The agricultural division of Haydock Finance has launched a product for the UK dairy sector.
The launch of Dairy Cattle Finance came during Haydock’s first Agri finance webinar with its broker partners. The product “includes refinancing and has been designed to support British farmers with their cattle purchasing and cash flow requirements,” the provider said in a statement.
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Jon Hercman (below), head of agriculture, said: “The agricultural industry makes up more than 9 per cent of the UK’s SMEs so we have been focused on developing more specialist finance solutions since our division launched in September last year.
“Dairy farming is a key sector within agriculture, with UK dairy farmers producing 15 billion litres per annum across over 12,000 farms. We are thrilled to be adding a dairy finance solution to our portfolio to help British farmers invest in becoming more profitable and efficient.”
In July, Haydock Finance announced that 2021 was off to a strong start with record first-half lending results.
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By GlobalDataIt reported that, In its last financial statement, for the year ended 31 December 2019, the Company had net receivables of £256m (£178m in 2018), representing a 44% increase. Net receivables for the Group in the same period were £263m (£193m in 2018) a 36% increase.
Haydock said its first-half 2021 lending for the business was over £420m.
In March, Haydock appointed a specialist credit underwriter to strengthen its agricultural division. Vanessa Burger joined the company in the newly created role with a remit to support growth and increase the team’s expertise in their agriculture offering, Haydock said in a statement.
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