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Many farm owners and agricultural workers are experiencing financial problems at the moment, largely because of factors outside their control. If you work in the farming industry, increased payroll and pension obligations, lower prices for produce, and a pound that’s faltering against the euro, could be causing serious financial issues for you and your business.
Although all types of farm are experiencing these problems, UK dairy farms in particular seem to be suffering. According to Defra figures, the income of a dairy farm has fallen by 45% in England and Wales, and as much as 80% in Northern Ireland.
A combination of factors, including a change in supply and demand, is the cause. The popularity of milk alternatives, an abundance of milk supplies globally, and a fall in prices, have all created financial problems within the dairy industry.
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Start The 60 Second TestOn a more positive note, the nature of farming means that valuable assets are available to help businesses recover, offering a lifeline to farmers who have seen profits largely wiped out over recent years.
Hard assets such as vehicles, plant and machinery, as well as property and land, can be used to restructure or turn business around. Leveraging the value of your balance sheet assets, if they are wholly owned by the company, offers hope if your business is in distress or you are already facing insolvency.
First and foremost, you need to consult an insolvency expert for professional advice. Insolvency is often seen as the death-knell for business, but this industry is highly regulated and licensed practitioners’ main aim is to prevent insolvencies wherever possible.
Our experts at Real Business Rescue have vast experience in the farming and agriculture industry. We provide tailored advice and guidance, helping you to understand your options and offering the best chance of recovery.
One option commonly used by our farming clients is asset-based lending – a type of lending that’s perfectly suited to the farming industry.
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Balance sheet assets generally hold considerable value, and can be used as security for borrowing. The farming industry by its very nature requires expensive machinery for day-to-day work, which makes a farming business ideal for this type of borrowing.
The value of these assets can be released as a cash lump sum, helping to relieve cash flow problems or paying off existing debt that’s become too expensive to service.
Here’s a little more about why this type of lending could be beneficial for you:
With business survival at stake it’s vital to take action fast. We offer same-day consultations to quickly gain an understanding of your financial situation.
We have an extensive network of 100+ offices. We’re part of the Begbies Traynor Group, which is the UK’s leading business recovery practice. If you think we can help, call our team today for a same-day meeting.
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