Paragon Bank’s SME Lending division has agreed a £545,000 asset finance facility with Tim Vaughan Racing Ltd to support the installation of three biomass boilers at its Pant Wilkin Stables base in Cowbridge, South Wales.
The funding, arranged through Premier Asset Finance, will enable the National Hunt training operation to expand its on-site heating capacity as it develops new veterinary and rehabilitation facilities. The investment is expected to lower long-term energy costs while reducing emissions associated with heating across the site.
The new biomass boilers will serve the recently completed equine hospital and a planned equine rehabilitation centre, both of which have high and continuous heating requirements. The infrastructure upgrade is designed to support the business’s growth plans while improving energy resilience at the rural training yard.
Tim Vaughan Racing was established in 2008 and has recorded more than 867 winners, including major victories at Aintree, Punchestown and the Scottish Grand National. The operation offers a range of ownership options and provides on-site facilities including gallops, schooling grounds and accommodation for owners.
Tim Vaughan, the company’s founder, previously rode 117 winners between the flags and was Champion Welsh point-to-point jockey. He later became a Grade 1 trainer and the youngest National Hunt trainer to achieve 100 winners in a single season.
The installation of biomass heating forms part of a wider diversification strategy following the disruption caused by the COVID period. Alongside the equine hospital and rehabilitation centre, the business has added six on-site holiday lodges to create additional revenue streams and make fuller use of its facilities.
Paragon Bank works with more than 16,000 small businesses across the UK, providing tailored finance across sectors including agriculture, construction, manufacturing and transport. Its SME Lending division has focused on supporting businesses investing in lower-carbon technologies and equipment that can reduce operating costs over time.
The deal with Tim Vaughan Racing reflects a broader trend among rural and land-based businesses looking to move away from fossil fuel heating systems. Rising energy prices and ongoing pressure on margins have increased interest in renewable heat options that offer greater cost certainty.
Peter Pike, Business Development Director at Paragon SME Lending, said: “Tim Vaughan Racing exemplifies the kind of ambition we value at Paragon. By investing in renewable energy and expanding operations, the business is helping to secure its long-term sustainability. Tim’s decision to diversify following the challenges of COVID – with the building of an equine hospital, rehab centre and the addition of six on-site holiday lodges – is a testament to strong business acumen and the importance of adapting in a changing environment.”
“Tim Vaughan’s commitment to innovation and sustainability demonstrates how finance can play a pivotal role in driving greener, more efficient operations. Paragon remains dedicated to helping SMEs navigate today’s economic climate and achieve their sustainability goals.”
The biomass system is expected to play a central role in meeting the energy demands of the new clinical facilities, which require reliable and consistent heating to support veterinary care and rehabilitation services. The switch is intended to reduce exposure to volatile energy markets while supporting the business’s environmental objectives.
Tim Vaughan, Owner of Tim Vaughan Racing Ltd, said the funding would help strengthen the operation’s financial position as it continues to grow.
“This investment from Paragon will enable us to be more financially resilient – reducing our energy costs so we can reinvest the funds elsewhere to grow the business and protect our beautiful environment here in Wales,” he said. “The new biomass boilers are essential as our business grows, particularly with the opening of the new equine hospital and upcoming rehabilitation centre. We’re grateful to Paragon and Premier for their support and expertise, making the process smooth and seamless.”
Premier Asset Finance facilitated the transaction, continuing a long-standing relationship with the racing business. The firm specialises in arranging funding for plant, machinery and equipment across a range of sectors, including agriculture and rural enterprises.
Steven Toshack, Asset Finance Manager at Premier Asset Finance, said the project reflects the direction of travel for many established SMEs. “It’s been a privilege to support Tim Vaughan and his team over the years as they’ve grown and diversified the business,” he said. “Our longstanding partnership is built on shared values and a commitment to sustainable growth, and I’m delighted that Premier Asset Finance continues to play a part in enabling their ongoing success.”
For Paragon, the transaction sits within a wider portfolio of lending aimed at helping smaller businesses manage cost pressures while investing in assets that improve efficiency. Renewable heat installations have become an increasingly common use of asset finance as firms look for practical ways to manage energy demand.
The Pant Wilkin Stables site is expected to see the new boilers fully integrated as the rehabilitation centre construction progresses. Once operational, the system will provide heating across multiple buildings, supporting both equine welfare and the long-term operation of the business.
Paragon Bank is a FTSE 250-listed specialist lender providing finance products for businesses and consumers. Its SME Lending arm continues to expand its presence in regional markets, working with brokers and advisers to support investment in equipment, vehicles and infrastructure.
More information on Paragon Bank’s SME Lending and asset finance offering is available via the bank’s website.
