A first-generation farming family from Cardenden in Fife has secured financial support from Virgin Money to achieve their dream of converting a 10-year tenancy into the security of full farm ownership.
As Craig and Katreen Malone approached the end of their starter tenancy on the 290-acre Pitcairn Farm rented from Forestry and Land Scotland (FLS), the couple negotiated a three-year extension from FLS and then requested to buy the unit.
The Malone’s existing bank declined to provide a loan to buy the farm they were renting but Virgin Money stepped in to make it possible.
“I am grateful for FLS firstly for giving us the opportunity to get us started with the tenancy of Pitcairn and then giving us the option to buy the farm,” said Craig.
“When we approached our existing bank for help, they turned us down. So, we were very relieved when Virgin Money stepped in and gave us the support we needed to finally buy our own farm.”
For Virgin Money Agricultural Business Manager Rona Jordan, the Malones did not meet the bank’s normal criteria for a loan of this size, but Craig and Katreen were exactly the kind of dedicated, hardworking, next generation farmers that Virgin Money is committed to supporting.
Ms Jordan said Craig and Katreen were a progressive young couple who have invested their heart and soul during their tenancy into building a successful, viable farming enterprise.
“This couple have a wonderful track record of achieving such a lot in a relatively short time and having farmed Pitcairn for many years, they know it inside out and are already operating a financially viable enterprise,” said Ms Jordan.
“We believe that buying Pitcairn Farm is a great investment for the Malones and for Virgin Money. This is exactly the kind of family farming enterprise on which the bank’s foundations in agricultural lending are built, supporting our customers to help them build successful businesses and realise their goals.”
The couple achieved another dream when their bullock Silver Lining was crowned beef champion at LiveScot in 2021.Craig grew up in Stirling and always wanted to be a farmer, but he knew the dream of farming his own land would be incredibly difficult to realise.
After leaving SRUC Auchincruive, he began his journey in farming working as a stockman and then took the plunge into self-employment, taking on annual grass lets, renting buildings to house stock in the winter and building up a herd of some 50 head of cattle.
In 2021, Craig took on the tenancy of Pitcairn Farm and by the end of their starter tenancy, they had raised two daughters and established a noted flock of sheep and a herd of 180 cattle.
Virgin Money has provided a loan in excess of £1 million to enable the purchase of Pitcairn Farm and a small overdraft facility for operational finance.
The company has worked alongside agri-business management consultant Colin MacPhail, who praised Virgin Money for backing the business and providing the required finance.
“What the Malones have achieved through sheer hard work and a commercial approach to their cattle and sheep enterprises is exceptional,” said Mr MacPhail.
“They have proved that with a good business plan and the required financial skills to make informed business decisions it’s possible to achieve the impossible, starting out with very little and being able to purchase the farm within 10 years.”
The Pitcairn Farm sheep enterprise now consists of 800 mainly Blackface ewes crossed with a Bluefaced Leicester to produce Scotch Mules.
Ewe lambs are sold at Stirling and wethers go deadweight, with an additional 1,500 store lambs purchased to fatten.
On the cattle side, the couple buys in predominantly Limousin cross and British Blue cross heifers which are sold with calves at foot through the sale ring where they sell at premium prices.
Of all the benefits of ownership, Craig says the biggest by far is security.
“Starting off with nothing and renting land gives you very little security,” he said.
“You have all the financial and operational stress of running a farm, but we always knew that after 10 years we would have to leave. Now, we own our family farm, and we couldn’t be more excited about the future.”
Both Craig and Katreen work the farm together as they have always done, with part time, self-employed help in the busy times. They are still finding their feet in the new landscape of ownership but their advice to other aspiring farm owners is go for it.
“Virgin Money made it happen for us,” added Craig.
“They gave us all the advice and support we needed and above all they understand farming. They understood how important buying our farm has been to our family and they were prepared to invest in us.
“I have always dreamt of owning my own farm and Virgin Money has made it possible.”
