Western Downs Four Daughters’ expansion into Asia

Western Downs beef brand Four Daughters has revealed their secrets to success and their plans for the future after their global export business took a hit during the pandemic.

TRUE GRIT: Matilda, Jemima, Molly and Bonnie, with their parents, Dan and Karen Penfold. Picture: NAB

A Western Downs beef business has ambitious plans to expand after the pandemic interrupted it’s supply chains and food service sector globally.

Western Downs beef producers Karen and Dan Penfold together with their daughters Bonnie, Molly, Jemima, and Matilda, run Four Daughters, a premium 150-day grain fed black angus Beef brand launched in 2019.

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The sisters are the faces of the family business, which is now firmly focused on diversifying and expanding their operations, with a firm eye on succession planning.

Four Daughters Beef in the Western Downs.

The Penfolds initially targeted the Chinese food service and retail sectors, exporting Four Daughters beef directly to a wholesaler in Wuhan, China.

When the COVID-19 pandemic hit, disrupting supply chains and the food service sector globally, they once again had to use their innovative approach to quickly develop a domestic market for their branded beef.

Four Daughters beef is now sold in packs in a signature Pink Beef Box, delivered direct to customers in Queensland, featuring a selection of choice black angus cuts, premium mince and gourmet sausages.

The Penfolds are now exploring alternative markets in Korea, Vietnam and the United Arab Emirates as the global food service sector looks to recover from the impacts of the pandemic.

While the events of 2020 created immense uncertainty for Australian farmers and agribusiness owners, Mrs Penfold believes resilience and teamwork will ensure the long-term success of the Four Daughters brand.

“Being a successful farmer means being a problem-solver and the younger generation are so positive and proactive when it comes to doing that,” Mrs Penfold said

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“Our girls look at every challenge that arises with a different set of eyes and attack it with enormous energy and vigour because they know it’s their future we’re all working towards.”

The Penfolds turn off around 9,000 head a year from their four cattle properties and two feedlots near Meandarra, Talwood and Yaraka, supplying a major supermarket chain.

For the Penfolds, having a strong working relationship with their bank has been essential to helping them adapt and expand over the years and get the Four Daughters brand off the ground.

“Dan’s family are long-time NAB customers and now so are we,” Mrs Penfold said.

“NAB has always been open to creative thinking and different ideas.”

NAB agribusiness manager Andrew Harland and NAB business banking executive Jason Coonan, both based at Roma, work closely with the Penfolds to support the expansion and diversification of their livestock and cropping operations.

“If the girls are home, they sit in on the meetings with us, they’re absolutely involved in the operation of the business and how it financially functions,” Mr Coonan said.

“That’s a really positive thing and it’s something we as bankers encourage farming families to do.”

Four Daughters Beef in the Western Downs.

“If the next generation are heading towards being part of the business, they are better off being involved in the financial side early on, not just the physical side.”

Mr Harland said among the developments, NAB had funded was the installation of a centre pivot so the Penfolds could use an existing water licence and provide them with more surety in crop production and silage for their livestock.

“For red meat producers, livestock is their cash flow and their number one trading asset,” Mr Harland said.

“Both of the family’s feedlots are at capacity at the moment, and they are looking at further expansion of their main feedlot down the track.

“They’re also looking to expand their breeder operation in the long-term, so they can produce their own progeny and mitigate the costs of buying cattle in.

“As their cattle trading business has expanded, we’ve looked at alternate funding lines rather than the traditional loan and overdraft, including exploring a borrowing base facility which enables customers to leverage off their cattle herd to further grow that side of the business.”

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Originally published as Western Downs Four Daughters’ expansion into Asia