A six figure funding package from HSBC has provided Alex Colquhoun Ltd, a third generation family owned 840 acre dairy farm in Montrose, with the financial backing needed to purchase ground source heat pumps and a biomass boiler in a move that is expected to save the business tens of thousands of pounds each year.
In providing the farming business, which has 720 milking cows, with the financial package HSBC has enabled the award-winning farm to build on a number of existing renewable initiatives introduced over the last five years.
Gregor Colquhoun, owner, and grandson of Alex Colquhoun who established the farm after the Second World War, estimates the savings gained from the new purchase will be close to £70,000 per year in bedding costs, as well as making the business more environmentally friendly.
Over the past five years other renewable additions to the farm have included a wind turbine, solar panels and a second biomass boiler, and recent expansion and renovation of the existing sheds, all secured thanks to HSBC funding. The combination of new environmental initiatives complements the farm’s diary trade, harnessing government schemes to ensure a guaranteed income for the next 20 years.
Mr Colquhoun said: “We were looking to invest and diversify our offering, by becoming more self-sufficient and reducing our carbon impact. HSBC understood our long-term plans and their support has been crucial in turning our vision into a reality.”
John Robertson, agriculture director at HSBC, added: “Alex Colquhoun Ltd has been a HSBC customer for five years and in that time we have worked together to introduce a number of environmental and cost saving measures to the business. The latest initiative is another exciting step for Gregor and his team, and we look forward to seeing the positive impact of this deal.”