Specialist agricultural bank to back British farming
9th January 2020
A new specialist agricultural bank is set to launch later this year, offering financial servicesspecifically designed for British farmers and backed by key agri-business firms.
Established through the collaboration of experienced bankers, farmers, and technology experts,Oxbury – based in Chester – will provide farmers and growers with a bespoke range ofcompetitive lending and savings products. These will help producers to manage their inputcosts and grow their businesses at a crucial time for UK agriculture.
Critically, services will be offered through the bank’s founding distributor partners:Hutchinsons, Frontier Agriculture, Mole Valley Farmers and KW, part of AB Agri.
“There is no other UK-based bank focussing its thinking, expertise and empathy solely on theagricultural market and the needs of British farmers,” explains managing director and cofounder, Nick Evans.
“Oxbury’s founding team and investors are farmers and market leading agri-businesscompanies that know the importance of farmers to the UK economy and rural communities. Itis founded by the industry for the industry and is designed to work in partnership with l ongestablished agri-businesses that farmers know and trust.
”The bank’s core product is Oxbury Farm Credit, which will provide a flexible, convenient andfinancially competitive alternative for farmers to a bank overdraft or trade finance. Initially, thiswill be available to medium-to-large arable or dairy farmers who are current customers of thedistributor partners.
Further expansion across agricultural sectors and with more distribution partners will take placeover the coming months and years. Longer term loans will also be available to drive investmentin the productivity and sustainability of UK farming.
“We know from our close and long-standing partnerships with our customers that Oxbury’srelationship-based approach to its customers matches our own approach and values,” saysDavid Hutchinson, CEO of HL Hutchinson.
“The current and longer-term trends in British agriculture are creating a requirement for newand innovative approaches to managing farm business cashflow and Oxbury is expertly anduniquely placed to provide flexible finance through its Farm Credit product.
”Savings accounts will also be available to any UK individual or business at competitive rates,with the guarantee that every pound saved is lent to British farmers and no-one else.
Accounts will be accessed through secure online and mobile applications. Oxbury will offer apersonalised service for farmers through experienced agricultural relationship managers toensure all customer needs are met.
“With our involvement in the whole supply chain from crop inputs through to grain outputs weunderstand the critical need for farmers to access flexible cash flow resources,” says MarkAitchison, CEO of Frontier Agriculture.
“We also recognise the need for a modern banking service to use bespoke digital systemstailored to support the farmer to manage their invoices, payments and cash. Oxbury hasdesigned an easy to use, intuitive solution through Oxbury Farm Credit which will allow ourcustomers to buy their farm inputs and finance their payments at the optimum time that suitsthem.”
Oxbury expects to launch to market midway through 2020.
More information: https://www.oxbury.com/