Trethowans advises on £1.2m agricultural loan deal
A Wiltshire farming business is poised for further growth following a £1.2m investment deal overseen by Trethowans.
Solicitors from the firm’s agricultural team acted on behalf of Clydesdale Bank to value the assets of Steve Benson Farming, which underpin the significant funding package.
Steve Benson Farming operates over 10,000 acres of land in Wiltshire and Oxfordshire and has a thriving grain storage facility at Wroughton, where its duo of 30,000 square feet grain stores has a capacity of 19,000 tonnes. The investment from Clydesdale Bank will allow the agricultural business to refinance term debt funding used to buy and fit out the grain stores, as well as asset finance, credit card and overdraft facilities.
Marcus Thorpe, partner and head of agriculture and rural property at Trethowans, said the deal heralds positive news for farmers in the post-Brexit climate. He said: “There has been a great deal of uncertainty in recent months and it is encouraging for farmers to know that they are being supported by the banks. This is a great example of a lender having a good relationship with an agricultural business and supporting them with access to finance that will allow them to expand.”
Steve Benson, owner of Steve Benson Farming, said: “The decision to broaden our successful farm operation into grain storage has paid dividends and we are continually looking at other opportunities to grow the business further.
“The fact that both the bank and Trethowans had specialist expertise in the agricultural sector was a huge advantage during the deal process and we are looking forward to putting our growth plans in motion with this funding package.”
Mark Laughlan, Head of Clydesdale Bank’s Reading and Oxford Customer Banking Centres, said: “Carrying out thorough due diligence is important to every investor and the team from Trethowans have taken great care of that, ensuring the deal moved swiftly and smoothly. “We’re looking forward to supporting Steve further as he moves into this latest growth phase.”