How to succeed with diversification
An insightful day for members who attended a recent CLA seminar
CLA members have heard about the opportunities and challenges in setting up and making a success of a new rural business venture during a diversification seminar on the Essex/Hertfordshire border.
While diversification can have risks, it can also provide a range of potential new income streams and many businesses have found successful and profitable ways of expanding and developing their business.
During this seminar at Wickham Hall, Bishop’s Stortford, guests heard from a range of expert speakers who provided insight into the planning, financial, legal and tax considerations when developing a diversification project.
The event was supported by Sworders, Tees Law and Virgin Money.
The CLA updated members on proposed reforms to the national planning policy framework (NPPF), the priorities of the new government and permitted development rights.
Wickham Hall is a thriving luxury business park and includes a range of converted Grade II and curtilage Listed buildings as well as other converted agricultural buildings. Owner of Wickham Hall, David Harvey, shared the story of his major farm diversification during the event.
Tenants include a popular restaurant/café, yoga and Pilates studio, luxury jewellers, beauty salon, florist, gym and personal training studio, coworking space and a high-end furniture retailer. A walking tour of the site provided an opportunity for guests to see first-hand how these businesses have become a key part of this diversification.
If you are considering a diversification project and would like advice on where to start, contact the CLA East team on 01638 590 429 or email east@cla.org.uk