The owners of Gilcombe Farm in Bruton, which hosts the Farmfest and Shindig music festivals each year, have secured a seven-figure finance package from HSBC to acquire a second dairy farm on the outskirts of Shepton Mallet.

Newlands Farm, which is set across 100 acres in Oakhill, has been used as a dairy farm for around 20 years and comes with a number of ready-to-use outbuildings. It will now be used to expand Gilcombe Farm’s existing dairy operation, helping the owners rear up to 100 additional calves each year.

The new farm will also provide additional space for the livestock both during and after the annual festivals at Gilcombe Farm.

Andrew Portch, owner of Newlands Farm, said: “We recently made the decision to move our banking across to HSBC because the team was able to offer us a competitive commercial mortgage, plus they had a proven track record of supporting similar agriculture businesses in the South West and beyond. The process has been very smooth and we’re now looking forward to expanding our business over the coming months.”

Mark Self, HSBC’s Area Director for Devon, Cornwall and Somerset, commented: “Andrew is a committed farmer and businessman with great ambitions for both Gilcombe Farm and Newlands Farm. His business model and clear direction for the business meant putting this substantial funding package in place was an easy decision to make. With more than 40 years’ experience in agriculture, HSBC is passionate about supporting the next generation of farmers like Andrew, and we wish him every success with his new venture.”

Gilcombe Farm is a 300-acre family run organic farm in the heart of Somerset, producing and supplying some of the finest organic and non-organic food products in the South West. Newlands Farm brings the Portch family’s total farmland to 400-acres.