Paragon Bank’s SME Lending division has agreed a £545,000 asset finance facility with leading racehorse training operation Tim Vaughan Racing Ltd, supporting the installation of three biomass boilers at its Pant Wilkin Stables base in Cowbridge.
The funding from the FTSE 250 lender, arranged through Premier Asset Finance, will enable Tim Vaughan Racing to significantly increase its heating capacity, supporting the business’s continued growth and its commitment to sustainability.
The new boilers will provide heating for the recently completed equine hospital and the soon-to-be-constructed equine rehabilitation centre, both of which require substantial energy resources. The investment will also help reduce future energy costs, building the business’s energy resilience and supporting its environmental goals.
Established in 2008, Tim Vaughan Racing has achieved over 867 winners with prestigious victories at Aintree, Punchestown and the Scottish Grand National. The business offers a range of ownership options and prides itself on providing a personalised experience, offering gallops, schooling grounds and on-site lodges for owners.
A former Chartered Surveyor, Tim Vaughan rode 117 winners between the flags and was Champion Welsh point-to-point jockey, before moving to becoming a Grade-1 trainer, becoming the youngest National Hunt trainer to record 100 winners in a season.
Paragon works with over 16,000 small businesses nationwide to fund the real economy – offering tailored finance solutions across vital industrial sectors including agriculture, manufacturing, construction and transport.
Peter Pike, Business Development Director at Paragon SME Lending, said:
“Tim Vaughan Racing exemplifies the kind of ambition we value at Paragon. By investing in renewable energy and expanding operations, the business is helping to secure its long-term sustainability. Tim’s decision to diversify following the challenges of Covid – with the building of an equine hospital, rehab centre and the addition of six on-site holiday lodges – is a testament to strong business acumen and the importance of adapting in a changing environment.
“Tim Vaughan's commitment to innovation and sustainability demonstrates how finance can play a pivotal role in driving greener, more efficient operations. Paragon remains dedicated to helping SMEs navigate today’s economic climate and achieve their sustainability goals.”
Tim Vaughan, Owner of Tim Vaughan Racing Ltd, added:
“This investment from Paragon will enable us to be more financially resilient – reducing our energy costs so we can reinvest the funds elsewhere to grow the business and protect our beautiful environment here in Wales. The new biomass boilers are essential as our business grows, particularly with the opening of the new equine hospital and upcoming rehabilitation centre. We’re grateful to Paragon and Premier for their support and expertise, making the process smooth and seamless.”
Steven Toshack, Asset Finance Manager at Premier Asset Finance who facilitated the deal, said:
“It’s been a privilege to support Tim Vaughan and his team over the years as they’ve grown and diversified the business. Our longstanding partnership is built on shared values and a commitment to sustainable growth, and I’m delighted that Premier Asset Finance continues to play a part in enabling their ongoing success.”
