FESCO aims to build Jamaican-owned fuel network

Despite an initial attempt to create greater opportunities for the dealer-operated retail gasoline stations, Lyden “Trevor” Heaven and four other independent dealers saw a vision to create the Future Energy Source Company (FESCO) as a true Jamaican-owned company which would change the dynamic of the retail gasoline business.

The marketing and fuel distribution company started with an investment of $900 in December 2013 by founders Hugh Coore, Trevor Barnes, Junior Williams and Errol McGaw who had a goal to provide superior fuel retail experience to the motoring public and dealer-owned stations.

With the first station being unveiled in 2014 as Heaven's Fesco in Mandeville, the initial five Fesco-branded stations evolved into a network of 14 stations across 10 parishes in the span of six years.

Fesco holds a five per cent market share as the third largest distributor and marketer in the transportation fuel market. This is a solid start for the company when compared against the multinational brands such as Texaco, Total and Rubis which control the majority of the transportation fuel market.

As a company focused on bringing a unique flavour to a regular market space, Fesco has ensured multiple value-added services are available through its wide network of gas stations to ensure that Fesco is the only stop on the journey for a customer.

This has manifested itself in the form of automated teller machines (ATMs), fast food options, money service options and now its own supermarket to ensure that a Fesco can truly deliver value to the community it serves.

This focus on being an efficient company has resulted in Fesco remaining profitable from the start with a key focus on reinvesting into the business to propel further growth. Part of this has been through a 100 per cent Jamaican staff base and the strong relationship Fesco has with the dealer-owned stations it interacts with on a daily basis.

Source: http://www.jamaicaobserver.com/business-report/fesco-aims-to-build-jamaican-owned-fuel-network-company-to-raise-ipo-shortly-to-list-junior-stock-market_209649