Today’s landowners are land entrepreneurs who embrace change to sustain their operations, according to advisors to the UK’s largest landed estates. However, a change is on the horizon; one that will bring a mix of opportunity and challenge.
“From an academic view, it is the most exciting time in agriculture for seventy years. The last legal change was post-war in 1947”, said Jonathan Thompson, senior associate at Hunters Law, who specialise in advising UK landed estate owners and farmers. Jonathan says that: “BREXIT is bringing much of this change, as well as the UK Agricultural Policy which is currently before the House of Lords in the shape of the Agriculture Bill. Importantly, it is an enabling structure, providing a new way for farming to go forward”.
“Traditionally, farmers were not always entrepreneurial co-workers and were often closed off to working together but the new scheme will change that”. One relationship which could alter is the traditional landlord and tenant. “From landlord and tenant, we could see the relationship alter to two business owners with respective expertise and assets who come together to work in a different way”, adds Jonathan.
“People management is the key to the role of a landowner”, explains Jonathan. “One of my client’s heirs works in TV production. Very different to being a landowner but it has taught him both leadership and management skills to bring back to the estate”.
“Regional high spec future-proofed buildings whereby local residents can set up businesses are being considered by a few estates. The idea behind it is to live locally, work globally”, said Jonathan.
Read the full article in Citywealth here.