06 Nov 2000

Maxol acquires Connorsfuels

MAXOL ACQUIRES CONNORS FUELS

The MAXOL Group today (Monday , 6th November, 2000) announced that it has acquired a controlling interest in Northern Ireland’s leading Home Heating Oil Company, Connors Fuels, as part of its ongoing strategy to develop a specialist direct Home Heat Division to service domestic consumers requirements throughout Ireland. This brings together two of the biggest names in the Northern Ireland oil business who are also distinguished by the fact that they are both entirely family owned concerns. Maxol is, of course, one of the leading oil companies on the Island.

The acquisition means that Maxol will now have a turnover in excess of £130m in Northern Ireland and will employ over 100 people in the Belfast area.

The new ownership will see no change in the management of Connors, although it will now assume responsibility for the Maxol Direct operation that was established in Drogheda by Maxol in early September, and it is intended that Connors Dublin firm will also trade as Maxol Direct.

Chief Executive of The Maxol Group, Tom Noonan said:

"This important acquisition gives Maxol a very strong presence in the Northern Ireland Home Heat market and provides us with an ideal platform for further expansion. It has the added and important benefit of seeing Donall O’Connor and his team, who have established a clear reputation as being the best in the business, becoming part of the Maxol Group.

Their success is there for all to see. They have established a highly profitable 100 million litres plus business in a very short number of years and their expertise and systems will provide the perfect base for further positive expansion of Maxol Direct throughout Ireland.

There is also the added benefit arising from their supply relationship with Conoco, which, in itself, opens up many exciting possibilities".

Donall O’Connor, who now becomes Managing Director of Connors Maxol Direct, with responsibility for all Maxol Direct operations, welcomed this new development.

" The whole Connors Team is excited by the prospects that this opportunity opens up. Maxol is a highly successful concern and the McMullan family have built Maxol into the leading oil brand in Northern Ireland since its establishment in 1920. The expertise that we have developed in our field, combined with the very positive presence that Maxol has established throughout Ireland, including its ambitious plans for the future, provides a highly attractive platform for further all-round growth.

The company will now trade as Connors Maxol Direct in Northern Ireland and will continue to be supplied there by Conoco, with whom Connors have a long-established and productive trading relationship. Senior Conoco (N.I.) Manager, Harold Stafford, said he was pleased to confirm the continuation of the current supply agreement and added that he welcomed the fact that the take-over establishes a trading link between Maxol and Conoco for the first time.

Further information on Connors is available on its web site www.connorsfuels.com
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