This forecourt presence will provide an estimated annualised retail turnover of €50 million and create a total of 300 new jobs.
The agreement will see the new Londis branded concept stores rolled out across ten existing forecourt locations in Munster and Connaught in 2008 with the first two opening by the end of June. The nationwide rollout will continue in 2009 with ten additional Texoil company owned and company operated forecourt stores in the pipeline for phased development.
ADM Londis plc has an existing presence of over 370 stores in Ireland with an established forecourt offering in 80 sites across Ireland. This announcement will see a combined investment of €25 million in these new store developments and will result in the creation of 150 new jobs in 2008, with a further 150 jobs in 2009.
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Texoil, which is jointly owned by Chevron (Ireland) Ltd and Mr Tom Kirrane, and which operates under the Texaco brand, currently employs 160 staff across a network of countrywide depots. This agreement with ADM Londis signals a clear intention by Texoil to develop their retail and forecourt operation through acquisitions and development of existing sites.
Stephen O'Riordan, Joint Chief Executive, ADM Londis plc said: "Today's announcement marks a significant step for Londis. The strengthening of our nationwide forecourt retail presence is a positive move developing a new outlet for our innovative concept stores and reinforcing Londis' position as an established player in the Irish grocery retail market."
Tom Kirrane, Managing Director, Texoil also said: "We are delighted to have partnered with ADM Londis to ensure a modern, consumer friendly offering throughout our forecourts. With a further ten sites planned by 2009, together with ADM Londis, Texoil are determined to provide the Irish public with new alternative in forecourt retailing."
(VB/JM)
