Yesterday’s Sunday Business Post reported that the two principal lenders to the Tougher Oil distribution businesses, NAMA and Ulster Bank, had agreed debt writedowns as part of a deal to sell the businesses to Cork-based haulage company, Masterlink Logistics. In NAMA’s case the writedown was reported to be €26m of a €44m loan, and in Ulster Bank – I think they mean Ulster Bank and Bank of Scotland – the writedown is €50m.
Masterlink appears set to take control of the network of petrol stations in and around Kildare, and the fuel distribution business in a deal said to be worth €7-8m.
We find out from last Friday’s edition of Iris Oifigiuil belatedly printed this morning that NAMA last week had receivers appointed to assets of Newhall Business Campus Limited, Newhall Construction Limited. Tougher’s Oil Distribution Limited, Tougher’s Retail Limited and Greenbury Investments Limited. In all cases, Neil Hughes and Kieran McCarthy of Hughes Blake Chartered Accountants were appointed to the assets on 19th February 2013.
The five companies are controlled by the Thomas Tougher (67) and Geraldine Tougher (65).
Whilst Tougher’s Oil Distribution Limited and Tougher’s Retail Limited might be on their way to Masterlink, the fate of the other three companies is unclear.
There is a feature blogpost on Tougher’s Oil examinership here.