Ascona Group, the UK’s seventh largest independent forecourt operator, has secured a £92 million refinancing package from HSBC UK and Barclays to fuel its ambitious growth strategy.
The refinancing package, which was led by HSBC UK, will allow Ascona, a Pembrokeshire-based business with operations across England, Wales and Scotland, to continue to pursue its fast expansion.
The business, which was started in 2011 by chief executive Darren Briggs with one petrol station, and a second in 2012, embarked on its growth journey in 2017, expanding to 60 sites across the UK. It is cited as one of the fastest growing companies in Wales, serving over 300,000 customers every week.
In April last year, Briggs said that he wanted to become one of the top four independent forecourt operators, with plans to build a network of “the next generation of roadside retail destinations that cater for the local community needs”.
Announcing the refinancing package, Darren Briggs says: “We are delighted to complete this important transaction for Ascona. This strategic financing marks a pivotal moment in our growth journey as we continue to strengthen our footprint as one of the UK’s largest independent forecourt operators and one of Wales’s fastest-growing companies. We are incredibly grateful to the HSBC UK and Barclays teams for their support.”
Simon Williams, relationship director at HSBC UK, adds: “We are pleased to support Ascona Group with this significant refinancing deal. It provides a solid foundation to secure future investment and drive the company’s impressive growth plans. Ascona Group’s entrepreneurial spirit and commitment to expanding its footprint across the UK aligns perfectly with our mission to foster business growth and economic development. We eagerly anticipate the company’s continued success and its positive contributions to the communities it serves.”
Rebecca Davies, Relationship Director at Barclays Corporate Banking, agrees: “We’re delighted to have worked with the Ascona Group on this pivotal refinance, enabling them to implement the next phase of their ambitious strategic plan. The group has a strong track record of high growth and supporting the communities they invest in across the UK. We look forward to using our industry expertise and regional footprint to further support this in the years ahead.”
In October 2024, Ascona Group was recognised as one of the fastest growing businesses in the UK by the UK Fast Growth Index for the second year running. Two of its forecourts were named as winners at Forecourt Trader 2024 Awards.
