When Sanjeev Soosaipillai arrived in Britain as a 17-year-old fleeing Sri Lanka’s civil war, he stepped straight into work at his uncle’s corner shop. That early ethic of continuous labour would underpin a business trajectory that began with a leased petrol station in Hertfordshire and grew into one of Britain’s largest independent energy groups.

The initial site was the Classic Petrol Station in St Albans, secured not through purchase but via a lease agreement with an owner preparing to retire. Lacking capital to buy the site, the founders instead negotiated a leasehold arrangement that required only inventory at cost and an advance on quarterly rent. To fund day-to-day operations, the couple persuaded a branch manager at HSBC to advance the maximum discretionary amount of £15,000, using improvised financial projections. That loan, together with maxed-out credit cards, a remortgaged flat and personal sacrifice, provided the working capital to get started.

Before founding the company, Sanjeev and his future wife and business partner Arani met at the University of Kent while studying Accounting and Finance. Both had early exposure to fuel retail: Sanjeev worked weekend shifts as a filling station cashier while Arani’s family operated petrol sites, where he was often entrusted with running the business during holidays. To fund his studies Sanjeev ran side ventures importing shirts from Sri Lanka and cars from Japan, ventures that added to the practical experience needed for retail operations.

The duo ran the business as a two-person operation when State Oil Limited was incorporated in 2000. For months the team was simply husband and wife, with Arani handling accounts evenings while working full time elsewhere. Their main fuel supplier offered 10-day credit terms, ensuring liquidity as most sales were cash or card. Early revenues from the retail phase, 1999 to 2002, reached £3.8 million with net equity of £233,000.

Expansion accelerated after 2002, when the business moved into wholesale distribution under the Prax Petroleum Limited subsidiary. Strategic partnerships with Tramp Oil and Marine and later Cockett Marine Oil enabled consignment structures and financing that made international trading possible. Revenues rose to £75.8 million by 2007 and to £420 million by 2011. By 2012, bilateral credit lines from institutions including Société Générale, Natixis and BCGE gave Prax the capacity to buy cargoes directly, producing £541 million in revenues that year. At its peak the group achieved $10 billion in revenues.

Growth was funded by a mix of retained earnings, mortgages and personal loans, and it entailed considerable personal risk. The founders placed personal and family assets at stake, including charges on family homes to support lease commitments and further remortgaging in 2007 to raise capital. The company’s early office in Weybridge was nicknamed the broom cupboard, a cramped serviced unit that nevertheless served as the nucleus for rapid expansion.

By Prax’s 25th anniversary in September 2024 the company employed 1,450 people, held gross assets of $2.3 billion and net assets of $604 million. Sanjeev led the business as Chairman and Chief Executive while Arani took responsibility for human resources and corporate matters. Their story is a study in converting modest beginnings into industrial scale through disciplined cash management, relentless work ethic and a willingness to assume personal liability to underwrite growth.