Is Topaz set to purchase Tesco Ireland forecourts?
Topaz continues investment in network portfolio through the planned purchase of Tesco Ireland's fuel sites
24 April 2017
Industry sources suggest plans for a major forecourt acquisition are afoot, with Topaz understood to be gearing up to purchase Tesco Ireland’s petrol forecourt network.
Tesco Ireland operates some 20 forecourt sites in the Republic of Ireland. Topaz currently owns 438 stations across the island, including its recently acquired Esso station network. Of these stations, 161 are owned by Topaz and 274 by dealers. The company also operates a large commercial fuels business, with over 30 depots and two owned terminals across the country.
If the purchase proceeds, the acquisition of Tesco Ireland’s forecourt network will follow a number of major investments made by Topaz in its network over recent months.
In February, the fuel and convenience retailer announced it would be creating a total of 230 jobs in conjunction with McDonald’s, across two motorway service areas strategically located on the M8 Cork/Dublin Road in Fermoy and the M9 Dublin/Waterford Road at Rathcrogue, Co. Carlow.
The overall Topaz investment in the construction of both of the new state-of-the-art service stations is set to total €14 million, with another €2 million investment in the sites by McDonald’s.
The latest deal also follows a €1.2 million investment in a major site redevelopment at Dublin Port in partnership with Dublin Port Company late last year. In February, Topaz reported that over the previous 24 months, it had invested €36.1 million in its retail network with investment going towards the development of its Re.Store brand, the upgrade and rebrand of the recently acquired Esso network, and the development of major Topaz sites at City Avenue in Dublin and Ballysimon in Limerick.