Clashfern Holdings, an Irish-owned group with interests in oil and chemical sales, has announced a €40 million restructuring.

One of the company's shareholders, Stafford Holdings, has acquired the entire share capital of Clashfern, which will now be comprised solely of its fuel division, Campus Oil.

The remaining two shareholders, Mr RG McNamara and Mr Michael Farrington, have acquired the entire share capital of the chemical division (Microbio and Rehide Tank Farms).

Meanwhile, ACT Venture Capital, which invested €2.4 million in the group in 1994, has disposed of its 26 per cent interest.

Stafford Holdings will integrate Campus Oil with Stafford Oil, its existing oil operation serving north Leinster. It said the move would generate "natural synergies" and facilitate further development.

The new owners of Microbio and Rehide say they will develop both firms, through "significant acquisition and organic growth".

They will also focus on expanding their British business through Oikos Ltd, a Thames-estuary based oil and chemicals storage business, in which all the shareholders in Clashfern prior to this restructuring have a stake.

Stafford Holdings has conducted the restructuring without borrowing and says it is strongly placed for fresh acquisitions.

It will continue to invest in core activities while seeking investment opportunities in new sectors.

The company is 100 per cent owned by Mr Victor Stafford and family.