A SERVICE station in Fermoy is one of 13 retail sites across the country which has been bought by Corrib Oil.
The Texaco station on Cork Road in the town has been purchased under an agreement reached between Corrib Oil and the H2 Group, which has now been acquired by Corrib Oil.
The H2 Group has 13 sites across the south and east of the country, in Kerry, Kildare, Limerick, Tipperary, Dublin, Laois, Offaly, as well as Fermoy.
As a result of the deal, Corrib Oil will operate across 54 sites in 16 counties. The company currently has 700 people. The acquisition of the H2 Group will bring total employee numbers to over 1,000 people.
Eugene Dalton, Chief Executive Officer, Corrib Oil said that the acquisition of H2 Group is a significant step in the company’s growth strategy, presenting opportunity for both the retail and distribution businesses to develop further.
He said: “In H2 Group we see great potential and have acquired a network of strong and profitable businesses, led by an expert team. Adding the company’s leading and strategically positioned retail sites to our portfolio expands our presence and our retail footprint across the country, with 54 sites in 16 counties. Our expanded business will have the scale, breadth and capabilities to compete more effectively and offer an enhanced and expanded service to more customers, through our leading brand partners and our home heating and oil services.” Sean Heaphy, Managing Director, H2 Group said that the acquisition was a positive development and a great opportunity for both businesses.
He continued: “The merger of both businesses means we’re creating a larger retail group and offering in Ireland and, together with our partner network, can capitalise on this scale for our employees, suppliers and partners. The acquisition is testament to the strong business that our team has built over the past 17 years, and I look forward to working with Eugene and team in further developing the Corrib Oil business.”