Meet the Expert: Mike Foyle, Regional Sales Manager

Briefly tell us about your role and what you do…

I am a Regional Sales Manager in the newly formed Agriculture team at Close Brothers Asset Finance, the first task I undertook in this role was going out to see all my contacts in the South. I focused mainly on the dealer network I knew from my days working in the network and for large Original Equipment Manufacturers (OEM). I also visited many of the used traders I worked with selling part exchange machines. My main aim was for them to have Close Brothers Asset Finance in mind when looking for funding, especially when the partner finance company for the OEM said no. This gave me a good start and has now resulted in me approaching many other dealerships as my customer base grows.

Some of the questions the dealers ask are interesting; they don’t realise that Close Brothers Asset Finance is a bank. Some think we’re a broker, others say that they have heard of us but that we’re too expensive. After running a few numbers for them they realise that we’re very competitive.

Ultimately my role is making sure that when a dealer or customer needs finance, that they contact me first.

What was your journey to Close Brothers Asset Finance?

I joined Close Brothers Asset Finance having worked in the agricultural sector all my life. I started on the family farm and then worked in the agricultural machinery dealer network. I then moved onto working for OEMs such as Fendt, Massey Ferguson, McCormick and Krone. I started on the technical side then moved into sales over 20 years ago.

The finance side has always interested me so when I was approached by Close Brothers Asset Finance about an opportunity to join a new Agricultural team I was very interested.

What’s your favourite part of the role?

Talking to customers, pricing deals and winning them!

I especially enjoy being with customers; sitting down around the kitchen table on the farm discussing their requirements and proposing solutions that could suit them. I also love keeping my hand in with what they are buying and what’s going on in the farming world.

Outside of work, how do you like to spend your time?

I’m a big Gloucester rugby fan, I have a season ticket and go to most home games which is not an easy watch at the moment! I also enjoy going to my old local club Longlevens RFC, watching them play while catching up with old friends.

I can also be found on the golf course with my son who now beats me EVERY time!

Can you give us an example of a time where asset finance has helped one of your customers?

I had a customer looking to raise funds to help progress the build of his new farmyard. He wanted to buy all the gates, water troughs etc for a new building that had been built, plus lay more concrete in

the yard.

I suggested we raised this money by re-financing machines he already owned. We eventually refinanced two machines and raised enough capital to enable him to do this.

What assets have you found are the most ‘in demand’ at the moment?

There has always been a drive in farming to diversify due to the poor returns from milk, meat, corn etc. Currently, in the South we’re seeing an increase in farms seeking finance for glamping pods and shepherds’ huts etc. These are proving to be a good way for farms to earn a good return and at the same time sell some of their produce to the holiday makers in the accommodation.

What do you think 2024 holds for the agricultural industry?

The winter has been very wet and some crops have rotted in the ground because of this. Milk prices have dropped as have other commodities. With machinery being at its most expensive and interest rates as high as they’ve been for over a decade it’s very hard to see what will happen but this is nothing new for farmers who always find a way.

With our ability to offer competitive deals, this could be where a lot of our business comes from in 2024, helping farmers through what could be another tough year.