Stonegate has announced the launch of a brand-new pullet finance facility that is now available to the Stonegate farmers’ supply base. This new facility has been created in partnership with Oxbury, the only UK bank dedicated to British agriculture, and is structured to complement free range egg production cycles.
There are two flexible pullet finance options available:
- Stonegate 13 Pullet Finance Scheme – A 13-month facility with interest only repayments for the first 3 months, followed by 10 capital and interest repayments. This term is tailored for a standard production cycle of 16 to 76 weeks.
- Stonegate 15 Pullet Finance Scheme – A 15-month facility with interest only repayments for the first 3 months, followed by 12 capital and interest repayments. This term is tailored to the longer white bird production cycle of 16 – 100 weeks.
Both facilities are flexible. Farms can apply for a minimum of £25,001 in finance up to the full or part cost of the pullet invoice and choose to either stick to the scheduled terms or start to make repayments early.
A spokesperson said that the Stonegate Pullet Finance Scheme is designed for better farm cash flow performance at the beginning of the flock. This initial 3-month period of birds coming into peak lay can weigh heavy on cashflows as feed, staff and other operating costs continue to leave the farm without the income from eggs. Both options have a fixed interest rate of 8%. There is no arrangement fee and there is no requirement to move the farm’s current banking arrangements.
Adrian Gott, CEO of Stonegate, said, “The pressure of cash flow in a business can be hugely stressful and I am delighted that Stonegate is able to support our farmers tackle these potentially difficult periods with the launch of Stonegate Pullet Finance Scheme. Ultimately our aim is to create a supportive environment for our farmers where they and their businesses can thrive. I am also very pleased how Stonegate is working in partnership and in collaboration with Oxbury on such an important area of the supply chain.
“The expertise here at Stonegate, to help advise and counsel farmers across every aspect of setting up and running a successful production facility, is second to none. This knowledge, coupled with close collaborative working relationships, allows us to identify the challenges farmers face and deliver real solutions. Earlier this year, in partnership with the NFU, we launched the first of its kind Avian Influenza insurance policy scheme to reduce farmer risk.”
Senior Agricultural Relationship Manager, Huw Tudor, said, “We are thrilled to be working with Stonegate and are excited to see the new opportunities this product and our relationship will bring. Launching this bespoke pullet finance product allows us to continue to support British farmers to thrive and grow.”
Farms within the Stonegate supply chain can apply for the facilities by visiting the dedicated Stonegate Producer website and clicking the ‘apply now’ button*. This facility is only available in mainland UK. There is also a QR code that can be scanned on the information leaflet or by contacting their Farm Liaison Officer. Once the online form is submitted, farms will be contacted by an Oxbury Relationship Manager.
This is the latest attempt by Stonegate to support pullet producers in difficult times. In August, Stonegate gained an exclusive Avian Influenza (AI) insurance policy scheme in conjunction with NFU Mutual. this was the first time funded protection had been offered, as part of a complimentary partnership package, to this extent by any packer in the UK, and the first Avian Influenza business insurance cover that NFU Mutual had placed since October 2021.
At the time, Adrian Gott said, “This scheme is all about reducing farmers risk, creating a stronger, more robust, sustainable supply chain to ensure our customers have reliable continuity of supply. This has been possible because of the exacting packing centre and processing standards that are at the head office of Stonegate in Lacock and the ancillary business that Stonegate does with NFU Mutual. Both the egg processing and egg packing centre facilities have Double A star, BRC accreditation – the highest possible technical standard in the industry.”