The Black Farmer has agreed a seven-figure funding facility as it gets ready to roll out its shops across the UK.
Set up by Wilfred Emmanuel-Jones in 2004, the business opened its first farm shop in Brixton at the end of 2023. It is now preparing to open a second retail outlet in the former headquarters of BBC Television in White City, west London. The store is scheduled to open at the end of January.
Emmanuel-Jones told the Grocer the plan was to roll out a number of these farm shops throughout the country.
“My mission is to offer urban consumer the opportunity to Escspe the city without leaving town,” he said.
The Black Farmer secured the £1m funding line and specialist foreign exchange services from independent SME funder Bibby Financial Services to support the plans.
“We’re a pioneering company leading the way for black British businesses and agricultural entrepreneurs,” added Emmanuel-Jones. “I’m passionate about maximising the untapped potential of small businesses and wanted to collaborate with a like-minded partner.
“We needed the confidence that our funder is both an expert in their field and committed to supporting our goals. BFS provided exactly that. They engaged with our ambitions from the start, working to understand our business. Their offer of an extended funding limit and a higher advance rate was a perfect solution and demonstrated their confidence in our business. We look forward to working with the BFS team as our business continues to grow.”
Emmanuel-Jones became known as ‘The Black Farmer’ to his neighbours in Devon after he set up his own farm in the area. He subsequently launched The Black Farmer brand, with a mission to support diversity in farming.
Today, the business has an annual turnover of £10m.
Colin Johnson, corporate manager at Bibby Financial Services, said: “We’re excited to support The Black Farmer Ltd with its growth plans. Our deep understanding of the operational pressures facing small business owners means we could offer a greater level of liquidity than other funders and provide a solution tailored to meet the firm’s specific needs. Given The Black Farmer’s focus on international trade, the FX service we’re providing is a significant added-value element of the overall deal we structured. It will enable The Black Farmer to streamline its operations and better protect its margins in the face of potentially corrosive rate variations.”
No comments yet