Ion group buys Shell businesses
Friday, 15 July 2005A consortium led by venture capital group Ion Equity has bought Shell's retail and commercial business in the Republic of Ireland. The price paid was not disclosed. The new business will continue to operate in the same way and will still be associated with the Shell brand.
Irish Shell owns six oil importation facilities in Dublin, Cork, Limerick, Galway, Derry and Greenore, 35 local distribution depots and 55 retail service stations. It also supplies 105 independently-owned service stations. The business is thought to have a turnover of around €1 billion a year.
Ion chief executive Neil O'Leary will be the interim chairman of Topaz, the company formed to make the acquisition, while former Emo Oil managing director Danny Murray will become chief executive.
Mr O'Leary said the new company would be one of Ireland's larger private businesses and he was confident it would continue as a profitable and growing enterprise.
