A 73-year-old family farming business in Shipston-on-Stour has invested in its future with a six figure funding package from Yorkshire Bank.
Cole R. J., run by Robert Cole with the help of his son Joseph Cole, has purchased a new milking parlour to replace the farm’s existing 40-year-old building. The investment will help modernise the 250+ acre farm and allow for increased capacity as the larger parlour can accommodate eight more cattle.
The funding was arranged by Alan Miller, Business Development Manager at Yorkshire Bank’s Business Direct department. Robert approached the Bank with no current financial borrowing and a strong interest in investing in the modernisation of the farm. The Bank has provided an additional asset finance line for the upcoming purchase of a new tractor.
The farm was established in 1942 by Robert’s father, Samuel. Robert also hopes to pass the business on to his son, 23-year-old Joseph, who has already made waves in the farming industry after gaining recognition at the National Milk Records (NMR) annual awards earlier this year.
Robert believes the bank’s support will help the farm’s growth despite the fall in global dairy prices.
He said: “Yorkshire Bank has been a financial backbone for the farm allowing us to invest in a new dairy parlour when the last one was in need of replacement and providing us further funding to purchase a new tractor. It has been very reassuring to have this flexible support at a time when the sector is working hard in the face of global challenges.”
“We will become a third generation family business when I pass the farm onto my son and I want to ensure we continue to modernise and grow providing him with strong, future prospects.”
Alan Miller, Business Development Manager at Yorkshire Bank’s Business Direct department, said: “Robert’s impressive business acumen and passion for what he does has helped the farm flourish under challenging conditions. We are glad to be able to help Cole R.J., a staple of the local farming community, update its facilities and increase capacity for future growth under the stewardship of Robert and then Joseph.
“Our specialist knowledge of and focus on different sectors, such as agriculture for which we have a team of specialist managers, helps to bring a challenge to the market, giving small and medium sized business the support and flexibility they require to fulfil their growth ambitions.”
Business Direct offers free business banking for 25 months to start ups and established small businesses with a turnover of under £2 million who switch to Yorkshire Bank. See http://www.ybonline.co.uk/ or contact your local branch.