Forecourt venture Ascona looking to accelerate expansion on new funding deal

Pembrokeshire headquartered independent forecourt operator Ascona has secured a £92m funding package from HSBC UK and Barclays. The refinancing deal, which was led by HSBC, will support the company’s UK-wide expansion strategy.

Ascona was founded in 2011 by chief executive Darren Briggs in Pembroke Dock. Since then the business has gone from two to 60 sites across the UK, serving over 300,000 customers and supplying 4.5 million litres of fuel every week. The business now employs more than 820. In its last financial year, to the end of March, 2024, it posted revenues of £284.3m and a profit after tax of £4.2m.

The new funding deal replaced a previous arrangement with Crestline Europe.

Mr Brigg