Farmland Review 2020 by fishergermanllp

Farmland REVIEW 2020

Review of 2019 Outlook for 2020 Finance review achinery M auctions

Welcomeâ&#x20AC;Ś to the latest edition of our Farmland Review In this edition we look back over 2019, a year that provided a more sedate level of activity across the farmland market than expected. With a lack of clarity around future domestic support policy and extended political uncertainty, many vendors became reluctant to progress marketing in the hope of a clearer position by 2020. Looking ahead, we envisage a more confident approach to selling and purchasing as we secure clarity around our EU exit and gain detail around future environmental land management opportunities and associated support payments. Future farming policy arrangements and exciting technical innovations across our industry should be catalysts for change and this change should be embraced.

and private, on the sale and acquisition of land, farms and country estates. Based on early farm sale instructions and buyer enquiries in 2020, we are certain of greater and more diverse market activity this year. I hope you enjoy our Farmland Review. Please do get in touch if we can assist you in 2020.

Richard Gadd National Country Agency Team

The value of natural capital and soil health should not be underestimated and will become crucial elements in determining land values in the years ahead.

07966 481487

Our farm agency team across the UK look forward to building on recent successes from 2019 as we advise clients, both corporate

richard.gadd@fishergerman.co.uk

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A review of 2019

2019 provided a more sedate year of activity across the farmland market than many had predicted. The supply of farmland onto the open market was severely restricted, showing a 40% fall in acres marketed compared to the previous year. Supply was consistently lower throughout the year, with a significant reduction in activity during Q2 and Q3. In historical terms, 2019 saw the lowest supply of land on the market for in excess of 10 years. Supply across regions varied with a notable fall in activity across the East and West Midlands. Unsurprisingly, political uncertainty and Brexit negotiations were cited as principal reasons for vendors delaying sales as they awaited some form of clarity around trade arrangements with (and outside) the EU, and how any tariffs may affect future farming profitability. Progress with the Agriculture Bill stalled, adding to the frustration of potential vendors who were waiting to evaluate future domestic policy and whether they wished to remain in the industry. Farmland values continued to widen across most sectors through 2019, with arable values ranging from £6,250 to over £15,000 per acre. Pasture prices continued this trend, ranging from £5,000 to £11,500 per acre. Whilst values continued to widen, they did so at a much slower pace than in recent years. Quality and scale, but most importantly location, drove these price differences with limited supply forcing fierce competition, and some staggering transactional values, in some areas. Off-market activity remained healthy and represented about 15% of all transactions during the year. Private sales generally saw higher values being paid where neighbours looked to expand farming operations without competing in the open market. We saw some exceptional values being secured for strategic holdings and from tax-driven rollover buyers who were presented with opportunities close to home. The profile of buyers in the marketplace

Purchaser Profile

Purchase Motivation

Institutional investor/ corporate Lifestyle/ amenity

Farmer

New entrants

9% 21%

5% 41%

Lifestyle/ amenity Relocating/ downsizing

19%

Private investor (non-farming)

continues to evolve, with farmers still representing the greatest proportion of the buying market (around 41%). Lifestyle/ amenity buyers and private investors continue to show great interest, representing around 40% of all buyers. Institutional and corporate buyers retained interest in the strategic and conservation opportunities, representing about 9% of the buying market. Motives for acquisition were led by the desire to expand existing holdings. We also saw renewed interest from some international buyers when the value of sterling fell.

10% 42%

19%

10%

Developer/ strategic

Expansion

Investment

18%

Tax (rollover) added through capital growth. The exception to this trend was lifestyle buyers who were focused predominantly on the residential and amenity elements of smaller farms and estates. The largest proportion of vendors in 2019 were farmers, representing around 50% of the selling market. Institutional and corporate bodies presented a significant volume of land to the market, and these were generally holdings with little strategic appeal or latent value and where property location was not central to core operations.

We saw some renewed interest from private Debt- and retirement-related sales increased investors/non-farming buyers following the steadily, and we forecast this trend to continue. OTS Inheritance Tax Review during the year. Institutions were generally diversifying Along with continuing low interest rates, and away from pure agricultural holdings, and a a move towards more balanced investment substantial acreage could be attributed to portfolios, many of these buyers took comfort such sales. from the review in respect of future treatment of both Agricultural and David Merton Business Property Relief. Head of Rural Sector Demand from all buyer types 07770 333331 was focused towards more productive bare land david.merton@fishergerman.co.uk opportunities and where value could be

Farmland Review 2020 | 3

Farm sales SSTC

The Manston Farms Portfolio, Dorset. About 704 acres incl three equipped farms and bare land.

SOLD

Cold Overton, Leicestershire. About 87 acres of arable, pasture and woodland.

SOLD

Banbury, Oxfordshire. About 122 acres of productive arable land.

COMING SOON

SOLD

Pershore, Worcestershire. About 123 acres of productive arable land.

SOLD

Gainsborough, Lincs. Mixed 315-acre arable & pasture farm with secondary accommodation.

SSTC

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SSTC

Hogshaw, Buckinghamshire. An exceptional eco and rare breeds farm of about 42 acres.

SSTC

Willoughby, Warwickshire. A well-positioned livestock farm of about 218 acres.

SOLD

Egmanton, Nottinghamshire. An established and private conifer woodland of 92 acres.

Southam, Warwickshire. About 143 acres of productive arable land.

COMING SOON

Not actual farm. Stock photo for illustrative purposes only.

Northamptonshire. About 480 acres of arable land with extensive residential accommodation.

Bedfordshire. About 255 acres of arable land and amenity woodland.

Bedfordshire. About 130 acres of arable land, pasture and woodland.

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Focus on Cheshire, Staffordshire and Shropshire The farmland market across Cheshire, Staffordshire and Shropshire reflects the national picture of restricted supply, a return to locational hotspots and a widening disparity in values leading to a two-tier market. Our Regional Agency Team encompasses our offices in Knutsford, Chester and Stafford and covers all of Cheshire, Merseyside, North Wales, Staffordshire and adjoining counties. As such, we see a wide cross-section of farm types ranging from dairy farms on the strong grassgrowing land of Cheshire, stock farms in North Wales and moving towards arable units into North Shropshire and Staffordshire. The market has been underpinned by farmer buyers, and in particular successful progressive farmers willing to embrace technology and looking to increase acreage, thereby spreading the overhead over a larger area. Ongoing residential and commercial developments have introduced a number of keen buyers into the market with rollover money to spend. The impact of the uncertainty created by Brexit is difficult to gauge. The biggest effect seems to have been on vendors, thereby contributing to the overall lack of supply. This in turn has meant that demand for those properties that have come to market has on the whole been positive. The region also benefits from proximity to the major conurbations of Manchester, Liverpool and, in the case of Staffordshire, Birmingham. All of these cities are strong business centres from which lifestyle buyers emerge.

Complete farm holdings have been few and far between. Those that have been sold have tended to be as a result of retirement and have often lacked investment meaning that they have not been regarded as commercially viable units. In such circumstances, value is generally maximised by obtaining planning permission for the conversion of the traditional farm buildings to residential use and then selling the house, buildings and land as separate lots. A good example of this scenario is Poplar Grove Farm situated north of Chester, which comprised a substantial farmhouse in need of refurbishment and modernisation, two attractive ranges of brick and stone farm buildings for which we obtained planning permission for conversion to six units, and land extending to in total about 124 acres. The farm sold under five separate contracts for a total price equating to in excess of ÂŁ15,000 per acre.

Parcels of bare land have been more common and demand has been strongly influenced by progressive farmers in the immediate locality. Land at Parr Green Farm in South Cheshire, extending to 113 acres of permanent pasture, was sold as one lot to a neighbour at a price that reflected the guide of ÂŁ8,000 per acre. Conversely, 130 acres of Grade 3 arable and pasture land just to the north of Chester is in an area where the majority of neighbouring farms have ceased milk production and consequently this parcel has struggled to attract interest. We have seen a significant increase in offmarket transactions, especially between neighbours where both parties are happy to agree terms without the stresses and uncertainty that an open market sale can sometimes bring. Very often, a premium price can be achieved to reflect the exclusivity granted to the purchaser.

Hollowcowhey Farm at Kettleshulme in the High Peak was a beautifully situated residential It is hoped that the General Election result farm comprising a handsome stone farmhouse, will create greater certainty in the a good range of multipurpose farm buildings, marketplace. equestrian barn with stabling and indoor school and land extending in total Edward Clark to about 88 acres. Guided at ÂŁ1.25m the farm was sold in 07718 524819 November 2019 for a figure close to the edward.clark@fishergerman.co.uk guide price.

Farmland Review 2020 | 5

Finance review

In the last edition I wrote of the benefits of reviewing the structure of debt and taking advantage of current land values and interest rates to structure debt. This will ensure that the annual cost is affordable through difficult times, and that the term of the borrowing is long enough to not only make repayment affordable but also ensure the borrowings are available for as long as they are likely to be needed.

Nothing that has occurred since changes my view, and evidence suggests that many farm businesses are following this course.

the process can also cause delay, as you should not allow your tenant access until the lender has approved the contract and it has been entered into.

prevent the lender taking possession if those concerned have not had independent legal advice about their rights and then sign up to waiving those rights.

With the increasing diversification on farms, we come across more and more cases of buildings or other areas on farms being occupied by others, often without any agreement and on flexible “easy in easy out” terms. If such property is charged in support of a loan this could mean that the lender must be involved every time an occupation changes with the associated costs. In doing valuations of properties that may already be charged to a lender, we often come across such occupations that have been entered into without the lender’s knowledge. This puts the borrower in breach of their agreement with the lender. The reason why lettings and the leases must be approved is in case the arrangement will devalue the property and risk the lender not being able to recover their money in a default situation.

All of this points to selecting property to be offered as security that is as simple as possible and is unlikely to be let. Using farmland without houses or buildings is preferable from a borrower’s point of view, if there is enough value. What is offered must be capable of being dealt with independently, so must have its own access and services. If land is carved out of a larger holding to be offered as security, then thought should be given to what would happen if it were sold. Does any retained land need rights of access over it, do drains from retained land pass through it or vice versa, or water supplies? Often decisions on the security to support funding are made casually without thought; and frequently, for convenience, far more property is charged than is actually needed to support the debt, thus restricting freedom of action over more property than necessary.

One leading mortgage provider confirmed that whilst 35% of new lending in the first half of 2019 was for farm or land purchase, the next most popular reason was to reschedule existing debt. Also fitting in with my previous comments is that borrowers are looking longer term and the appetite for fixed and variable rates is about 50/50. This is a high proportion of fixed rate borrowing compared with past years and reflects a desire to set funding costs at a known affordable level. It will never be that all borrowing will be fixed as variable rate borrowing brings flexibility and the certain ability to repay without penalty, but the comparatively high proportion of fixed rate borrowing is quite telling. With all secured borrowing, a key issue that is often not given enough consideration is the question of what property to offer to the lender to be charged. A charge is a legal document which gives the lender the right, if the borrower defaults on the loan, to take possession of the land that is charged and sell it to recover their money. This is not all that the legal charge means to the borrower. There will be restrictions on what you can do with the charged property, particularly in terms of granting rights of occupation to others. You will not be allowed to let any part of the charged property without the lender agreeing to the terms of the letting and approving the documents. You, as borrower, will be liable for the cost of the lender’s professionals in approving the documents; and

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Whilst values are strong, failures to comply with the terms of the legal charge are often Selection of security to support funding is a overlooked as there is likely to be enough cover subject that warrants much greater thought to allow for variations in value on small elements than it often gets. of the security. However, if values fall it could be a very Tim Shuldham different matter. Another complication with legal charges is that family members living in the farmhouse may have rights which would

07785 267944 tim.shuldham@fishergerman.co.uk

Farm machinery auctions As more and more farmers take the difficult step of auctioning off their machinery and equipment due to retirement or a change in farm policy, our 2019 auction results indicate that the second-hand machinery market remains buoyant should they wish to sell. It is never an easy decision for a farmer to part with their machinery, but for those who have made that choice, an auction provides an excellent opportunity to seek the maximum price for their machinery. Whether it be retirement or simply a business reorganisation to address upcoming changes in UK agriculture, the on-site machinery auction remains an effective way of disposing of farm machinery and equipment quickly and efficiently. Selling items of machinery individually can be a time-consuming process, whereas, a machinery auction is a much quicker and simpler method of sale. Farm machinery auctions provide an opportunity to sell multiple items of unwanted and surplus equipment in one fell swoop.

Despite the many challenges faced by farmers, whether it be low commodity values, political uncertainty or difficult weather conditions, our 2019 auction attendance and results indicate that those who have made the decision to sell by auction have continued to benefit from the strong second-hand machinery market experienced since the EU referendum. Ever increasing prices for new machinery and the value of the pound are what we consider to be the primary drivers for why machinery auctions are more popular than ever for buyers, who are keen to find a rare bargain at auction rather than relying on traditional methods. Low hour, genuine and high specification machinery has proved to be the most popular, with buyers attracted by the opportunity to view where machinery has been used.

The ability for buyers to bid online is becoming more popular; buyers can follow the auction via a live video-stream and subsequently bid for any items they wish to purchase, creating greater bidding activity both on and off the auction ground. We expect that farm machinery auctions will continue to realise strong sale prices in the short to medium term, and for farmers willing to make that choice, we will be with them every step of the way. If you have farm machinery that you wish to dispose of, or machinery to be valued, please contact Jack Healy, who will be delighted to advise on your options.

Jack Healy 07551 152689 jack.healy@fishergerman.co.uk

Farmland Review 2020 | 7

Taxation considerations for vendors and purchasers We asked Mark Chatterton from Duncan and Toplis to outline the principal tax considerations when selling land, farms and rural property. Capital Gains Tax Capital Gains Tax is the tax on the profit arising from the disposal of an asset which has increased in value. Such tax is charged on the gain in value rather than the amount of consideration received. The level of Capital Gains Tax payable remains at its lowest rates in history. Vendors are subject to differing levels of liability depending on the exact nature of the property sold, with rates chargeable at 10%, 18%, 20%, or 28% but no more. Many individuals still believe they may have to pay 40 or even 50%. Many vendors foresee rollover relief (Business Asset Rollover Relief) as an obvious route to lowering tax liability but this is not always the best course of action, under current tax rates. Whilst future budget announcements may result in increased liabilities, current rates are very favourable in historic terms. Individuals currently benefit from an annual exemption of £12,000, in addition to selling agent’s and solicitor’s fees associated with the disposal. Vendors should take professional advice before disposing of a property asset as often the tax liability can be less onerous than first thought. Generally, vendors can retain between 75% and 95% of the sale proceeds (subject to individual circumstances). Once Capital Gains Tax liability is minimised, many vendors and landowners choose to pay the tax rather than seek business asset rollover relief. Some clients repay outstanding debts or invest the cash proceeds in other asset classes. Capital Gains Tax rates on land sales are levied at either 10% (basic rate tax payers) or 20% (higher rate tax payers). 18% and 28% rates of tax are reserved for sales of residential properties which do not form the principal private residence e.g. second homes or buy-to-let investments. Entrepreneurs’ Relief Entrepreneurs’ Relief allows for the reduction of Capital Gains Tax liability to 10% where a vendor disposes of an asset used in a business and retires or disposes of a material part of a business.

For example, if you are lucky enough to secure planning consent for 10 acres of residential development, then you could reduce your profit share in the business by a certain % and thus qualify for Entrepreneurs’ Relief on completion. With a larger sale, it is essential that the business is ceased before or on that day. Care is needed to prepare accounts with debtors for any machinery or crop sales actually being banked after the land sale. Professional advice is essential where individuals are considering Entrepreneurs’ Relief. Rollover relief is still available, but you do have to reinvest the whole proceeds to obtain the full relief. If an element of the sale proceeds are earmarked to pay off debt, then this will not be possible. Stamp Duty Land Tax For purchasers, consideration of SDLT (Stamp Duty Land Tax) at an early stage is recommended. The SDLT is calculated on the value of your acquisition (purchase price) and differs between residential and non-residential mixed-use properties. Most farms and estates qualify for nonresidential and mixed-use rates which are calculated on the purchase price, and tax is due on any purchase over £150,000. Current SDLT rates for non-residential and mixed-use property are: Purchase price

SDLT rate

Up to £150,000

Zero

Additional value over £150,000 up to £250,000

Additional value over £250,000

Residential SDLT rates are based on different values and attract varying rates of liability.

Inheritance Tax The other capital tax to consider is Inheritance Tax (IHT). IHT is payable at 40% on most assets owned at death and on any gifts made from the estate during the previous seven years. Individuals benefit from a nil rate band of £325,000 and potentially benefit from any unused allowance from a deceased spouse. Agricultural Property Relief (APR) at 100% can be claimed if an individual has owned and farmed agricultural land for over two years. The same relief can be claimed where land is owned for seven years and let (for example under a farm business tenancy). Vendors should always consider the appropriateness of selling agricultural land and farms that qualify for APR against the cash proceeds which would likely be taxed at 40%, over their nil rate band. Future tax planning is essential to optimise the interaction of all relevant taxes and minimise liability where possible. The interaction of Capital Gains Tax, Income Tax, Inheritance Tax, Value Added Tax and Stamp Duty Land Tax should be considered carefully with professional guidance. Duncan and Toplis welcome enquiries from all potential vendors and purchasers to assist through property transactions.

Mark Chatterton 01636 640321 Mark.Chatterton@duntop.co.uk

The value in soil –

protecting and enhancing the asset

Farm/Field Conditi on dashboard Locati on: Sand % Silt % Clay %

Manor Farm 25 38 37

Facto r

Since the Second World War, growth in the value of British agricultural land has been driven by a combination of inflation pressures and government intervention in the form of guaranteed prices and assured markets. A reduction in risk and support for domestic agriculture resulted in increased earning potential from farming; the steady rise in land value from the 1960s for over thirty years tracked farming fortunes quite closely, with value linked to the land’s agricultural commercial output. Farming incomes, in turn, tracked the value of wheat which rose very quickly in the 1970s from the £27/tonne mark at the beginning of the decade to over £100 by the 1980s. Inflation drove the price up but took its toll elsewhere on cost too. In more recent years we have begun to see a dilution in the correlation between land value and agricultural profitability, with an increase in non-farming purchasers. As the businesses of owning land and farming land begin to separate, location, scarcity, commercial use and tax benefits all become greater influencers on the market than farming output. As the relationship between value and agricultural profitability weakens, the most important part of the asset, the soil itself, should not be overlooked. Plummeting wheat prices of the 1990s to less than £60/tonne and the continuous but steady rise in input costs and lowering value of output accelerated the race to cut costs, farm larger areas and rotate the most cash-positive crops. This undoubtedly had an impact on the future productivity of the asset. Business economics driving down the costs of production per tonne can answer the challenges of the day, but at what cost to the resiliance and complex biological status of the soil that generates yield for the future? As the 2019 IPCC Special Report on Climate Change and Land states, “Land provides the principal basis for

First Analysis 01 Marc h 2014

Importance of Factor

Input Actual Value

Score 1-10

Weighted Score

Subsequent Analy sis 03 Marc h 2018

Input Actual Value

Score

hted 1-10 human livelihoods and well-being Score Land - Fixed/Long -term Grade of Land 10% including the supply of food, Field Drainage 2 9 0.90 15% 2 200 9 8 0.90 1.20 Land - Variable/Short0 10 freshwater and multiple other term 1.50 VSA Soil Quality Index 30% 25 Worms observed* 5 1.50 ecosystem services, as well 45 8 3 2.40 pH 7 10% as biodiversity. Land is both a 5 4 0.40 6 P (mg/l) 6 0.60 5% 16 7 source and a sink of greenhouse 0.35 18 K (mg/l) 8 0.40 3% 395 7 0.21 gases and plays a key role in 440 Mg (mg/l) 7 0.21 2% 56 7 Organic Matter 0.14 65 the exchange of energy, water 15% 8 0.16 2.8 Weed burden 5 0.75 10% 3.5 9 Land Total 6 5 0.90 0.50 and aerosols between the 100% 13 4 0.40 5.95 * The VSA Index meth odology for worm 7.47 s observed is 15, howe land surface and atmosphere. ver we report numb ers below that for interest Sustainable land management can contribute to reducing the negative applied to the Soils Matrix calculator which gives impacts of multiple stressors, including climate a weighted current status and an overall score. change, on ecosystems and societies.”

Soil erosion from agricultural fields is thought to be up to 100 times more than formation. We may well therefore have reported small farm profits but in reality what was lost from beneath our feet was greater than the P+L output. The balance sheet of soil is extremely complex but given its vital and long-term impact on productivity it is definitely worth measuring, benchmarking, monitoring, improving and protecting. The Fisher German and Indigro Soils Matrix and record of condition reports do just that. They identify and record the detail of the soil condition at the current time. This gives the basis of identifying what needs to be done to protect and improve it with the aim of enhancing its productivity and value. The science and measurement function has been developed by Indigro, our Agronomy partners. We are now Matrix benchmarking farms and estates to ensure we are Robert Knight protecting that asset which we believe will become increasingly important for the future of the businesses. The results require interpretation and are

Weig

When we revisit these soil metrics in five years’ time, improvements or reductions are easily highlighted and the overall weighted score may change. The Soil Matrix is a score system that can be agreed for managing/maintaining/ improving the real inherent value of the soil. This is important because improving soil health is likely to have impacts on revenue and capital value beyond agricultural commodity production in the near future as we head into a world seeking to mitigate the impact of climate change. In addition to the move towards more sustainable farming with lower inputs, carbon sequestration in soils by building organic matter, reducing soil erosion in extreme weather etc may well generate future income opportunities for farmers and land managers as the value of our natural capital in soil starts to become recognised.

07557 037903 robert.knight@fishergerman.co.uk

Robert Farmland Review Knight2020 | 9

Our predictions for the year ahead: • Stronger focus on opportunities for capital growth and natural capital enhancement • Continued demand for strategic and well diversified holdings • Increase in supply of land to the market • Softening demand for dairy and mixed farms • More off-market activity • Lifestyle and amenity buyers to bolster demand for residential farms

Looking ahead – the 2020 land market Following a very quiet marketplace in 2019 we look ahead to increased supply and greater transactional volumes in 2020. We expect average values to remain fairly stable, albeit wide-ranging, and a greater focus on alternative land uses including conservation, woodland creation and biodiversity offsetting. The structure of new trade agreements, and any applicable tariffs, with other countries will shape market confidence as landowners and farmers seek to best position their business and understand the long-term implications of such arrangements on business security, profitability and risk. The structure of future domestic farming policy will be deliberated and agreed through the Agriculture Bill with a focus towards a cleaner, greener and healthier environment. The proposed Environmental Land Management Schemes are designed around the principle of providing public money for public goods where funding will be allocated towards improving soil health, biodiversity and other environmental benefits. Further clarity on the design and delivery of these schemes is required before businesses can forward plan with certainty around funding income in the light of reducing BPS payments. 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. Farms and estates where significant capital expenditure is required and where location is less favourable will require very sensible guide pricing to achieve successful sales. Strategic holdings including those with longterm residential and commercial development prospects will continue to attract great interest

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2020 market – Farm value predictions by farm type (opinion based) Arable Livestock

and sale values, as will land with mineral opportunities and mixed-use holdings with opportunities to add value.

Mixed

We expect an increase in supply of farmland to the market in 2020 as many institutional investors seek alternative higher-yielding assets across their portfolio. Debt- and retirement-related sales continue to rise steadily, and we see this trend continuing over the next 12 months.

Residential/amenity

We believe a greater proportion of mixed and combinable cropping farms will be marketed as cost pressures rise, and for those commercial holdings with limited opportunities through future environmental schemes. We see an emerging and exciting market for some poorer-quality land holdings as corporate, private and development bodies look to secure land for carbon offsetting, biodiversity, educational and conservation purposes. Based on the principle of responsible investing, such demand will be location-driven and subject to limitations on topography, access and natural capital potential. We expect off-market activity to increase as vendors target neighbours and local rollover buyers who are often willing to pay premium prices to avoid open market competition. We expect more buyers focusing on soil health, ecology and environmental prospects, as they look for opportunities to build capital value over the long term, and hedge against any short-term land value fluctuations.

Dairy

Estates/sporting

Farmers will continue to represent the greatest proportion of vendors, along with institutional investors. Beyond this, we do expect some change in the current buyer/seller profile through 2020. We expect further increased demand from the lifestyle/amenity buyers looking for smaller residential farms, closing the buyer profile in their favour. Rollover buyers will continue to demand larger holdings but in limited geographical areas. We expect the number of rollover buyers to increase through 2020 placing significant demand pressures on various market localities and acting swiftly for the right opportunities. Finally, we will see additional interest from new non-farming buyers (corporate bodies and private investors) looking for offsetting and biodiversity opportunities. Smallscale woodland and large-scale forestry opportunities will likely attract additional interest moving ahead.

Richard Gadd 07966 481487 richard.gadd@fishergerman.co.uk

Your key contacts: Stuart Flint

Richard Gadd

National Country Agency Team

07501 720422

07966 481487

stuart.flint@fishergerman.co.uk

richard.gadd@fishergerman.co.uk

Ben Longstaff

Alasdair Dunne

Ashby de la Zouch

National Country Agency Team

07917 064657

07501 720412

ben.longstaff@fishergerman.co.uk

alasdair.dunne@fishergerman.co.uk

Molly Dickson

Matthew Allen

Bedford

Banbury

07741 264143

07810 378190

molly.dickson@fishergerman.co.uk

matthew.allen@fishergerman.co.uk

Nicola Hopkins

Edward Clark

Hereford

Chester

07584 705003

07718 524819

nicola.hopkins@fishergerman.co.uk

edward.clark@fishergerman.co.uk

Hugh Maxfield

Jack Healy

Knutsford

Doncaster

07788 144709

07551 152689

hugh.maxfield@fishergerman.co.uk

jack.healy@fishergerman.co.uk

Robert Browne

William Young

Stafford

Market Harborough

07501 720418

07810 378192

robert.browne@fishergerman.co.uk

william.young@fishergerman.co.uk

Christian Sanders

Rachel Ashworth

Worcester

Newark

07799 697791

07855 077152

christian.sanders@fishergerman.co.uk

rachel.ashworth@fishergerman.co.uk

Matthew Barker

Stephen Rutledge

West Midlands

Thame

07788 412186

07919 693401

matthew.barker@fishergerman.co.uk

stephen.rutledge@fishergerman.co.uk

Farmland Review 2020 | 11

Ashby de la Zouch

Aycliffe

Banbury

Bedford

Birmingham

Canterbury

Chester

Cwmbran

Doncaster

Glasgow

Head Office

Hereford

High Wycombe

Hungerford

Knutsford

London

Market Harborough

Manchester

Office Network

Newark

15 7

1 11 17

5 25 12

Newcastle

Rotherham

Stafford

Southampton

Thame

Worcester

3 24

8 14

16 6

Residential and Rural Estate Agency

Farmland Review is intended to be an informative guide. It should not be relied on as giving all the advice needed to make decisions. Fisher German LLP has tried to ensure accuracy and cannot accept liability for any errors, fact or opinion. January 2020.