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Lloyds Bank and Local Accountants Whittingham Riddell Hold Sustainable Farming Event

Given the ever-changing landscape of the farming industry, Whittingham Riddell Chartered Accountants & Business Advisors partnered with Lloyds Bank to offer an exclusive event aimed at farming businesses. 
 
Farmers from across Shropshire, Staffordshire & Wales attended the event, which was held on 7 November at Tern Hill Hall Hotel. Focusing on farming for a sustainable future, the event brought together industry experts from Lloyds Bank and Whittingham Riddell; as well as external speakers, Adam Henson the Lloyds Bank Farming Ambassador and Andy Richardson, Head of Corporate Affairs at Volac, Chair of the Welsh Food & Drink Board and a member of the UK Food & Drink Council.  
 
The morning event included topical presentations covering topics such as sustainable farming and diversification, food supply chain and added value, tax planning, business and succession advice, together with a banking sector update from the Lloyds Team. 
 
Andy Richardson opened the morning with an interesting overview of the work of The Food and Drink Sector Council, The Dairy Productivity Council and the Welsh Food Board. He highlighted the mechanisms for the industry to engage with government to increase the sector’s productivity and for the food industry to grow sustainably and profitably. 

Carl Woodwards the Area Director for Agriculture, Wales & Border counties & Gail Hannan, Agriculture Relationship Director for Lloyds Bank followed with a Banking sector update, which outlined the current opportunities and threats facing the industry and how the Bank can help. 

Next up was Roy Jackson, Agricultural Partner at Whittingham Riddell who looked at solutions to protect your farming business for the future. He stressed the importance of developing a team and financial plan for the future, as well as the benefits of joint ventures and collaboration agreements. He went on to look at options for business structures, before concluding with tips for Succession plans and Inheritance Tax Planning (IHT) and aligning these with the Will to mitigate IHT.

The event finished with an inspirational talk from Adam Henson, one of Britain’s best known farmers, TV personality and author. Adam, who is a second-generation tenant farmer outlined the importance of being adaptable, having a skilled team around you and embracing innovation and technology. 

Roy Jackson comments “It was fantastic to work with Lloyds Bank to be able to offer such a topical event to the farming sector. We work with many farming businesses in the region and are having regular conversations around how businesses can ensure longevity and success for the future.  Whilst we provided some more technical guidance, it was great to listen to Adam’s uplifting approach to managing a rural business. We look forward to helping farming businesses plan for the future.” 

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