Business Loans Case Study
Driffield-based Cultivating Solutions develops and manufactures innovative cultivation equipment designed to increase crop yield and therefore profitability.
Former arable farmer Richard Scholes launched Cultivating Solutions in 2000 after gaining experience in the innovative solutions required to deal with field cultivation problems. The business employs 10 staff who design, fabricate and assemble a range of cultivation machines costing £10,000 to £100,000 for sale across the UK, through a dealer network, and direct to Denmark.
Recognising changes in arable farming, Cultivating Solutions was keen to develop a new cultivating drill to enhance the accuracy and efficiency of its cultivation equipment. Richard Scholes explained: “Over the years, arable farming has increasingly operated on a much larger scale and accuracy and attention to detail have become key to improving the growing conditions for a crop and therefore maximising the yield of the crop.”
Finance Yorkshire involvement
A £75,000 business loan from Finance Yorkshire will enable Cultivating Solutions to develop the new drill.
The Investment Rationale
Ian Atkinson, Finance Yorkshire Investment Manager, said: “Richard has an impressive track record, building his business from scratch to a point where the company is well established with good prospects for growth through the expansion of its product range and export sales.”
Richard said: “The investment allows us to move forward and expand our product range as well as giving us long term potential across mainland Europe.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire