Royal Dutch Shell Plc  .com Rotating Header Image

Irish Independent: Irish Shell turnover hit 780m before Topaz buyout

Published: May 31, 2007

TURNOVER at Irish Shell hit the 780m mark in the 11-month period before the company was bought out by private equity group Topaz.

Accounts just filed show that Shell’s forecourts racked up sales of 664m to the period ending November 29, 2005, while turnover for the firm’s bitumen and aviation business came in at almost 120m.

The accounts, which cover the period immediately before control of the forecourts passed to Topaz, note that the aviation and bitumen businesses were hived off for a consideration of 43m.

Assets

After the sell-off the firm’s assets stood at close to 53m, less than a third of the 160m that Topaz is believed to have paid for the company.

The difference in the two values is largely due to the property development potential of the assets, with Topaz having realised more than 80m from selling off former Shell sites.

The directors’ statements in the accounts, signed off by Topaz chairman Neil O’Leary and Topaz chief executive Danny Murray, note the future outlook for the market is “very positive”.

“Topaz, through its assets and business models is well positioned to grow its business for the foreseeable future,” the directors add. “It will focus to seek growing organically, and in parallel, looking for complementary acquisitions.”

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “Irish Independent: Irish Shell turnover hit 780m before Topaz buyout”

Leave a Comment

%d bloggers like this: