Update
Challenging times ahead - but there are options - Farmart magazine
LC Director Siann Huntley is an expert in working with agricultural businesses and has contributed to the latest Farmart magazine to highlight how Leonard Curtis can help.
Farming is a major contributor to the UK economy, generating £127bn and employing over 4m people. The sector has weathered the storm over recent years but there are more challenges ahead.
Changes in subsidies surrounding Brexit have been long awaited and discussed the transition is now well underway, which sees a phasing out of support offered under the EUes Common Agricultural Policy and a move towards a new range of schemes driven by the delivery of public goods in the form of environmental benefits.
Whilst preparing for this historic change, we have faced an unprecedented global pandemic which has exposed the fragility of supply chains resulting in significant loss and wastage. Diversified members of the farming community have faced additional challenges mirroring those of the leisure and hospitality industry at large.
Readers will hopefully have bravely navigated the events of the last two years and set foot on the road to recovery. Unfortunately, further economic developments, compounded by the recent events in Ukraine, have served to hinder that recovery presenting additional pressures through soaring fuel and gas prices, along with rising costs of feed, grain, oilseed and fertiliser. These events have impacted on food supply chains globally.
This perfect storm has led to businesses facing increased costs, worrying complexities and a wide range of operational and financial issues and uncertainty.
But there are options if the above resonates with you, and you are experiencing cashflow problems or pressure from creditors then dont ignore your issues talk to your accountant or a restructuring specialist like us for support in getting back on a firmer financial footing. Over many years, weve worked with hundreds of farmers facing challenges to buy time and give them options enabling them to remain in control and find a way forward.
There is a misconception that asking a business recovery specialist for guidance will automatically lead to the closure of the business and that isnt necessarily the case. On the contrary, our priority and that of all restructuring firms is always to try to save it if possible. Where we are referred early enough, we can usually develop a practical strategy to put the farm back on a steady footing.
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