Maxol's acquisition of Glynn's Service Station in Co. Galway has been cleared by the Competition and Consumer Protection Commission (CCPC).
Glynn's Service Station currently operates as a Circle K forecourt and retail store in Carnmore, 9km east of Galway city.
Jointly owned by Geraldine and Liam Glynn, Glynn's Service Station reported a profit of €253,500 in 2023, down from €377,300 the previous year.
The firm, which employs around 36 people, has net assets of €3.4m, including property, plant and equipment of €948,700 and €3m in cash against €930,400 in current liabilities.
The deal for Glynn's Service Stations comes less than a year after Maxol acquired seven Circle K forecourt and convenience retail stores from Naas Fuels Ltd as part of the group's €100m 2023-27 investment strategy.
The group said it would spend €3m to retrofit the sites in Ballylinan, Co. Laois, Gorey, Co. Wexford, Kiltale and Ratoath, Co. Meath, Maganey, Co. Carlow, Prosperous, Co. Kildare, and Wicklow town.
The retrofitting programme included introducing Maxol branding and signage as well as the Maxol store concept, and also featured the Maxol Deli, ROSA Coffee stations and Maxol car wash facilities.
At the time, Maxol CEO Brian Donaldson said that the group had invested €225m in its retail network over the previous decade between expenditure programmes and future-proofing initiatives.
More than half of Maxol income is now derived from non-fuel sales with the shift in focus to convenience retail and the introduction of a number of electric vehicle charging hubs.
Maxol has a network of 242 branded service stations and employs 1,000 people directly and indirectly across Ireland.
Parent company McMullan Bros Ltd reported turnover of €756.3m and operating profit of €33.4m in 2023, the last year for which full accounts are available. The group has net assets of €212.2m.
Announcing the results, Donaldson said: "Driving the repositioning of the business is a multi-million investment programme in our store network.
"The service station of 2024 is very different to that of ten years ago and we are creating destination stores that offer a wide-range of eat-in and food-to-go options, where customers can have a meal or a coffee and access good Wi-Fi in comfortable surrounds.”
Photo: Glynn's Service Station in Carnmore, Co. Galway. (Pic: Google Maps)
