A family farm has turned to renewable energy in a bid to expand its business thanks to a new funding package from Yorkshire Bank.
Channing and Sons farm has been in the family for four generations and has now made the move to install an anaerobic digester as a means of growing its operation.
Anaerobic digester installations are considered an effective solution for dealing with the millions of tonnes of bio-waste in the UK and converting it into energy and bio-fertiliser. The UK government is working to ensure financial incentives are in place for providing electricity to the grid via the Feed-in-Tariff scheme. That, in turn, will also aid government efforts to source 15% of the UK’s energy from renewable sources by 2020.
Channing and Sons has continually evolved over the years, with experience ranging from dairy farming to cultivating cereals and potatoes. Currently, the farm grows maize and grass to feed the energy generator but also produces wheat as well as housing twenty beef cattle.
Yorkshire Bank has provided the business with 100% of the funding in a £2.3 million deal to support the venture. The 700 acre farm, situated on the outskirts of Coventry, has been a customer of Yorkshire Bank since 2011. The funding for the development was organised by Davinia Horner, Relationship Manager at Yorkshire Bank’s business and private banking centre in Northampton.
Andrew Channing, Managing Director of Channing and Sons said: “The farm has been in the family since my great grandfather’s time and in an attempt to make the business more viable for our kids and the generations to come, we’re excited about taking the business in a new direction.”
“We’re thrilled to have received the funding from Yorkshire Bank to make this opportunity become a reality.”
Simon Moore, Head of Yorkshire Bank’s Business and Private Banking Centre, said “We are proud to assist with Channing and Sons’ diversification and the opportunities this will create for the business.”
“We look forward to working with the family and supporting the growing ambitions of this thriving family firm.”