Stafford buys Clarke Oil as part of growth plan

STAFFORD Holdings, one of the country’s largest oil and fuels distributors, has acquired the Clarke Oil Group.

The takeover is the second major deal in the space of a year for the Stafford Group, having acquired the businesses of Clashfern Holdings (which owns Campus Oil) last November for €27 million.

No price was given for the takeover of Clarke Oil, but it is believed to be lower than that paid for Clashfern. According to Stafford Holdings, Clarke distributes over 60 million litres of fuel and oil every year in Dublin, Wicklow and Wexford. Its most recent accounts show it had turnover of €37m in the year to end June 2003 and pre-tax profits of €432,639. Profits had fallen on the previous year. However, shareholders’ funds were up to €3.9m and the company employed more than 80 people.

Stafford Holdings chief executive Mark Stafford said the acquisition is an excellent fit with its existing business.

“Following the acquisition of Campus Oil last year, Stafford Holdings has continued to build a strong platform in the energy sector and this latest acquisition forms part of an aggressive growth strategy being pursued by the Group, which will undoubtedly include further acquisitions in both core and new sectors in the foreseeable future,” Mr Stafford said.

He said after the acquisition the company will employ around 300 people and have an annual turnover of €230m. It is also involved in property and runs a hotel.