Devon dairy farmer benefits from £1m loan from Triodos Bank to secure future on the farm
20-10-2010 | The long term tenants of Barton Farm in North Devon have secured a £1m loan along with additional working capital from ethical specialists Triodos Bank.
Faced with the news that Devon County Council wanted to put the organic dairy farm up for sale, the Triodos loan helped the husband and wife team to purchase the farm as well as providing additional capital to carry out renovation works on the house and upgrade the milking parlour.
The news comes amid fury among other tenant farmers in the south west who just last week were told by Somerset County Council that 35 of its 62 farms had been earmarked for sale.1
The 140-acre Barton farm is situated in Kentisbury, 10 miles from Ilfracombe on the borders of Exmoor National Park. Previously farm contractors, Gary Wright and his wife Linda took up the life tenancy – the last of its kind in the area – in 1991. They converted the farm to organic in 2007 and are now well on their way to running a successful organic system.
Benefitting from Triodos Bank’s renewable energy expertise as well as its funding, the Wrights are considering wind turbine-generated power for the farm.
Gary Wright, Barton farm’s new owner, commented: “We are delighted that Triodos was able to provide us with this financing package. We knew the council wanted to sell and who better to take ownership than my wife and I who have been life tenants since 1991. We are excited about the future and the developments we will be able to put in place as a result of the Triodos loan.”
Simon Crichton, Triodos Bank relationship manager, added: “We have been involved in the organic sector for 30 years and we work with around 200 organic businesses throughout the UK.
Lending to the organic sector now accounts for a third of all borrowing from Triodos Bank in the UK and as such we have extensive experience and in-depth expertise that can help businesses like Barton Farm grow.”
David Budd from The Dairy Group provided consultancy on the loan.
To find out more about Triodos Bank and its range of banking services for charities
and ethical businesses, and savings and investments for individuals, visit ww.triodos.co.uk or call 0500 008 720 free.
Notes for editors:
1. Article in Farmers Weekly: http://www.fwi.co.uk/Articles/2010/10/12/123927/Fury-as-Somerset-tenants-
For more information please call Will Ferguson on 0117 980 9770 or e-mail firstname.lastname@example.org.
About Triodos Bank
Triodos Bank only finances loan customers creating social, environmental or cultural added value - ranging from large ethical loan customers to smaller, innovative organisations meeting local needs. Key sectors include organic food and farming, renewable energy, social housing and fair trade. Transparency is a core value: customers are informed about the bank’s lending and can target their savings to particular areas of
investment. A range of personal savings accounts is offered and full banking services are available for businesses and charities.