Tetrosyl group chief executive Peter Schofield has become the sole owner of the company following a private purchasing arrangement reached with other members of the Schofield family.

The company was founded by Peter Schofield’s father, Clifford, in 1954, who remains as chairman. A Tetrosyl spokesman says Peter Schofield’s move shows his confidence in the company, which recorded a £5m loss in 2003. He joined the business 26 years ago as a clerk.

The company has cited two reasons for the loss – spending £3.5m on upgrading its oil-filling operation, which is said to be the biggest in Europe, and the disposal of its non-profitable businesses, which were all overseas. Its French operation, which was bought four years ago and has 16% of its homeland market, has been retained.

“Tetrosyl is the largest private oil blender in the UK and the new oil-filling operation is the most modern in Europe,” the spokesman says.

Ongoing business recorded a £1.6m profit while turnover has been around the £70m mark for the past few years, the spokesman added. Tetrosyl claims to have a 50% share of the UK car care market with its CarPlan, Wonder and Carlube brands, and is the largest advertiser of car care products in this country, three times more profilic in its marketing spend than its nearest rival.

The CarPlan Demon Shine range is being extended with the introduction of a multi-purpose cleaner and multi-purpose wipes.