Maxol Group profits slump 70% as pension scheme is closed in the North

Profits at The Maxol Group of petrol stations took a 70% hit last year as the company wound up its defined benefit pension scheme in Northern Ireland.

Accounts filed with the Companies Registration Office (CRO) for McMullan Bros Ltd, the company controlled by Maxol’s owners, the McMullan family, show the company made after-tax profits of €1.18m in 2014.

This is in contrast to profits of €3.99m over the previous 12 months.