Topaz in talks to take over 40 Esso garages
Esso's parent company Exxon has been looking for a buyer for its Irish operations for some time
11 December 2014
Topaz is on the verge of making a deal to take over 40 Esso sites around the country. There is also the possibility of Topaz supplying another 60 Esso stores in a multi-million euro deal.
This is according to an industry source that claimed the talks are at an advanced stage on Newstalk radio this morning.
Esso’s parent company Exxon Mobil have been trying to find a buyer for its Irish operations for some time. Esso currently have about 10% of the Irish market, while Topaz has around 25% of the market.
Topaz was taken over by Denis O’Brien owned-company Kendrick last year.The company employs over 1,600 people and it has a turnover of more than €3bn.
Exxon Mobil has sold around $1bn in non-core assets recently and is reducing capital expenditure by $2.7bn this year in a bid to cut costs.
Topaz has refused to comment on the news at this point.