According to Defra’s most recent Farm Business Survey, two-thirds of farm businesses in England and 38% of farmers in Wales, have already diversified. Roger Parry & Partners are urging those who haven’t yet considered diversifying to start preparing now for a post Brexit future.
Richard Corbett, Partner in Roger Parry & Partners’ Oswestry office is concerned that farming is entering a time of major change, but not all farmers are ready to face that change. Richard said:
“Those farm businesses that are prepared to recognise that change is on the way, and have planned for the future, will be the most resilient in the face of the industry restructure that is forecast. Those farmers will also be best placed to take advantage of any future opportunities.”
In the latest edition of Roger Parry & Partners’ newsletter, The Review, Richard highlights some of the opportunities and diversification trends that farmers could take advantage of, whether looking for a new project or wanting to add value to an existing diversification. Richard lists the top diversification trends for the UK in his article which include: Energy; Forestry; Poultry and Free range egg production; Brewing beers and creating a Wedding venue.
“Bold decisions, new skills and financial investment are needed. Now is the time for every farmer to examine carefully their entire business and decide how best to improve its profitability. We know this is a major step for a lot of farmers but we urge you, you don’t have to do this alone. We can help and advice you all the way.
“Diversification has to be well planned and well-resourced so as to add to, rather than distract from, the core farming enterprise. The underlying profitability of existing trading businesses remains the first priority before diversification. Farmers must invest as much in business structures and management skills as the new product or service idea.”
As a member of the NFU’s Rural Surveyor’s Panel, Roger Parry & Partners have endorsed the new series of podcasts created by NFU Mutual to help those farmers who are considering diversifying. Today, 5 December, sees the launch of a new podcast which gives tips to anyone considering diversifying from a farmer who has diversified his conventional beef and sheep farm to a successful organic farm, farm shop, bistro, takeaway and drive thru. Lord Newborough of the Rhug Estate, near Corwen, gives his top tips to anyone considering diversifying. Listen to the podcast: https://www.nfumutual.co.uk/farming/farming-diversification/
Richard said, “Our team of professional chartered surveyors have a long, successful, track record in helping farmers diversify. If you would like us to give you advice on which type of diversification would work best on your farm please get in touch.”