 69 sites at 52 locations, including 53 sites at 38 MSA locations as well as a number of off-motorway locations.

In 2024, the business will invest in the development of two new sites and the opening of a further 33 new trading units, “providing higher and more assured returns.”

The group invested £39.4m in capital expenditure in 2023, investing in the ‘transformation of the UK rest stop experience.’ Investment was focused on redeveloping numerous sites, including the rollout of 35 new trading units across KFC and Pret a Manger.

This was alongside investment in the tech infrastructure to leverage future growth and the purchase of land at two locations.

The business has recovered well post-Covid and responded robustly in a highly inflationary market, according to the accounts.

Investment will continue in the transformation strategy to roll out new brands and materially change the landscape of EV charging across the UK’s road network, while improving efficiency and the customer experience through new tech infrastructure.

The group has worked with its partners, Gridserve and Tesla, to roll out 304 high powered chargers across its sites, marking progress towards the government-mandated goal of a minimum of six high-powered chargers per site at the end of 2023.

It now has 675 chargers across its estate.

Moto successfully refinanced its debt in 2022, raising £835m with a tenure of 7-15 years, across UK institutes and US private placements, locking in at preferential interest rates prior to market increases.

Profit after tax stood at £28.8m, up from £23.4m in 2022, and operating profit increased from £55.6m to £62.9m.

In May 2024, Sky News reported the owners of Moto are preparing to put the company up for sale for more than £2bn.

It is understood that CVC Capital Partners and the Universities Superannuation Scheme (USS), which have jointly owned Moto since 2015, have hired Rothschild to oversee an auction of the operator.