8th June 2026
J P Tunstill & Son, a livestock and contracting partnership in North Yorkshire, turned to tailored finance solutions to replace ageing machinery and take on a greater workload.
J P Tunstill & Son is a family-run 100-acre farm based in Wensleydale, North Yorkshire, with origins stretching back to the early 1900s. The partnership is jointly owned by John Tunstill (second generation) and his son Ian Tunstill (third generation). Their work focuses primarily on livestock breeding alongside some private contracting work.
A combination of contracting and the desire to take on more work made it clear they needed to upgrade their ageing tractor. After working closely with Justin Mumby, relationship manager at Close Brothers Asset Finance, a hire purchase agreement was created that matched the business’s needs, resulting in the purchase of a New Holland T5.120.
Not only will the new machine boost operational efficiency, but it will mean they can secure more work.
By facilitating the replacement of an essential asset – without placing strain on cashflow – Close Brothers Asset Finance has helped solidify the business’s future.
Continuing growth
The investment supports both day‑to‑day efficiency and long‑term sustainability, helping the family farm continue its growth and preserving its legacy for future generations. This is just one of the many examples of Close Brothers Asset finance delivering on its goal of supporting the farming industry in the UK, the company says.
Mr Mumby said: “Working with John and Ian has been a pleasure. Deals like this help to show the true impact that Close Brothers Asset Finance can have, especially within the farming community.”
Farm co-owner John Tunstill said:“Upgrading our tractor has been a crucial task for us, and with the help of Close Brothers Asset Finance, the process felt very straightforward. Their understanding of our needs and tailored financial solution meant that we could upgrade without putting the farm under pressure and still take on more work. I could not be happier with their support and look forward to continuing our partnership.”
Unlocking investment without tying up capital
Whether funding new machinery, upgrading equipment or improving cash flow flexibility, asset finance can help farm businesses access the equipment they need while protecting working capital.
Close Brothers Asset Finance explores the main finance options available and how they can support long-term growth…
Hire purchase
Hire purchase is a great way to get what you need because you get to choose, use and manage the assets you need for your business over an agreed period, typically up to five years. The regular instalments you pay as part of your agreement will cover:
- The asset’s depreciation
- Interest on the cost of the asset.
- At the end of the term, you get to choose to buy the asset and own it outright.
Refinancing/sale and HP back
Refinancing uses the value of assets you already own to help your business.
You sell your equipment to Close Brothers Asset Finance, and the company lends you the money you need to invest in your business. You pay the company back in line with what the equipment earns for you. Once you’re done paying the money back, you own the equipment again.
This works whether you own the equipment outright or are already financing it with someone else.
Finance lease
The full value of the equipment is repaid to the finance company, plus interest, over the lease period. At the end of the term, you can choose to:
- Continue to use the asset by entering a secondary rental period
- Sell the asset and keep a portion of the income from the sale
- Return it.
Operating lease
An operating lease lets you rent the asset from Close Brothers for the duration you require it.
The main difference is that an operating lease covers only a portion of the asset’s total useful life, meaning you pay a lower rental fee because it’s calculated based on the difference between the asset’s purchase cost and its value at the agreement’s end.
You enjoy complete access to the asset for as long as you need it without the obligation of managing its disposal or recovering its residual value.
To find out more visit the Close Brothers Asset Finance website.
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