Agriview Spring 2021 by fishergermanllp

AgriView

Spring 2021

Introducing the Green Offset A new era ahead Countryside stewardship

Rural update from Fisher German

Welcome Since our last AgriView, two significant pieces of legislation have become a reality. The Agriculture Bill became law in November last year, and the Environment Bill is expected to receive Royal Assent later this year. The Agriculture Act begins the gradual demise of the Basic Payment Scheme (BPS), with a transition period from 2020 to 2027; it offers one of the biggest transformations for the UK food and farming sector. In this edition David Kinnersley comments on the opportunities this brings for a new era and the importance of ensuring that outgoings are fully understood, with value added where possible. Degression of the Basic Payment Scheme has led to even the most sceptical revisiting the Countryside Stewardship (CS) scheme

handbook; we consider its application on a whole-field scale. Putting a large area of the farm into CS options may be more difficult to justify for an owner-occupier with an existing portfolio of machinery and a commitment to a full-time labour resource; however, the financial benefits are more evident in a contract farming scenario. Both the Environment and Agriculture Bills are likely to set clear markers for both habitat protection and carbon reduction. In recognition of this, Fisher German are developing a brokerage system called "The Green Offset" to connect individuals and companies/developers looking for sites to locate an offset, whether that be for biodiversity, carbon or other schemes such as renewables. More information on this exciting new service is explained by Tom Beeley and Alex Watts on page 8.

More generally, we anticipate an increasingly buoyant farmland market this year. Early discussions with vendors have led to an increase in land and farm sale instructions compared to this time last year. Some are taking the early decision to exit the industry whilst supply remains historically low. Others are bringing retirement plans forward whilst cash flow remains largely unaffected, and where they can take advantage of Business Asset Disposal Relief. Lifestyle and amenity purchasers continue to drive demand and those with rollover funds continue to play an important role – Richard Gadd provides a full update. I hope that you find the publication of interest. If you would like any further information or advice about any of the issues discussed, please do not hesitate to contact one of the team.

David Merton Head of Rural Sector 07770 333331 david.merton@fishergerman.co.uk

Our predictions for the year ahead: • Stronger focus on opportunities for carbon offset • Overall increase in supply of land to the market • Greater demand for residential farms and amenity farmland • Greater non-farming interest in land for investment and diversification purposes

Farmland market

• Increase in demand and values for land suitable for woodland • Continued demand for strategic and well-diversified holdings • Increasing off-market activity

Notwithstanding the further tightening of Covid-19 restrictions in the first quarter, we do anticipate a more buoyant marketplace this year. Early discussions with vendors have led to an increase in land and farm sale instructions compared to this time last year. As farmers look ahead to declining BPS payments, some are taking the early decision to exit the industry whilst supply remains historically low. Others are bringing retirement plans forward whilst cash flow remains largely unaffected, and where they can take advantage of Business Asset Disposal Relief. Conversely, many farmers are seeking additional land and farms with bolstered confidence following the UK/EU trade deal agreement. In order to provide a balanced view on supply and demand across the farmland market this year we must consider a number of potential regulatory, taxation and economic factors: 1. Basic Payment reduction. Value is largely driven by income and whilst the reduction in BPS payments from 2021 will push some to consider disposals, it is also likely to suppress short-term demand from non-farming investors. 2. A griculture Act and Agricultural Transition Plan. As clarity forms around our future farming policy we expect a significant upturn in confidence across the industry. Sustainable farming practices and environmental benefits will be key. 3. UK/EU trade deal. Overall a significant confidence booster for the UK agricultural sector, but not without some expected short-term disruption. We may see a short downturn in demand from a small percentage of buyers whilst any teething issues are resolved. 5. I nterest rates. We do not foresee any major fluctuations in the Bank of England Base Rate. Greater and more attractive lending options will continue to underpin demand.

2020 saw the lowest supply of farmland to the market in known history. Looking ahead we expect supply to increase steadily as buyers reignite interest following a period of uncertainty. The same certainty will provide vendors with a more stable environment in which to market farms and estates.

2021 market – Farm/land value predictions by farm type Arable (0% to +2%) Livestock (0% to -2%) Mixed (0% to -2%) Dairy (0% to -2%) Lifestyle/amenity (0% to +10%) Estates/sporting (0% to +2%)

for poorer, less productive land holdings. Lifestyle and amenity buyers will continue to drive demand for smaller residential farms and bare land opportunities. Larger-scale commercial farming businesses and those buyers with rollover funds will continue to play an important role in the buying market, subject to any significant capital taxation changes. Quality, scale and location will continue to dictate values for farmland and, where rollover buyers and amenity or lifestyle purchasers are active, values should remain strong. We anticipate little movement in average values through 2021 and into 2022, albeit with great disparity between the strongest and weakest values achieved. Understanding your target market and knowing your buyers will be ever more important in an increasingly competitive market. Most of our farm and land sales are to purchasers known to us, buyers we have been cultivating for a while as the strongest prospects. This market knowledge is going to be ever more valuable to our clients as the market gets back to normality.

Woodland/forestry (0% to +10%)

Demand is expected to increase through 2021, with a substantial market for carbon investment and offsetting opportunities. Existing forestry and suitable land for new plantations will increase rapidly as more corporate and private clients demand access to the carbon markets, increasing demand

Richard Gadd National Country Agency Team 07966 481487 richard.gadd@fishergerman.co.uk

A new era With the Agriculture Act, Brexit and the provisions of the Environment Bill, agriculture is set for a very different future. David Kinnersley looks ahead…

with the Agriculture Act, 4

Since our last AgriView a couple of significant milestones have been passed: the Agriculture Act 2020 became law on 11th November 2020, and the UK finally “Brexited” on 31st December 2020, taking UK agriculture into a new post-CAP era. The next key piece of legislation directly influencing rural businesses will be the Environment Bill, which has been delayed but is likely to reach Royal Assent later this year. While there was relief that the UK didn’t end up with a “hard” Brexit with trade tariffs, it is already apparent that there are consequences for certain products and sectors which will take some time to play out over the coming months and years. The Agriculture Act begins the gradual demise of the Basic Payment Scheme (BPS), with a transition period from 2020 to 2027; approximately 50% of the payment will be gone by the 2024 claim and the final payment is expected in 2027. The end of the administrative work, which started with IACS payments in 1993, won’t be mourned. The loss of the direct payments, which have become a significant part of many farms’ profit and an insurance policy against poor output, will affect many businesses as we all know. Our own Contract Farming Agreement benchmarking figures highlight the impact of the removal of the BPS payments on farmers’ returns. While the much-heralded “Environmental Land Management” (ELM) and “Sustainable Farming Incentive” entry point remains at pilot stage, with the promise of 1,000 agreements available for the trial from March this year, it will take shape over the next two years. This movement of policy towards a greater variety of environmental “public payments for public goods” is not a direct substitute for the direct payments, but has the potential to rebalance the argument for taxpayers’ money to flow to the rural economy. Will this change give farmers, the supply chain and consumers a different perspective on the value of food, and the need for it to be sustainable, financially and environmentally, without the direct subsidies which have shored up profitability? Perhaps our postCovid world will be the turning point for growing recognition that cheap calories aren’t the answer and high-quality food is a key to better health and wellbeing. Farming is facing a huge number of changes from environmental legislation, technology

The next eight-year period offers possibly one of the biggest transformations for the UK food and farming sector…

and climate change policies. At the same time it is increasingly recognised as being able to supply many societal benefits: quality food, environmental goods and climate change mitigation, carbon sequestration as well as renewable energy. Both AgriTech – from early plant and animal disease detection to robotics and AI – and the more prosaic improvement in management practices will help meet these challenges. At a time when so many external factors are in flux, it is important for businesses to focus on what they can do well and the resources they have control over. The businesses we work with are making great gains in improving margins from better use of resources. Improving soil health and using technology to drive marginal gains will deliver benefits, financial and environmental, and the most innovative and flexible will adapt and thrive. The next eight-year period offers possibly one of the biggest transformations for the UK food and farming sector, which we at Fisher German believe offers many positives despite the eventual loss of direct subsidy. Appraising, restructuring and analysing existing and new enterprises is something all farming businesses should be considering in the coming months to ensure that outgoings are properly understood and that value can be added where possible. The Fisher German Agribusiness team are on hand to discuss any of the above policy changes and how farm businesses can improve their performance going forward, as well as opportunities under new grant schemes including carbon sequestration. We are committed to helping our client businesses prepare for the next eight years of transition, and offer relevant and structured advice on how farm businesses can adapt for the future.

David Kinnersley Head of Agribusiness 07501 720405 david.kinnersley@fishergerman.co.uk

Is it time to revisit the Countryside scheme handbook? Opportunities in field not just around the margins

… never leave your most precious asset, your soil, naked

Farmers and advisors alike have been guilty of considering Environmental Stewardship schemes as a means of improving financial returns on areas of land with lower potential for productivity, and stewardship options for the margins and field corners: crops growing in the middle of the field and the environmental options around the outside. This approach is perfectly acceptable and has undoubted economic and environmental benefits. Indeed, those responsible for the design of the scheme have encouraged this approach, with many options termed “headland” or “plot”, when in fact they are also eligible to be utilised on a whole-field scale. However, necessity is the mother of invention. We now know the rate of degression for the Basic Payment Scheme, and this has led to even the most sceptical revisiting the Countryside Stewardship (CS) scheme handbook. Added to this, the increasing risk in growing oilseed rape, with many other break-crop options giving

variable and sometimes negligible margins, has forced others to consider CS and how it might work for them on a whole-field scale. Exponents of regenerative or conservation agriculture, or indeed any farmer looking to improve their soil for the long term, would perhaps consider a two-year fertility-building leguminous crop and the potential for introducing grazing into an arable rotation as a worthy option. AB15: Two-year sown legume fallow, GS4: Legume and herb-rich swards, or even AB1: Nectar flower mix can offer this on a whole-field scale (grazing not allowed with AB15); these options allow growers to establish a mix of clovers and other wild flowers with not only substantial benefits to pollinators, but significant improvements to soil health and potentially the bonus of a forage or grazing benefit. A mantra of the regenerative agriculture movement is to “not farm naked”: never leave your most precious asset, your soil, naked, or without a crop, even for short periods of time. Those growing spring crops and with

fields susceptible to soil erosion might already consider establishing a fast-growing cover crop in the early autumn to protect their soil structure, add organic matter and fix some nutrients. CS option SW6, where eligible, will pay £114 per hectare for doing so. Spring crops following cover crops are often direct-drilled with minimal soil disturbance, reducing the need for pre-emergence herbicides; the cover crops have potentially “fixed” some nitrogen which is released when they are destroyed. A low-input spring oat crop in this scenario can produce an attractive margin. If grown in accordance with the prescriptions of CS option AB14: Harvested low input cereal, the grower could be paid an additional £266 per hectare. Those looking to introduce livestock into their arable rotation, in need of extra financial persuasion, might consider option AB13: Brassica fodder crop which pays £100 per hectare, or a longer-term option GS4: Legume and herb-rich swards at £309 per hectare. GS4 typically has a high establishment cost, but in situations

Putting a large area of the farm into CS options may be more difficult to justify for an owneroccupier with an existing portfolio of machinery and a commitment to a full-time labour resource. The financial benefits are more evident in a contract farming scenario. However, in such arrangements it is easy to overlook the practical work involved with establishing and maintaining the options, as well as the ongoing recordkeeping requirements. These include a diary of field operations, any invoices for seed mixes, a grazing record (if relevant) and photographs of established plots throughout the scheme. A CS option needs to be established and maintained in accordance with the prescription, to deliver

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Whilst commodity prices are at current high levels, CS might not be as attractive to some; but if wheat prices fall to £110 per tonne, there would be many more considering devoting significant areas of their farm to environmental options to provide a low-risk, guaranteed income. The adjoining chart illustrates the net margin of some arable CS options mentioned above, as compared to typical combinable crops. Whilst the margin for winter wheat is clearly higher, the CS margins are an attractive alternative to the break crops. Farmers should consider how these schemes can complement their farming systems in the field and not just around the margins to manage risk and provide some long-term financial stability, not forgetting the environmental benefits the schemes deliver.

where grass weeds persist and a lengthy break is required, if utilised for the full five years of a scheme the CS revenue payment and the value of the grazing or forage are extremely attractive.

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Stewardship

the environmental benefits specified. If these are not being met, there is a risk of the time and expense of re-establishment and/or withdrawal of payments. This leads to the decision as to whether the CS areas and income should be included within a Contract Farm Agreement (CFA) profit share. As BPS decreases, the default may be to exclude the CS income and treat it as a replacement for the BPS lost (NB in some CFAs the BPS is included as income), but a farmer or landowner would need to consider seriously whether they have the resources and expertise to manage the scheme. Treating the CS areas as an arable crop within the wider rotation, albeit with an appropriately revised contractor’s fee, will encourage both parties to focus on delivering the requirements of the scheme without compromising the remaining arable area. We strongly advise landowners to continue to submit Countryside Stewardship Scheme

applications as we await further information on the new ones, to help enhance the farm and increase business resilience. DEFRA have confirmed they will guarantee that anyone who enters into a new CS agreement will be able to leave early, in order to join the Environmental Land Management Scheme (ELMS) once fully rolled out in 2024. Applications are now open for new agreements starting on 1st January 2022, but deadlines for some aspects of the scheme are fast approaching. During 2020 Fisher German submitted applications worth a total value over five years of £7.48 million and additional capital items worth a total value of £1.8 million. For more information or to discuss a potential scheme, do get in touch with the Fisher German Agribusiness Team.

Tom Paybody Senior Farm Consultant 07870 807236

Sustainable Farming Incentive (SFI) Farmers were invited to submit an expression of interest for the pilot SFI scheme in April 2021, for land not currently in any other scheme. We expect the main scheme to be launched mid-2022. DEFRA have released some initial payment rates for land management options for grassland, arable, woodland and hedgerows, with a focus on soil condition. We understand that provided the schemes fund different management options, it will be possible to have the same land in both a Countryside Stewardship and Sustainable Farming Incentive Scheme going forwards.

tom.paybody@fishergerman.co.uk

Charlotte Gore Associate Director 07785 425317 charlotte.gore@fishergerman.co.uk

The Green Offset Matching Offset Providers with Offset Seekers The significant impact that climate change will have on all our lives is leading to a fundamental reassessment of how natural resources are viewed and managed. While the concept of Natural Capital has been around since 2012, it has only relatively recently gained more widespread attention. Major pieces of legislation, including the recent Agriculture Bill and the Environment Bill, which is expected to become law in 2021, are likely to set clear markers for both habitat protection and carbon reduction. In response to the increasing demand for the identification of suitable sites for all these purposes, Fisher German are developing a brokerage system called "The Green Offset" to connect individuals and companies/ developers looking for sites to locate Natural Capital schemes, whether that be for biodiversity, carbon or other schemes such as renewables, with those who have land available. For those who have land available, The Green Offset platform offers landowners (Offset Providers) a simple way to market land for the potential provision of offset sites and other opportunities. For parties looking for an area to site Natural Capital schemes (Offset Seekers), The Green Offset platform offers a simple and low-cost way to search for offset sites and other land requirements. At Fisher German, we have the expertise and long-standing relationships with clients to ensure we can provide the best guidance throughout. Our proven track record of success and the extensive knowledge within agriculture, property development and sustainable energy allows us to advise our clients so that they are in an optimum position to take advantage of opportunities as they emerge.

FOR OFFSET PROVIDERS • Increased visibility of offset provision with zero cost • Opportunity to receive an income from an otherwise unprofitable piece of land • Land can be made “available” for different potential uses (e.g., tree planting, flood mitigation works, grassland enhancements etc.) but registering the land onto the platform commits landowners to absolutely nothing • Offers an opportunity to engage with numerous seekers ranging from corporations to private individuals FOR OFFSET SEEKERS • A quick and more time-efficient process than locating an offset provider directly • Ability to consider whether multiple habitat requirements are best delivered via single or multiple sites • Access to large existing landowner client base with land suitable for offsetting opportunities For more information contact: Alex Watts Senior Surveyor 07584 707294 alex.watts@fishergerman.co.uk

Tom Beeley Surveyor 07970 698729 tom.beeley@fishergerman.co.uk

Your questions answered… What legislation is behind Natural Capital and Biodiversity Net Gain? Sustainability is now firmly embedded in the government agenda and is driving new policy and legislation. Policy relating to the government's world-leading, legally binding target of being Net Zero by 2050 has been getting plenty of attention over the last 24 months. This is driving policy around reducing carbon emissions to address climate change. There is also the Environment Bill which is currently making its way through Parliament. This aims to deliver on many of the objectives of the 25-year environment plan and includes policy to establish a new Office for Environmental Protection, setting legal targets for improvements in key environmental indicators and the introduction of Biodiversity Net Gain policy via the planning systems. Clearly there is some overlap and interaction between the two with policies to increase biodiversity through restoring habitat potentially also delivering carbon sequestration. Both the Net Zero objectives and the Environment Bill represent overarching policy which will impact on and influence policy and decisions across government.

What is Biodiversity Net Gain?

A free and simple way to market land as being potentially available for Natural Capital schemes

Biodiversity Net Gain means leaving biodiversity in a measurably better state than before. That means, to gain planning permission a developer will need to show not just how they will retain natural habitat, but also provide an overall increase of 10% in the natural habitat and ecological features. Going forward many developers will need to seek an offset in order to achieve planning consent. In the first instance they will need to

avoid, or minimise, any biodiversity loss through the selection of sites for development. If a Biodiversity Net Gain cannot be delivered onsite, then the net gain can be delivered elsewhere. This could be through a management agreement with a landowner who has suitable land for an offset to be sited.

How will it impact landowners? The topic of Natural Capital and the legislation around it offers an opportunity for landowners. Farmers and landowners can offer their land as being potentially available for the siting of various different types of Natural Capital schemes. Management agreements are expected to be for a minimum of 30 years and would provide a way to receive an income stream from land which could otherwise offer little or no profit. Land could be used for various offsetting, for example tree planting, flood mitigation works, grassland enhancements and habitat relocation. The type and scale of land required for offsetting will depend on the development, and the loss to nature that needs to be compensated.

How are Fisher German helping? Fisher German are developing a brokerage system, to connect parties who are looking for an area to site Natural Capital schemes, with individuals who have land available. Landowners have the opportunity of being an Offset Provider – they can offer their available land to be used for an offset site. Potential offsets are tree planting, flood mitigation works, grassland enhancements and habitat relocation. There is no restriction on the type of land which can be made available for an offset site, and bare arable land is ideal in many cases.

Exe marks the spot

The new office on Exeter Business Park is our first in the region and will enable us to better service our growing customer base 20 there, which includes clients we have been working with for 25 years. Since setting up the office, the local team have already demonstrated success in winning new business and are energised by the prospect of working with property owners and fellow professional advisors across the region. We aim to offer a fresh new choice for clients, benefiting from local 21 market knowledge and a national network of specialists.

The office has been set up by Partner Matthew Trewartha and opened in Autumn 2020. Matthew says: “We are very pleased to launch our new office in Exeter, and after working in the area for many years we saw an opportunity to not only better service our existing clients, but also build on these foundations to expand our client base. We have an exceptional team of experts and extensive knowledge of the local marketplace; being based here enables us to bring our national abilities to a new region.”

The team is rapidly expanding, but within a few months of opening already comprises:

Hannah Rose MRICS FAAV

Fisher German’s new Exeter Office is open and we're looking forward to meeting you…

23 4 26

Fisher German has opened a new office in Exeter as part of an ambitious, long-term growth plan for the South West region.

Hannah grew up on the Devon/Somerset border and has worked in the region for over a decade. She undertakes rural asset management and other services including disposals and acquisitions which often include a development angle. She 11 clients on all property matters and has extensive valuation 1 advises knowledge. Her clients include both private and corporate 17 Devon, Somerset, Cornwall and Dorset landowners across including one of the largest landowners in the South West.

Tom Lockton MRICS FAAV

Tom, who joined in January, leads on valuations in the South West, 2 specialising in residential and agricultural property for a variety of purposes including taxation, lending and Expert Witness. Tom has over 13 years’ experience in valuations having worked for a large national firm, both in 25 London and Devon, where he grew up.

Harriet Helliar MRICS

Harriet recently returned to Devon, where she grew up, after qualifying as a Chartered Surveyor with another national firm in Sussex. Harriet works closely with Hannah and Tom to fulfil existing client contracts, focusing on property management and associated work.

24 Lesley-Anne Gleissner Lesley-Anne is a commercial property manager servicing an extensive client portfolio across the West Country. She has worked within property management for 13 years which has also included managing large residential blocks.

Darren Edwards MRICS Head of Sustainable Energy, Darren is relocating to the South West and will develop regional contacts whilst focusing on the national delivery of sustainable energy projects.

Associate Director Hannah Rose comments: “Fisher German offers something quite different to what is currently available – we are a national firm who are very much locally based and cover all aspects of property consultancy in depth, so opening our new Exeter office is a great opportunity for the business. We’re very open to widening our network and welcome people getting in touch for a chat about what we do. We also welcome the opportunity to collaborate with other professionals in the region.” Hannah has recently completed a sale of an unusual rural property comprising a dilapidated dwelling, a range of commercial

buildings and a substantial block of pastureland and woodland. There were three separate tenants at the property so communication and collaboration was key to the success of the deal. As is often the case with rural property, there were a number of matters that needed investigating such as access, planning use and redevelopment constraints. Hannah was able to guide the client through the legal sale process, raising concerns and responding to enquiries in a timely manner in order to achieve a swift sale. The property was sold privately off market. The client was very pleased with Hannah’s handling of the sale which achieved a sale price above client expectations.

Tom was recently instructed to undertake a valuation for a lender who had raised concerns over the reliability of a previous report they had been issued with from another firm, and the potential risk posed by refinancing. The property in question comprised a substantial commercial dairy farm in Somerset with farmhouse, ag-tied cottage, let commercial workshops, range of traditional buildings with hope for conversion, and state-of-the-art dairy enterprise with robotic milking system and automated feeder. Tom, who has extensive experience in valuing agricultural and residential property across the South West, was able to draw on his understanding of the market for such farms and comprehensive knowledge of sales transactions to deliver a robust and accurate opinion of value. Tom also drew on Fisher German’s Agribusiness team to provide a high-level review of the business. The bank were impressed by the thoroughness of the valuation and were very grateful for the additional opinion on the health of the business, which gave them the necessary reassurance and comfort to provide the refinance to the customer.

Hannah Rose Associate Director 07917 993518 hannah.rose@fishergerman.co.uk

Tom Lockton Associate Director 07971 849667 tom.lockton@fishergerman.co.uk

Meet the team

Ashby de la Zouch

Banbury

Bedford

Birmingham

Canterbury

Chester 6 Our 26 offices provide local experts in all these work areas. If you would like guidance on any rural property matters, please one 7 contact Cwmbran of us and we will ensure you get to talk to the very best advisor. 8 Doncaster

David Merton Head of Rural Sector – Estate management and strategic consultancy

Exeter

Glasgow

11 Stuart Flint Head of Agency Sector 12 – Farms, estates and country house sales 13

Head Office

Hungerford

Hereford

High Wycombe

07770 333331

07501 720422

david.merton@ﬁshergerman.co.uk

stuart.ﬂint@ﬁshergerman.co.uk

222 8

Banbury

Bedford 18

Birmingham

Knutsford

London

Market Harborough

Newark

1 11

Darren Edwards Sustainable energy

Newcastle

Richmond

Rossendale

Rotherham

07918 677571

david.kinnersley@fishergerman.co.uk

darren.edwards@fishergerman.co.uk 23 Stafford

Helena Tibbitts Valuation

Charles Meynell Expert witness

Southampton

Thame

Worcester

07918 628985

07836 212307

helena.tibbitts@fishergerman.co.uk

charles.meynell@ﬁshergerman.co.uk

John Ikin Compulsory purchase

Scott O’Dell Planning

07887 627978

07785 616659

john.ikin@fishergerman.co.uk

scott.odell@fishergerman.co.uk

Ben Marshalsay Development 07771 974322 ben.marshalsay@fishergerman.co.uk

Richard Benson Building consultancy 07768 552827 richard.benson@fishergerman.co.uk

Richard Gadd Farm agency

07551 152691

07966 481487

william.gagie@fishergerman.co.uk

richard.gadd@fishergerman.co.uk

Cwmbran 25

16 Doncaster

Exeter

Glasgow

Head Office

Hereford

High Wycombe

Ashby de la Zouch

Hungerford

Banbury

Knutsford

Bedford

London

Birmingham

Market Harborough

Canterbury

Newark

Chester

Newcastle

Cwmbran

Richmond

Doncaster

Rossendale

Exeter

Rotherham

Glasgow

Stafford

Head Office

Southampton

Hereford

Thame

High Wycombe

Worcester

Hungerford

/FisherGermanLLP

16 17

William Gagie Minerals

Chester 2

07501 720405

17Canterbury

26 12

David Kinnersley Agribusiness

Ashby de la Zouch

Knutsford London

@fishergerman

Market Harborough

/fisher_german Newark

Newcastle /company/fisher-german-llp

4 26 12

Richmond

www.fishergerman.co.uk

Rossendale

Rotherham

Stafford