Petrol pump company sold for up to E9 million

Ian Guider

The directors of RPS are listed on company documents as Thomas and Maureen Melvin, Brendan Kavanagh and Paul Farren.

They will initially get E5 million in cash and 593,570 Torex shares (worth E1 million). If the company meets profit targets, the shareholders will get a further E3 million.

RPS supplies forecourt equipment and computer systems to the Irish petroleum retail market.

According to Torex, south Dublin based RPS had revenues of 12.3 million in the year to end January 2005 and pre-tax profits of 262,000. RPS has net assets of 788,000 and employs 78 staff.

“The acquisition of RPS significantly expands our petroleum retailing operations in Ireland and increases the potential for sale of our own products into this market.” Torex said in a statement. “RPS has a very strong management team and the increased critical mass and field engineering infrastructure following the integration of RPS will give rise to enhanced customer service whilst at the same time creating economies of scale.”

Torex Retail develops point of sale devices for the retail industry with over 6,000 clients. The company employs over 2,000 people.