Farol, the Oxfordshire-based supplier of agricultural machinery and equipment, has moved its banking relationship to Lloyds Bank Commercial Banking after securing a new £5.2 million financing package.
The agreement refinances the family-owned firm’s existing borrowings and also provides additional capital to support plans for a £3m phased redevelopment of its Oxfordshire headquarters over a three-year period.
Established in 1976, Farol is a family-owned entity and is now the main John Deere supplier for southern and central England.
Operating from a head office in Thame and sites in Daventry, Hungerford, Hinckley and Midhurst, Farol employs more than 160 staff and has a turnover of £61m. Each Farol depot provides customers with comprehensive machinery sales, service, spare parts, and tyre fitting and repair services.
Since becoming a John Deere agricultural dealer in 2004, Farol has significantly expanded the range of products and services it offers. The latest addition is a range of professional turf products such as mowers, compact tractors and utility vehicles used mainly by golf courses and county councils.
Matt Vellacott, managing director of Farol, said: “The business has grown significantly in recent years by providing a comprehensive range of new and used products, supported by an excellent aftercare service. The redevelopment of our head office is a key part of our future growth plans and will ensure that we continue to offer customers the very best level of technical and agronomic support on site.
“Lloyds Bank took the time to understand our business, and were committed to delivering the deal. We look forward to a strong working partnership with the bank’s team in the Thames Valley over the coming years.”
Peter Jackson, relationship director at Lloyds Bank Commercial Banking, said: “Farol’s experienced management team, robust track record for expansion and strong reputation for technical and product expertise ideally positions the company for future growth. We are delighted to welcome them as a new customer of Lloyds Bank.”