A thriving North Wales holiday park that had its business funding support removed by the banks, is now accelerating growth plans and eyeing a bright future after securing an £890,000 funding deal.
Tyn-Y-Ffridd Farm, which provides holiday and private residential lettings across 70 acres of woods and farmland in Bangor, near Snowdonia, is now set for further expansion after receiving an alternative finance solution from Reward Funding.
Owned by entrepreneurs Sarah Thomas and David James, the farm was heavily impacted by COVID but has since invested in redevelopment work to expand its offering, spanning holiday cottages, camping and corporate events through to weddings and yoga retreats.
Located close to the main motorway network connecting Anglesey and Snowdonia, the business has experienced year-on-year revenue growth in the last two years. However, it required working capital to continue its forwards momentum.
With Tyn-Y-Ffridd Farm no longer able to access funding through traditional banks, the business turned to the original alternative finance provider, Reward, which provides asset-secured funding to help ambitious entrepreneurs, property investors and businesses thrive.
David James, co-owner of Tyn-Y-Ffridd Farm, said: “Although thankfully well behind us now, we can’t underestimate the impact the pandemic had on the business at the time and the scale of the challenge and rebuild needed ever since. We’ve fortunately gone from strength-to-strength by developing our holiday and private rental properties and expanded into new areas such as weddings and corporate events.
“Few businesses can enjoy the growth we’ve experienced without external finance, which is why we were relieved when Reward stepped in to support us when the bank removed its funding. The flexibility and pace of lending has ensured we’ve not stood still and are now in a position to expand the business further over the next 12 months.”
Mike Calvert, Reward Funding’s business development director in the North West, said: “Sarah and David have worked tirelessly to develop the holiday park into a hugely successful business, that has continually diversified into new markets and revenue streams. Being able to both understand their challenges and react at speed meant that we could provide a finance solution that is critical to their business momentum and ensuring the progress achieved to date is not lost.”
“Tyn-Y-Ffridd Farm is unfortunately one of a growing number of businesses that increasingly struggle to secure funding through traditional banks. It can stifle many firms by preventing them from expanding, recruiting or seizing market opportunities, which ultimately has an impact on the wider economy across North Wales. We’re delighted to be in a position to offer an alternative solution that unlocks further growth.”
The deal between Tyn-Y-Ffridd Farm and Reward Funding was brokered by Adrian Barlow of Commercial Funding @75point3, part of the 75point3 group, which has four offices across North Wales.
Adrian Barlow, head of commercial funding @75point3, added: “What I really like about the team at Reward is that they go the extra mile, meeting with David and Sarah in a very short timescale to understand their business needs and funding requirements. The finance solution provided has enabled Tyn-Y-Ffridd Farm to both consolidate but more importantly – expand and drive the business forward.”
