Northumberland-based Penny Petroleum, is to expand its footprint further with the purchase of three additional sites thanks to a funding package from SCCB worth in excess of £1 million.
David Penny, owner of Penny Petroleum, has been trading for 21 years and has built up an impressive portfolio of retail sites in this time. David’s ambition is for Penny Petroleum to become one of the largest independent operators in the sector and the funding from Santander will help the business purchase three additional sites in Tyneside and County Durham, as well as refurbish some existing sites.
The expansion will generate significant numbers of new jobs and invigorate local communities where the new and refurbished sites are located. Penny Petroleum is a nationally recognised operator, having won a multitude of awards from ‘Top 50 Forecourt Trader of the Year’ to ‘Best Scottish Forecourt Retailer’. Four of the sites have recently been listed in the top 10 for retail sales in the automotive sector.
David Penny, Owner, Penny Petroleum, 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.”
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
For Penny Petroleum media enquiries, please contact David Penny – 07855 430811 / email@example.com
For Santander Corporate & Commercial media enquiries, please contact:
Bijal Tanna 020 7756 4189 Mobile: 07860 259 217
Andy Smith 020 7756 4212 Mobile: 07824 473 338
The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708
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