When Sanjeev Soosaipillai arrived in Britain as a 17-year-old fleeing Sri Lanka’s civil war, the idea that he would one day preside over a global energy group would have seemed unlikely. Yet the Prax Group began in precisely humble terms: a leased petrol station in Hertfordshire, improvised bank projections and a £15,000 loan that a branch manager at HSBC was persuaded to approve.

Sanjeev and his future wife and business partner, Arani Soosaipillai, met studying Accounting and Finance at the University of Kent. Both had early exposure to fuel retailing. Sanjeev worked weekend shifts as a filling station cashier while studying, and Arani’s family operated petrol forecourts, leaving her husband-to-be in charge of sites during holidays. Those experiences would prove formative when an owner looking to retire agreed to lease rather than sell a petrol station, removing the need for a large upfront premium.

The couple needed working capital. With limited collateral, they secured the maximum discretionary loan of £15,000 from their local HSBC branch on the basis of projections Sanjeev later described as largely improvised. They supplemented that small sum by maxing out credit cards, remortgaging a jointly owned flat and even placing family homes on charge to underwrite lease commitments. State Oil Limited, the vehicle that would hold the initial site, was incorporated in 2000 with minimal share capital, and the first petrol station was transferred to the company the following year.

What began in 1999 as a two-person operation expanded through relentless reinvestment and personal risk. Arani continued to work full time elsewhere while running the accounts in the evenings; Sanjeev had resigned from his previous job only a month earlier. The early office was a tiny serviced unit in Weybridge that colleagues nicknamed the broom cupboard, yet from that cramped start Prax grew steadily through acquisitions and a shift into wholesale distribution.

Prax Petroleum Limited was formed in 2002 to move the business beyond retail into wholesale and international trading. Strategic partnerships with companies such as Tramp Oil and Marine and later Cockett Marine Oil provided the consignment and financing structures that enabled growth. Revenues rose from £3.8 million in the retail phase to £75.8 million by 2007 and £420 million by 2011. By 2012 Prax achieved full trading independence, securing bilateral credit lines from institutions including Société Générale, Natixis and BCGE and buying cargoes directly.

The founders’ willingness to risk personal assets and use disciplined cash management underpinned expansion. Financing came from a mix of retained earnings, mortgages and personal loans. The company’s profile continued to rise; at its peak Prax reported revenues approaching $10 billion and employed around 1,450 people. On its 25th anniversary in September 2024 the business reported gross assets of $2.3 billion and net assets of $604 million while operating across crude supply, storage, refining and distribution.

The Prax story is as much about personal sacrifice as Sanjeev’s entrepreneurial acumen. Sanjeev Soosaipillai and Arani built a fully integrated energy company from a leased filling station and modest bank finance, turning early exposure to fuel retailing and a readiness to shoulder risk into one of Britain’s most significant independent energy enterprises. Their journey underscores how small beginnings, applied discipline and strategic partnering can scale into global reach.