Combining cows and cottages

The Frankaborough Farm near Lifton in Devon is very much a family affair. Run by Derek Banbury and his brother Raymond, with Derek’s wife Linda and their son James.

What started out as a herd of 13 dairy cows, run by Derek and Raymond’s father, has now grown to 200 dairy cows and a herd of beef store cattle. Today, they own 400 acres and rent a further 200 acres. Between them they run the dairy herd, rear mostly their own replacement cows, and sell their home-reared bulls for beef.

Converting the past into the future

But there’s more to Frankaborough than just cows. Having worked for most of her life as a district nurse, in 1999, Linda decided to convert one of the old barns into a holiday cottage. Word quickly spread about the wonderful location and Linda’s hospitality and five years later the old shippon and dairy buildings were converted to provide more holiday lets.

Over the years further barns have been converted, and additional land and derelict barns were bought which adjoined the property. This latter acquisition has enabled them to install the I-Hut, a large shepherd’s hut with a hot tub. There are currently six holiday cottages on the farm, available to book all year round and attracting guests from across the UK and Europe.

All the family are happy to help when required. This includes Derek and Linda’s daughters, Claire and Lucy who provide guests with beauty treatments or babysitting services and Katie, who helps out with milking. Granddaughter Charlotte loves to lend a hand and James’s fiancée, Hannah, gets involved as well.

Holiday cottage guests benefit from the Banbury’s willingness to use the farm as an educational resource. Guests can watch the calves being fed and the cows being milked and will get an understanding of the many jobs that need to be done seven days a week to make sure the farm works effectively and safely.

Investing for success

While the holiday cottage business has seen significant investment over the years, the farm also continues to invest in its future. A new milking parlour was installed in 2009, allowing them to increase their herd number and milk the cows more efficiently. In 2022, solar panels and storage batteries were installed, which has helped reduce the farm’s electricity bills substantially.

However, like many dairy farms, the prospect of future investment is always based on the price they can secure for their milk, which over the years has fluctuated significantly. This can create big issues when it comes to planning and investing in new machinery and equipment. However, the family works together to agree on what can be done and when.

What’s next for Frankaborough?

The future of the farm and holiday cottages is in safe hands, with the next generation already taking on more of the responsibilities. There are plans to convert one more agricultural building into a house and, subject to the fluctuating milk prices, they aim to erect a cubicle shed for the cows and extend their slurry storage facilities.

Providing day to day and long term support

The family works closely with Haines Watts who help them to stay on top of the routine accounts, tax and VAT aspects of both businesses.

Haines Watts’s advice has been great with our diversification plans. They have recommended how best to reinvest in both the farm and holiday cottage businesses and how to manage our cash flow throughout the year. Haines Watts has helped us minimise our tax bills over the years, including setting out plans to counteract future inheritance tax bills. It is great to have them on our side. - James Banbury