Maxol announces €100M investment programme as part of new growth strategy
The Maxol Group has announced a €100M investment programme as part of the company’s new 2023-2027 strategic plan.
CEO Brian Donaldson confirmed a strong company performance for 2021, underpinned by unusual contributory factors including the proliferation of staycations and people working from home.
Continuing its investment in Northern Ireland, Maxol is set to open their first dedicated Electric Vehicle (EV) hub at Maxol Kinnegar in Holywood, County Down.
The hub will open on Monday 5th December and features five high-speed chargers servicing up to six vehicles at any one time.
“Maxol is committed to supporting the move to EV with destination service stations that fulfil all customer fuel needs,” said Brian.
“Our EV strategy is to roll out EV services gradually and to be site-specific to meet demand where it is most needed. Over the summer we began trialling cutting-edge technology at Townparks in Antrim, which will create the blueprint for forecourt developments across our network.”
At a media briefing, Brian pointed out the company is “investing heavily to get the power required” to the Maxol Kinnegar site.
“The conversion rate of getting people into shops in the key part,” he added. “This is a challenge we have to overcome and how we incentivise our loyalty users.”
Maxol is a leading Irish, family-owned forecourt and convenience retailer and newly-released figures for the company for 2021 show a profit before exceptional items of €26.9M, an increase of 57% on 2020 (€17.1M).
They currently have 242 service stations across the island of Ireland, employing more than 80 people directly and more than 1000 indirectly.
Brian acknowledged that 2023 will present a more challenging business environment with the big issue of energy costs remaining a priority for households and businesses alike.
“I believe that the real impact will be felt after Christmas. People will be more cautious as household budgets become squeezed, which will result in reduced consumer spend at the tills. This is where technology can play a role and we are likely to see an uptake in Maxol Loyalty App members seeking out special offers and rewards, such as a free ROSA coffee or car wash.
“So, we are heading into 2023 with a resilient business model backed by a major investment plan, but with a strong degree of caution knowing that next year is unlikely to mirror the performance seen in 2021/2022.”