INDUSTRIAL HOLDING company DCC has bought a British oil distribution business for £7.45 million (€9.75 million) net of cash acquired. Southern Counties Fuels Holdings, which operates in south-east England, sells heating and transport fuels to a broad range of domestic, commercial, agricultural and transport customers.

This company, which operates from eight depots with a fleet of 60 road tankers and 135 staff, will be integrated within the existing oil distribution business in Britain of DCC's energy unit.

"The acquisition of Southern Counties Fuels Holdings represents a further step in DCC's strategy of consolidating the fragmented oil distribution business in Britain and will further enhance DCC Energy's position as the leading oil distributor in that market," said DCC executive chairman Jim Flavin.

The acquisition brings to €95 million DCC's expenditure on the acquisition of oil distribution companies in Britain in the current fiscal year, which ends on March 31st. This includes the purchase of CPL Petroleum last July and a number of smaller businesses.

DCC's declined by some 2.5 per cent to €15.10 on the Dublin stock exchange in a generally downbeat market.