Top Oil is to buy the retail trading business of service station company Sirio Retail Operations in a deal worth €10 million.

Sirio, which currently employs 110 people, has 10 fully managed service stations in Kildare, Wicklow, Laois, Westmeath, Longford, Dublin and Cork. Staff will transfer to Top Oil, bringing the total number of people employed by the company in the Republic Ireland to over 400.

The acquisition is subject to approval by regulatory authorities, but is expected to be completed by the end of March.

"This acquisition complements Top Oil's strategy of developing our own integrated network of service stations whilst continuing to invest in our independently owned retailer network," said Gerard Boylan, group chief executive of Top Oil parent company Tedcastle Holdings. "This is a significant acquisition for our Top Oil business and will further build on our experience of managing retail services."

Mr Boylan said the firm planned to develop the business, with a “substantial initial financial investment” as it sought out new opportunities and acquisitions throughout Ireland.