Topaz invests €6m in new fuel brand Miles

Investment covers pumps and forecourt renovations

Gordon Lawlor, Topaz fuels director, with the new Miles fuel brand.

Gordon Lawlor, Topaz fuels director, with the new Miles fuel brand.

 

Topaz is investing €6 million in the roll-out of a new fuel brand, Miles, across its 430 Irish petrol stations.

Miles is the fuel brand owned by Canadian group Alimentation Couche-Tard, which acquired Topaz in a deal which closed in February 2016.

Couche-Tard has been introducing the Miles petrol and diesel brand at its stations across Europe in recent years. The company said additives in its fuel reduces consumption by up to 3 per cent as well as lowering maintenance costs for motorists.

The €6 million covers investment in new pumps and forecourt renovation and branding as well as advertising and marketing costs.

Alimentation Couche-Tard, which operates more than 15,000 outlets worldwide, paid €258 million in cash to Denis O’Brien for Topaz as well as taking on debt in a transaction that was reported at the time to be worth in the region of €450 million.

Mr O’Brien had bought the debts of Topaz for €150 million from Irish Bank Resolution Corporation (IBRC), the former Anglo Irish Bank, and paid a further €75 million for Esso’s Irish assets just before the Couche-Tard sale.