Topaz Confirms Sale Of Irish Home Heating Oil Business

Oil Heated Households Enjoy the Cheapest Fuel Bills

Fuel retailer Topaz Energy, acquired by Canadian group Alimentation Couche-Tard in 2015, has sold its home-heating oil business in multimillion-euro deals.

Capital Oil Supplies, which supplies home heating oil in Dublin and Kildare, has bought the Topaz home heating business in the Republic of Ireland, while Derry based Nicholl Fuel Oils has acquired the business in Northern Ireland. Topaz confirmed the sale of the companies but would not comment on the financial terms of the transactions.

The fuel group estimated in the past that it had 250,000 home heating oil customers. Topaz said the home heating business had 55 staff, and that all employees had transferred to the new owners. The sale involves the transfer of a number of Topaz depots and warehouses to the new owners. Topaz still has a network of almost 450 filling stations, and a commercial and aviation fuel business.

Capital Oil, owned by Dublin businessman Declan Carmody, had turnover of €24.5m in 2015 and made €180,558 profit after tax. It had retained earnings of €7.7m at the end of 2015.

Nicholl Fuel Oils, based in Greysteel, Derry, is one of the biggest privately owned companies in Northern Ireland, with sales of £210.4m (€243m) in the financial year ending May 2016. It made £1m pre-tax profit and has retained profits of almost £75m, according to its latest accounts.