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.

With a clear goal of taking Fesco to the next level, the company will be having an initial public offering (IPO) to list on the junior market of the Jamaica Stock Exchange shortly.

Although the company hasn’t disclosed the target for the equity raise, junior market companies are able to raise between $50 to $500 million in fresh capital along with a 10-year tax break to supplement their growth. Fesco would join the list as one of the youngest companies to join the junior market which has seen 42 companies list to date.

Fesco is currently building out their new Ferry location in St Catherine with the company’s new Beechwood Avenue location on pace to be opened in late 2021.

This would be Fesco’s first company-owned station compared to other stations which are dealer owned and serve as a major gateway for the company to grow its Kingston and St Andrew presence.