The H2 Group, a Kerry company founded in 2004 with a view to operating a network of award-winning Spar convenience stores and service stations, has proved a tempting prospect for bigger fish Corrib Retail who currently operate 20 convenience stores with forecourts throughout Ireland.
The Corrib Retail group have just announced plans to enter an agreement to acquire H2 Group’s 13 retail sites, 11 service stations and one convenience store all of which operate under the Texaco and Top brands logo, while all convenience stores are Spar branded.
While subject to approval by the competition regulator, this deal will see Corrib Oil expanding the Corrib Retail footprint to 33 stores in total with a further store due to open in Kenmare, Co. Kerry next month.
Commenting on the deal, Eugene Dalton, Chief Executive Officer with Corrib Oil said that the acquisition of H2 Group is a significant step in the company’s growth strategy.
‘We see great potential in the H2 Group and have acquired a network of strong and profitable businesses, led by an expert team.’
Having maintained a 22-year relationship with BWG Foods, all Corrib Retail convenience stores are branded as Spar, while all forecourts are branded Circle K or Texaco, with instore partners including Insomnia and Chopped.
The Corrib Distribution business supplies home heating oil, road fuels and lubricants from 21 distribution sites, operating a fleet of 78 road trucks and 69 service vehicles across the country.
Sean Heaphy, Managing Director of the H2 Group said that the acquisition was a positive development and a great opportunity for both businesses.
‘The merger of both businesses means we’re creating a larger retail group and offering in Ireland and we can capitalise on this scale for our employees, suppliers and business partners.’ Heaphy will join Corrib Oil as a director.
