New financial support has been launched to help farmers enter the flourishing UK venison industry, in which establishing herds has traditionally been seen as expensive.
According to the Venison Advisory Service (VAS), the UK venison market is predicted to grow by 10 per cent in 2017.
But high operating costs mean that many farmers struggle to grow their herds or start new ones – and are failing to keep up with demand.
Around one third of venison sold in the UK is imported, although many processors and buyers would prefer to source and stock home produced venison.
This has led to Lloyds Bank creating a new range of financial support designed to specifically help farmers manage their income cycles unique to the venison industry.
The products will be available to new or established farmers who might be considering alternative markets to grow or improve profitability.
The finance includes medium to long term lending to help farmers buy livestock, housing and equipment, asset finance to help with purchasing and upgrading facilities and working capital solutions.
'Not always straightforward'
Andrew Naylor, UK Head of Agriculture, Lloyds Banking Group said: “The increase in demand for venison has created opportunities for UK farmers but starting or growing a farm is not always straightforward.
“There can be a period following the establishment of a new herd where the deer are calving, then maturing, but not yet generating income.
“Our venison finance products will alleviate working capital pressure and free up cash that would otherwise be tied up in new livestock.”
John Fletcher, The Venison Advisory Service, said the UK venison market is growing significantly with demand currently exceeding supply.
“This has created a real opportunity for those considering setting up a commercial deer farm as a business venture or an additional revenue stream.”
Game meat, such as pheasant, venison and duck, has become more widely available and consumed over recent years.
Growing consumer demand for venison and an uncertain future has led farmers to explore the option of deer farming.
