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Maxol in €50m fuel station plan

IRISH petrol station business Maxol has unveiled plans for a €50m investment in its service station network here.

The move will see the company upgrade and expand its retail business and acquire new service stations.

The Maxol Group has also put in place plans to invest a further €35m intensifying the expansion of its retail network and re-imaging programme, which it expects will generate additional annual sales of approximately €100m.

Maxol Group CEO Tom Noonan said the company is looking to add 50 new service stations which will provide direct and indirect employment for about 400 people over the next five years.

Mr Noonan said that the petrol chain held back during the boom years and is now in a position to spend.

"We owed €41m in 2005 and by 2011 we had €18m in the bank," he said. "The finances of the group had turned around by €60m. This performance has allowed us to secure five years' worth of financing from Bank of Ireland."