Top Oil Tumbles as Irving Invest
Irving Oil has purchased the Tedcastle group of companies, which operates under the Top Oil brand, two years after purchasing Ireland’s only refinery at Whitegate.
The move from Irving Oils to take-over from Top Oils could be seen as a logical step to many within the industry, as the company has been pushing for rapid expansion in the through Europe for several years.
However, it would seem than rather than a complete buy-out the companies will be working together to enhance the current brand, rather than implementing new business models.
The potential deal that has been set in place for Irving to acquire Top Oil could mean that we see a partnership of two of the biggest oil companies currently within Ireland. Top Oil have refused to comment on the reasoning behind why they let the acquisition go ahead, however, logic would dictate that it is due to it being a sensible way to expand their services, whilst holding on to their brand.
With a terminal at Dublin Port, 20 inland depots, 200 dealer and company-owned forecourts and 20 dedicated fuel card sites, Top Oil provides a reliable supply of fuel products to the country’s businesses and consumers, and with Irving partnering alongside them, they could enhance their resources.
From Irving’s point of view, it will enable them to further expand their business across the Atlantic basin, giving them a tighter grip on the Irish oil market.
Ian Whitcomb, president of Irving Oil has stated he excited to work with Top Oil and that this is a likely progression. Commenting: “We have worked hard to build strong customer relationships and establish meaningful community partnerships in Ireland and are delighted to continue to grow our business in this area. It’s a natural fit for us.”
The sale is subject to approval by the Competition and Consumer Protection Commission in Ireland, however, if the deal goes ahead branding throughout Ireland sites will remain as Top Oil and staff will be maintained. This is a positive note for the local economy surrounding Whitegate refinery.
Adding to the rhetoric of this being a partnership, Arthur Irving, chairman of Irving Oil said that: “We are proud to be doing business in Ireland and are looking forward to working with everyone at Top Oil. We’re excited about the future.”
This partnership could shake-up the oil industry in Ireland, but the Competition and Consumer Protection Commission could make a ruling on the acquisition. What this means for Ireland is still to be seen, however this is a statement of cohesion from two of Ireland’s fuel giants.