Jobs saved as Topaz pumps €1.4m into five struggling petrol stations
FUEL group Topaz has invested nearly €1.4m in five sites, including €1m in three petrol stations that were part of an examinership process earlier this year.
Topaz, which is Ireland's largest fuel retailer, said it invested the €1m in the stations that were previously part of the Brinkhall Group.
Two of the stations are located in Co Kildare and another in Co Wicklow.
A number of Brinkhall operations were in financial difficulty and were placed in examinership in May after becoming insolvent.
As a deal to exit that examinership process, a Topaz subsidiary stepped in to provide investment for the petrol stations. That secured close to 60 jobs.
Topaz also invested in two other unrelated petrol stations that were due to close in Mullingar and Athlone, Co Westmeath. Those two sites employed a total of 24 people. Topaz has invested €350,000 in the two operations.
Marketing and corporate services director at Topaz Paul Candon said the company was pleased to be in a position to expand its network and protect employment.
He said the company had "ambitious plans" for all five sites.
Topaz generates annual turnover of €3bn and has 328 sites across the country, employing 1,600 people.
Mr Candon said while current market conditions were "challenging, Topaz is continuing to grow its business".
The group generated earnings before interest, tax, depreciation and amortisation of €36m in the year to the end of March 2011.
The company is backed by Dublin-based Ion Equity, and businessmen Denis O'Brien and Gerry Barrett.