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Irish business services group DCC has agreed to buy Chevron's UK oil distribution business for €27.52 million (£21.8 million), in a move analysts see as an attractive way of boosting earnings.

DCC said the Chevron distributor, which trades under the Texaco brand, sells about one billion litres of oil per year in England and Wales. DCC's British unit GB Oils has sales of 3.2 billion litres, giving it a market share of 10 per cent.

DCC chief executive Tommy Breen commented: "The acquisition of the Texaco distribution business will bring significant further scale to DCC's oil distribution business in Britain and is consistent with our strategy of growing our presence in this market."

Davy analyst David Jennings, said the deal would give DCC 26 new trading locations, mainly in southern England and Wales, where its presence had been limited.

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