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Farm diversification to find new income streams should be an important consideration amid the uncertainties of Brexit was the key message from The Country Land and Business Association (CLA) Diversification Demystified seminar.
More than 100 landowners and rural businesses across East Anglia attended the seminar held last week near Newmarket.
Among the speakers were CLA East regional director Ben Underwood, who said farms and countryside businesses should assess ways to ‘broaden their horizons’ and explore other avenues of income for their land and estates.
“There is uncertainty in terms of a future trade deal with the EU and what support there will be for landowners and rural businesses moving forward,” he said.
“People are having to look at their assets and income in other ways and for some, it may mean putting their eggs in more than just the commodity basket.”
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The event included four first-hand accounts of diversification projects on farms, rural estates and businesses.
Tom Raynham, chief executive of the Raynham Estate, near Fakenham, discussed the diverse range of projects at his estate, including a brownfield site that has been converted into one of the largest solar farms in the country.
“Everyone has different assets and different locations so when considering diversification you should look at what you have, and try and gauge the businesses you want to develop on the strengths you hold,” Tony said.
“This is a better approach than looking at a wish list from what everyone else is doing.”
Other speakers at the event included Tom Blofeld, owner and chief executive of BeWILDerwood, Guy Taylor, owner and managing director of The Granary Estates and George Unwin, director of Baythorne Hall, near Haverhill.