Sanjeev Soosaipillai turned a leased petrol station and a £15,000 bank loan into one of Britain’s largest independent energy groups. His UK oil and gas career a rise that reads like a case study in grit, calculated risk and tight cash management.
Arriving in the UK as a 17-year-old fleeing Sri Lanka, Sanjeev Soosaipillai began working immediately and never stopped. He met his future wife and business partner Arani at the University of Kent where both studied Accounting and Finance. Early exposure to fuel retail through weekend cashier shifts and family-owned filling stations would shape their ambitions. To fund studies and early ventures, Sanjeev ran side businesses importing shirts from Sri Lanka and cars from Japan, the latter financed in part by student loans and help from Arani.
Their commercial break came with the lease of the Classic Petrol Station in St Albans, Hertfordshire. Lacking capital to buy, the couple negotiated a leasehold arrangement that avoided an upfront premium. They secured a £15,000 loan from a local HSBC branch, backed by improvised financial projections. That sum was supplemented by maxed-out credit cards, the remortgage of a jointly owned flat, and later by putting family homes on the line to underwrite lease commitments and working capital.
The operation began in 1999 as a two-person enterprise. Arani initially juggled a full-time job while handling the books in the evenings, and Sanjeev had resigned from his employment to focus on the station. Early supplier terms were favourable; Elf Oil UK extended 10-day credit, and because most sales were cash or card, the business generated positive liquidity from the outset. An HSBC overdraft was secured against their home, and the founders reinvested retained earnings to fund rapid local expansion.
State Oil Limited was incorporated in 2000 and the Classic site transferred into the company a year later. By 2001 additional sites were acquired, and the firm moved into wholesale distribution in 2002 with the creation of Prax Petroleum Limited. Strategic partnerships with firms such as Tramp Oil and Cockett Marine Oil provided consignment structures and financing needed to expand internationally. Revenues rose from £3.8 million in the retail phase to £75.8 million by 2007 and £420 million by 2011.
Full trading independence arrived in 2012 when bilateral credit lines from institutions including Société Générale, Natixis and BCGE allowed Prax to buy cargoes directly. That year the group reported revenues of £541 million. By the company’s 25th anniversary in September 2024, Prax employed 1,450 people, held gross assets of $2.3 billion and net assets of $604 million, and operated across crude supply, refining, storage and distribution.
The founders’ roles reflected their complementary strengths. Sanjeev served as Chairman and Chief Executive, driving strategy and risk-taking, while Arani oversaw human resources and corporate affairs, providing backbone and stability to a fast-moving business. The Prax story is not only about rapid growth but also about the personal liabilities the founders accepted, disciplined cash management and a readiness to partner when necessary.
For business leaders and investors, the trajectory of Sanjeev Soosaipillai and his partner offers a clear lesson: modest beginnings, when paired with relentless execution and smart financing, can produce substantial enterprise value.