Wed, 28 Sep 2011 | MERGER
A proposed merger which will see GB Oils take over Pace Fuelcare has been approved by The Office of Fair Trading.
GB Oils has agreed not to buy Pace’s oil distribution operations or its Cowes Terminal on the Isle of Wight in the South East of England in order to satisfy any potential competition concerns.
Pace Fuelcare Limited, part of MRH (GB) Limited, was assessed by the OFT to determine its suitability to continue running the business on the Isle of Wight for the long term.
Amelia Fletcher, OFT Chief Economist and Decision Maker for the deal commented: “This merger would have led to a virtual monopoly for the supply and distribution of heating oils and transport fuels on the Isle of Wight.
“However, the arrangement… will maintain pre-merger levels of competition for Islanders. The OFT believes that MRH/Pace Petroleum with its extensive experience of providing this service has the resources, the expertise and the intention to continue to operate its Isle of Wight business on an ongoing basis.”
Talking to The Isle of Wight County Press, Andrew Turner, an Isle of Wight MP, stated his concerns about the deal between two of the UK’s main fuel and heating oil providers, and that other operators should be able to use the depot and be treated fairly.
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