Barclays loan for diversification of Arbroath agricultural business

A family-owned agriculture business in Arbroath, Angus, has received backing from Barclays to help the business diversify into property investment and development.

Messrs George L Galloway secured a loan from Barclays, which it is using to purchase residential properties to redevelop for sale and speculative joint venture schemes with local builders.

Business owners Robert and Rory Galloway, who approached the bank on the recommendation of an existing Barclays customer, aim to further expand the business into developing new build properties in the future.

Barclays offered expert advice and support through business manager Steven Reid.

Rory Galloway commented: “This is the first time we have banked with Barclays but the level of service and understanding of our business was reassuring during a time of change. The expert advice Barclays has offered throughout every stage of the process has been invaluable and means that we have been able to maintain our focus on the day-to-day running of the companies.”

The business is one of a number of Scottish agriculture businesses that has benefitted from Barclays’ support in recent years to identify and diversify into new income streams for future growth.

Stuart Brown, Head of SME Scotland at Barclays, said: “Messrs George L Galloway is a fantastic example of an ambitious family-run business that has recognised the opportunity to diversify. We have worked closely with the team to develop a forward looking funding package that will support its development and growth as it expands into the residential property market.”