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Departing Tedcastle directors share €1.25m payout

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Accounts: The Tedcastle Group is behind the Top Oil brand

Accounts: The Tedcastle Group is behind the Top Oil brand

Accounts: The Tedcastle Group is behind the Top Oil brand

Departing directors at the Tedcastle Group shared termination payments of €1.257m last year.

The payout to the directors followed the purchase by Canada-based Irving Oil of the family-owned Tedcastle Group, which contributed to the firm recording pre-tax losses of €4.05m in the 12 months to the end of March last. 

The Tedcastle Group operates the Top Oil brand.

New accounts for the Tedcastle Group, via Hillingdon Investment Company Unlimited Company, show that the business recorded the loss as revenues increased marginally to €1.09bn last year. 

The business owns a 55,000-tonne import terminal at Dublin Port, and more than 200 service stations and 21 heating oil depots. 

The directors said that the performance of the group was satisfactory.

Eight directors stepped down from the board on January 30 last year.

Along with the payout to directors, Hillingdon recorded the pre-tax loss due in part to reorganisation and transaction costs of €3.3m concerning the Tedcastle Group purchase. Share-based payments of €10.6m and pension costs of €1.36m also contributed to the pre-tax loss. Before the various costs, Hillingdon recorded an operating profit of €11.1m, down 11pc on the profit of €12.57m in fiscal 2018.

Numbers employed last year increased to 544 from 479, as staff costs went up to €32.4m from €24.4m. 

The staff costs include the share-based payments of €10.6m. Pay to directors totalled €6.7m, which included the termination payments of €1.25m and share-based payments of €4.3m.

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