Hidden valley holiday retreat in North Devon transformed thanks to business-boosting loan

A £100,000 business loan has seen a traditional Devon longhouse at Combe Martin transformed into luxury visitor accommodation.

Longlands has been restored and refurbished to welcome visitors with the help of a loan delivered by the British Business Bank's South West Investment Fund via fund manager SWIG Finance.

The 18-acre holiday complex now boasts a farmhouse capable of accommodating family and friend groups of up to 20 people. It welcomed its first guests at the end of May and owners Sarah Roberts and Barak Fave say bookings are coming in thick and fast.

The £200million South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead. SWIG Finance manages the smaller loans part of the fund.

Sarah and Barak had run holiday lets in Nottinghamshire, but were ready to take on a new challenge and scoured England and Wales for their next chapter.

Sarah said: “We must have looked at 100 holiday complexes and when we came to North Devon in June 2023, we based ourselves at Longlands.

“It was on the market, and we fell in love with the place. With its secret valley, woodland walks, private lake and hot tub, it was like a little piece of heaven on earth.”

The couple sold their Notthinghamshire business and became the new owners of Longlands in May last year. Once settled in, they set about transforming it.

Sarah added: “Longlands was predominantly known for its luxury glamping lodges, which were open seasonally from March to October.

“We’d previously worked 365 days a year and found the winter months to be quite busy. Large parties like to go away for Christmas because not everyone has a house big enough to accommodate 20 people and 70th birthdays still happen in January.”

The South West Investment Fund loan was used to refurbish some under-used farm buildings and the huge farmhouse, a Devon longhouse. Sarah and Barak reconfigured the floorplan of the longhouse to take it back to something more sympathetic and versatile.

Above: The loan was used to renovate and refurbish the main farmhouse as well as some outbuildings. Credit: Longlands

“It had lots of tiny rooms, and the space wasn’t very usable,” said Sarah.

“We aimed to create big, beautiful, bright, open spaces suitable for multi-generational family get-togethers, or special occasions for large groups of friends. We turned to local traders where possible and used lots of wood and natural stone in keeping with the setting.

“The results turned out better than we dared to dream.”

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SWIG Finance was recommended by broker Adam Cooksley of Navigate Commercial Finance, and was a perfect fit for the couple.

“Raising finance for the farmhouse was difficult because traditional lenders like to see a track record of financial performance, and with the farmhouse this was all based on forecast,” said Sarah.

“It was apparent from the outset that SWIG and the South West Investment Fund worked very differently. Business manager Rachael Taylor came out to see us to interrogate the forecast, understand our vision and get a feel for whether the team were capable of delivering it.

“Our location is breath-taking and you can’t convey that in a business plan; visiting us helped Rachael gain confidence in us. We don't believe a traditional lender would have taken the time to build a relationship in this way.”

The revamp has enabled them to offer year-around employment on site, and helped create business for a variety of local suppliers of food, drink and experiences.

Future plans include a similar refresh for further disused farm buildings.

Rachael Taylor said: “Sarah and Barak are passionate about growing the business and supporting their local community.

“They had a great insight into the holiday letting business and Longlands is an absolutely gorgeous part of the world. Having seen it for myself, I have no doubt they will be deluged by repeat customers. I wish them the very best of luck in their venture.”

Above: Partners Sarah Roberts and Barak Fave were experienced in running up-market holiday lets and wanted to bring their vision to North Devon. Credit: Longlands

Dave Tindall, senior investment manager at the British Business Bank added: “It’s great to see how the South West Investment Fund is enabling passionate entrepreneurs like Sarah and Barak to realise their vision and breathe new life into a tourism business.

“Longlands is a good example of how targeted investment can create local jobs and contribute to the local rural economy all year round.”

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.