The Northern Powerhouse Investment Fund II (NPIF II) has completed its first deal in West Yorkshire since the launch of the £660m fund in March this year.
A family farm on the Yorkshire moors has secured £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia and part of NPIF II, to open a glamping site.
Thornton Park Farm lies 1100ft above sea level and enjoys views over Ripponden and Sowerby Bridge. The NPIF II investment will enable the family – Richard and Nina Dunnett and their son Jack – to construct five luxury pods and diversify their income from farming activities.
The family currently has a flock of 70 sheep, herds of Highland and Gasconne cattle and seven young Suffolk punch horses, an endangered species which they have started to breed.
Thornton Park Farm was previously run by Richard’s father Bob, who acquired the land in the 1960s and also ran a haulage business and agricultural contracting service from the site. Having initially worked in the haulage business, Richard went on to launch a gritting company and now operates a fleet of eight gritter lorries serving clients including Manchester United Football Club, local councils and supermarkets.
Following Bob’s death in 2015, farming activities ceased for four years until Richard and Nina decided to bring the land back into use. They have now been joined by 23-year-old Jack who has recently graduated from agricultural college.
Richard Dunnett said: “I inherited Thornton Park from my parents and I want to give my son the opportunity to run it after me. It is difficult to make a good living from smaller farms now but having the right mix of activities is key.
“Tourism is an excellent addition to our existing income streams and, with such a beautiful location, holiday companies have told us that they expect the site to be very popular. The funding from the Northern Powerhouse Investment Fund II has enabled us to speed up the launch of the new facilities and we look forward to welcoming our first guests later this year.”
Gary Whitaker from Mercia Debt added: “Richard is an experienced businessman with an agricultural background and has committed significant investment of his own to the farm. Unfortunately, he was unable to raise the money required for the glamping pods from a traditional high-street bank. This funding will not only help the Dunnetts secure the financial future of their smallholding but also benefit the local tourism industry.”
Richard Hargreaves, an independent adviser, provided fundraising advice to the Dunnett family.
