Topaz to consider IPO and overseas expansion

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Topaz to consider IPO and overseas expansion

The company is considering expansion into some "exotic locations"

Topaz to consider IPO and overseas expansion

Image: Topaz

 

Topaz is likely to decide whether to float on public stock markets over the next three to five years, as it plans further significant expansion by acquisitions overseas, according to chief executive Emmet O’ Neill.

"We're very interested in growing this abroad, we see Topaz as becoming a famous Irish company moving forward, in the same vein as Ryanair or Primark - that's out goal," he told Vincent Wall on Breakfast Business.

Mr O'Neill added that "more exotic" locations will be considered when the company expands internationally - including the US, southern Europe and areas in Africa.

When asked about a future IPO, he replied: "We're got very supportive banks at the moment. Funding has not been a problem for us thus far. I think that all options will be open to us."

He continued to say that becoming a public company could lead to a loss of flexibility for Topaz. Mr O'Neill said that an IPO is something that could be considered in the next three to five years - rather than being an immediate priority.

The chief executive was speaking to Newstalk following approval by the Competition & Consumer Protection Commission for the Topaz acquisition of the Esso network of directly-owned and supply contract service stations in Ireland.

The Commission has directed that three Esso service stations in the Greater Dublin Area and Esso’s 50% stake in a fuel depot at Dublin Port, should not be included in the deal

The deal, which Mr O’ Neill has confirmed as being in the €70m to €90m price range, will see Topaz control 425 service stations on the island of Ireland or about 30% of the retail fuel market here.

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