Top 50 Indie Ascona has secured £200m funding which could see its network almost doubling to 120 forecourts in the next 12 to 18 months.
This latest acquisition facility, also being used by the Pembrokeshire-based company to refinance a portion of senior debt, has been given by independent credit firm Blazehill Capital, alongside HSBC.
It follows a £92 million refinancing package from HSBC and Barclays in October 2024 for the business, which ranks number seven in the Top 50 Indies listing.
The move is described by Blazehill as allowing Ascona, one of the fastest growing companies in Wales, to capitalise on a “rapidly increasing market opportunity to expand their estate”.
Ascona was founded in 2011 by chief executive Darren Briggs. In 2012 Briggs acquired his second site, and five years later he embarked on a high growth strategy expanding to 70 sites across England, Wales and Scotland, serving over 400,000 customers a week.
More recently Briggs has spoken of ambitions to become one of the top four players in the independent forecourt sector, acquiring sites with the aim of turning them into “the next generation of roadside retail destinations that cater for the local community needs”.
Briggs says: “We are delighted to complete this important transaction for Ascona. This new acquisition facility marks a new pivotal moment in our growth journey as we continue to strengthen our footprint as one of the UK’s largest innovative independent forecourt operators, and one of Wales’s fastest-growing companies.”
Jake Hyman, managing director, Blazehill Capital, comments: “We look to back best-in-class management teams with tailored and scalable credit solutions to unlock value, and this transaction is a great case study. To deliver the financing alongside HSBC UK also highlights our market leading ability to co-exist with other, more traditional sources of capital, to the benefit of borrowers and sponsors. It’s been a pleasure working with the entire Ascona team over the last few months.”
Owen Vizard, director, Debt Finance Origination, HSBC UK, adds: “We are pleased, alongside Blazehill, to be supporting Ascona Group with this significant deal which will help unlock the company’s impressive growth plans. Their investment in forecourts across the country matches our ambition to foster business growth and economic development.”
