The undertakings offered by GB Oils Limited which address concerns relating to the anticipated acquisition of Pace Fuelcare Limited (Pace) have been accepted by the OFT and, accordingly, the OFT has confirmed that the merger will not be referred to the Competition Commission.  

The undertakings include provisions that GB Oils will not acquire either Pace’s oil distribution business on the Isle of Wight or its Cowes Terminal.

The OFT considered concerns raised by third parties that Pace may withdraw from the Isle of Wight (or not be committed to the operations there) and concluded that Pace are unlikely to close their Isle of Wight operations given the value of the Cowes terminal and because the company has the resources, expertise and incentive to continue their business on the island