Northumberland-based Penny Petroleum is aiming to add 10 sites to its estate by the end of 2016, taking it to a total of 40, having already added 10 in the past year.

David Penny, owner of the Forecourt Trader Top 50 Indie, revealed his plans to expand the company’s footprint as it announced it has received a funding package from Santander Corporate & Commercial worth in excess of £1m.

The funding from Santander has been used to help the business purchase three sites in Tyneside and County Durham, as well as to refurbish existing sites.

David Penny said: “The three new sites will bring our portfolio to 30 retail outlets and I expect this to grow even further, to 40 sites by the end of 2016. We had 20 outlets a year ago and I credit our success to our excellent business model and ambition of our new management team. The funding from Santander has been vital to our growth plans and their knowledge and understanding of the sector has been invaluable.”

Mark Rutherford, relationship director, Santander Corporate & Commercial, said: “Penny Petroleum is an example of a business built up by a knowledgeable, dedicated owner. David has grown the group into a Northern powerhouse and his business acumen and ambition is reflected in the accolades Penny Petroleum has received. We have no doubt that David and the wider management team will achieve their goal of becoming the largest independent operator in the sector.”