A 3,000-acre family-run farm in Glamorgan, South Wales, has secured a six-figure finance package from HSBC to purchase a new biomass boiler, enabling the business to significantly reduce fossil fuel consumption and increase grain yield.
The new biomass boiler will provide Tythegston Farm with a sustainable heating solution to enhance the grain-drying process by allowing the farm to harvesting the crop earlier. By purchasing the new biomass boiler, tenants of the farm, Richard and Lyn Anthony, will also have access to the Renewable Heat Incentive (RHI), a government initiative that financially rewards farmers for generating and using renewable energy to heat their businesses.
The funding for the biomass boiler has been drawn from a £300 million lending fund committed by HSBC to support agricultural businesses in the UK, as part of its wider support package to help British SMEs realise their growth ambitions.
Lyn Anthony, co-owner of R&L Anthony Ltd, said:
“HSBC has helped us achieve a sustainable and eco-friendly solution for our farm’s harvesting process and we can now dry grain almost all year round, which is something we haven’t been able to do before. Our relationship manager at the bank, Justin Long, has an in-depth understanding of our sector and expertise and was able to put the right funding package in place for us.”
Euryn Jones, HSBC’s Regional Agriculture Director for Wales and South West of England, commented:
“For more than 40 years HSBC’s dedicated agriculture team has provided tailored finance packages to farmers like Richard and Lyn. This is an exceptionally well-managed and progressive arable farming business and the couple’s dedication to becoming a greener, more sustainable business is testament to their forward-thinking approach to farming and, with our financial support now in place, we hope to see them achieve these ambitions.”
The arable farm in Bridgend, which supplies animal feed to farmers across South Wales, has been owned by Richard and Lyn for more than 20 years. Between them, the husband and wife team, alongside their son David, have more than 30 years’ experience in arable farming and employ four permanent staff.