Top Oil new owner eyes further growth in Irish market

Irving Oil, the Canadian fuel group which last year acquired the family-owned Tedcastle group, has said it is wants to grow its business in the Republic.

The New Brunswick-headquartered group, which also owns the Whitegate oil refinery in Co Cork, bought the company behind the Top Oil brand in a multi-million euro deal last August.

As the group announced the completion of the takeover, Irving Oil chairman Arthur Irving said it was a historic day for the company.

Top Oil, which sells more than one billion litres of fuel every year to commercial and residential customers, is a supplier of home heating oil, commercial and agricultural fuel. It owns a 55,000 tonne import terminal at Dublin Port and more than 200 service stations. It also has 22 inland depots and 20 dedicated fuel card sites.

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The original company was founded in 1800 by Robert Tedcastle to import and distribute coal in Dublin. It rebranded from Tedcastles Oil Products to Top in 1996. The parent, Tedcastle Holdings, recorded turnover of €1.1 billion in 2017 and employs 470 people.

The acquisition required approval from the Competition and Consumer Protection Commission before it could be completed.

Whitegate

Irving acquired the Whitegate oil refinery in Cork from Philips 66 in August 2016. It is a family-owned group that operates Canada’s biggest refinery, which handles 320,000 barrels a day. The company supplies wholesale and retail customers in Canada and the United States.

"This acquisition allows us to further expand and build upon our success in Ireland, matching the Top Oil business with the Whitegate refinery," said Ian Whitcomb, president of Irving Oil.

Filed accounts show turnover at the refinery, which provides about 40 per cent of Irish petroleum needs, rose by 18 per cent to $1.5 billion (€1.3 billion) in 2017.