Business

Maxol at 'advanced stage of negotiations' to acquire new land and sites

L-R: Maxol chief executive Brian Donaldson with Sarah Travers and Anton Savage, who hosted the 2023 Maxol Retail Conference at The K-Club on Thursday.
L-R: Maxol chief executive Brian Donaldson with Sarah Travers and Anton Savage, who hosted the 2023 Maxol Retail Conference at The K-Club on Thursday. L-R: Maxol chief executive Brian Donaldson with Sarah Travers and Anton Savage, who hosted the 2023 Maxol Retail Conference at The K-Club on Thursday.

FORECOURT and convenience retailer Maxol has confirmed it is at an advanced stage of negotiations to acquire a number of sites and parcels of land across the island of Ireland.

The Irish service station chain announced an £84 million investment strategy last November to grow its network of service stations through to 2027.

Maxol currently operate 241 forecourts across the island. Some 25 sites were added in the past decade as part of a £200m investment.

Addressing Maxol retailers at a company conference at the K Club in Co Kildare on Thursday, chief executive Brian Donaldson said the current strategy will involve the acquisition of established convenience forecourt stores in the north.

He said Maxol is also planning the purchase of land adjoining existing sites to improve facilities.

It includes the introduction of more electric vehicle (EV) charging points.

Mr Donaldson said Maxol’s Braid River site in Ballymena will the next forecourt in the north to have EV charging installed, alongside its Newbridge site in Co Kildare and Ballycollin in Dublin.

Maxol recently launched its first ‘ultra-rapid’ EV hub at Maxol Kinnegar in Co Down last December, adding to the three EV points already in operation in Antrim and Belfast.

Mr Donaldson acknowledged that challenges remain in relation to grid access and energy capacity. He said he expects the transition to electric vehicles to succeed over time, and indicated that Maxol’s EV strategy is to roll out services gradually, prioritising sites where demand is greatest.

The latest accounts for Maxol's northern division show it recorded a turnover of £208.9m during 2021, producing a pre-tax profit of £9.5m.