Background – how the opportunity arose and who was involved
With the help of ASC, a green-fingered couple has saved one of Kent’s last remaining market gardens and realised their dream of owning a fruit and vegetable business.
Paul and Michelle Vesey-Wells are now the proud owners of East Kent Growers Ltd (formally known as Walmestone Nursery) in Kent after ASC’s Alister Golesworthy secured the financing to enable the purchase as sitting tenants. With the eight-acre site and farmhouse up for sale by the owners, Paul, Michelle, and their family faced being left jobless and potentially homeless.
Challenges – financial pressures and time constraints
The hardworking and dedicated couple, who had worked there for nine years, were desperate to buy the business to stay in their cherished home and keep the thriving community market garden alive. So they started the seemingly impossible task of raising £650,000 of finance to buy the business and site.
Entrepreneurially, the couple launched a crowdfunding campaign to add to their deposit. The local community got behind this much-loved local business asset, and the campaign secured an impressive £5,000.
Solution – how ASC supported the process
The couple then sought help from ASC to secure a loan towards the purchase price. Time was of the essence as the owner’s marketing agent was arranging viewings by potential purchasers.
Alister introduced a specialist solicitor, Aly Young Law, who explained how to arrange a third-party share deal to help obtain additional deposit funds via a share scheme, the agreement then being completed by the client’s solicitors. Alister, also approached the agricultural lending team at NatWest, who he knew would see the benefits of keeping the business in local and experienced hands and oversaw the whole process to ensure the deal went through.
Outcome – successful purchase and long-term stability
With Alister’s help, Paul and Michelle obtained a £400,000 structured commercial mortgage and continue to enjoy running East Kent Growers Ltd. The future of their thriving local business is now secure, and they can continue serving their community, from individuals to Michelin Star restaurants.
Alister Golesworthy said, “We live in Kent, so saving this important community asset was a pleasure. If you’re a sitting tenant or have the opportunity for a buyout, we would love to help you. Please get in touch.”
Image credit: East Kent Growers Ltd
