AMC helps puts Taunton equestrian centre on the international map

A summary of AMC loan applications in 2006 showed that customers borrow primarily to purchase land, restructure bank debt, make building improvements, provide working capital or purchase a partner’s share. In the last 18 years Richard Mitford-Slade, who runs a very successful farm and equestrian sports centre near Taunton, has borrowed for each of those reasons!

Richard Mitford-Slade took out his first AMC mortgage when he purchased the 220-acre Pontispool Farm, in Norton Fitzwarren near Taunton as a sitting tenant in 1989. Since then his farming progress can be plotted against his close relationship with AMC.

When the farm was bought, Richard also rented a further 222 acres and farmed 50% arable and 50% grass. The arable side of the business is share-farmed with another local farmer growing a mix of wheat, barley and oilseed rape.

For a number of years the grassland was home to 600 ewes and 180 cattle, but BSE put an end to cattle fattening. Richard kept on a suckler herd of 30 cows and all the ewes, but these were all sold after the Foot and Mouth (FMD) outbreak in 2001.

“It was time to take stock and diversify,” said Richard. “The arable side of business continued to tick over and I started to develop an equestrian centre in 1999. But this didn’t feel compatible with the livestock, so in 2001 I sold all the cattle and sheep to farms re-stocking after FMD.

“I also took this as an opportunity to restructure all my borrowing. I had fixed my initial mortgage of £100,000 at 10% in the early 1990s but now wanted to borrow more to build up the equestrian centre, convert a farm building into a long-term let and I also needed funds for my divorce settlement.  I took a £250,000 AMC loan which was part-fixed and part-variable, and that gave me the flexibility to develop the farm and new enterprises the way I wanted to.”

Pontispool Farm Equine Sports Centre is now recognised internationally and boasts three all-weather arenas, multiple cross country courses, 60 stables, a café, basic accommodation and shower and toilet facilities. Pontispool is affiliated to British Eventing and the British Show Jumping Association (BSJA) and runs events on their behalf, as well as hosting pony and riding club residential courses and competitions.

In total over 30 events take place at Pontispool over the course of a year. The flagship event, the Pontispool Horse Trials, takes place twice a year and attracts 1,100+ entries annually. This is now a very good source of regular income as, depending on the type of event, entrance fees can vary from £8 up to £85.

Luxury holiday let

In November 2003 Richard went a step further in his diversification plans and  borrowed from AMC once again, this time to convert two more barns, one for long-term rent and the second as a luxury holiday let.

“The holiday let is a very large, superior property with five en-suite bedrooms and all the luxurious facilities you would expect including a big self-contained garden, a games room and a hot tub.

“We took our first booking for Christmas 2005 and have had steady bookings since then. This has been a big investment and whilst there are ongoing maintenance costs, during peak season we can rent the property for over £3,000 per week.

“However in order to get bookings all year round I decided to make a further investment and at the beginning of 2006 borrowed a further £150,000 from AMC to build an indoor swimming pool.

“I have borrowed extensively from AMC over the years but they have always had the assurance that each investment has increased the value of my property and has created further income streams. I have always found them extremely helpful whether I have been dealing with the head office in Andover, one of the local AMC Agents or with John O’Meara, my Regional Agricultural Manager.

“I now have a series of separate loans, linked to enterprises, and each application has always been handled very efficiently. With the various projects, I have also been offered the flexibility to draw funds in tranches as I need them. AMC has really offered me the best combination – competitive rates, a hassle-free service and once it is all in place a ‘lend and leave’ approach which I like,” said Richard.