A tensioning assembly comprising a housing having a first sidewall and a second sidewall, and a ratchet mechanism disposed between the first sidewall and the second sidewall. The ratchet mechanism includes a tension release assembly biased in a first direction for lateral engagement with the ratchet mechanism, and lateral disengagement of the ratchet mechanism when pressure is applied to the tension release assembly in a second direction opposite to the first direction, is described herein. The assembly may include a force generating mechanism configured to provide a mechanical advantage when tensioning the device, and a guide roller for promoting line contact with a rotatable gripping wheel assembly.