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NPIF II plants first deal in West Yorkshire with £100k loan to fund farm’s new glamping site

Press release 02 September 2024

Four people standing on a farm next to a horse

The Northern Powerhouse Investment Fund II (NPIF II) has completed its first deal in West Yorkshire since the launch of the £660m fund in March this year.

A family farm on the Yorkshire moors has secured £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund II (NPIF II), to open a glamping site.

Thornton Park Farm lies 1100ft above sea level and enjoys spectacular views over Ripponden and Sowerby Bridge. The NPIF II investment will enable the family - Richard and Nina Dunnett and their son Jack - to construct five luxury pods and diversify their income from farming activities.

The family currently has a flock of 70 sheep, herds of Highland and Gasconne cattle and seven young Suffolk punch horses, an endangered species which they have started to breed.

Thornton Park Farm was previously run by Richard’s father Bob, who acquired the land in the 1960s and also ran a haulage business and agricultural contracting service from the site. Having initially worked in the haulage business, Richard went on to launch a gritting company and now operates a fleet of eight gritter lorries serving clients including Manchester United Football Club, local councils and supermarkets.

Following Bob’s death in 2015, farming activities ceased for four years until Richard and Nina decided to bring the land back into use. They have now been joined by 23-year-old Jack who has recently graduated from agricultural college.

I inherited Thornton Park from my parents and I want to give my son the opportunity to run it after me. It is difficult to make a good living from smaller farms now but having the right mix of activities is key. Tourism is an excellent addition to our existing income streams and, with such a beautiful location, holiday companies have told us that they expect the site to be very popular. The funding from the Northern Powerhouse Investment Fund II has enabled us to speed up the launch of the new facilities and we look forward to welcoming our first guests later this year. Richard Dunnett
Richard is an experienced businessman with an agricultural background and has committed significant investment of his own to the farm. Unfortunately, he was unable to raise the money required for the glamping pods from a traditional high-street bank. This funding will not only help the Dunnetts secure the financial future of their smallholding but also benefit the local tourism industry. Gary Whitaker Mercia Debt
Following a rise in staycations, glamping has become ever popular with holidaymakers looking to get away in the UK but still looking for a sense of luxury. Thornton Park Farm is a classic example of a business that is capitalising on this trend, and sought NPIF II funding to support its growth. It’s encouraging to see a family business deep rooted in the North of England seeking support from NPIF II in order to unlock potential and increase its contribution to the local regional economy, and this marks a brilliant first deal in the West Yorkshire region. Sue Barnard Senior Manager, British Business Bank

Richard Hargreaves, an independent adviser, provided fundraising advice to the Dunnett family.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

ENDS

Further Information

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Notes to editors

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East)

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpage www.northernpowerhouseinvestmentfund.co.uk

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