Figuring out profitable farming
Down on the farm - Trevor Cook ( right ) of Baines Jewitt with , from left , David , Brian , Jonathan and James Bainbridge .
PICTURES : CHRIS BOOTH
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How Baines Jewitt chartered accountants help Tees farm make hay
oday ’ s successful farmers know that it takes much more than agricultural expertise to grow a profitable business .
With fears that the UK agriculture sector would be among the first to feel the effects of Brexit , one of Teesside ’ s largest accountancy firms is reassuring North-East farmers that there are opportunities out there and that it pays to plan ahead .
According to Baines Jewitt chartered accountants , there has been a significant increase from the farming community in seeking professional financial , tax and business advice , as well as help in exploring potential new income streams .
Baines Jewitt director Trevor Cook explains : “ We work with a broad base of clients from the agricultural sector , including farms and agricultural contractors . In particular , we help many family-run farms to make the most of their finances .”
A prime example is Greystones Farm in Seamer , near Stokesley . Greystones has been in the Bainbridge family for almost 80 years , since Walter Bainbridge first bought the arable farm in 1942 .
And although Walter is sadly no longer alive , his legacy at Greystones lives on .
As with many local businesses , Greystones has been passed down through several generations of the same family . Today the farm is run by Walter ’ s sons Les and David , along with his grandsons James and Jonathan .
Each new cohort brings their own priorities and ideas about how to take the business forward . This in turn creates renewed enthusiasm and fresh challenges . As a third generation farmer , James is one of a “ new cohort ” of farmers .
On top of dealing with the issues of the current global pandemic , James and his family have been working closely with Baines Jewitt to unravel what lies beyond Brexit for the business , as well as the implications for the agriculture sector as a whole .
Trevor explains : “ I have worked with the Bainbridge family for over 30 years and the connection with our firm can be traced back further still . As well as helping with accounts , providing tax advice and advising on legal documents , we act as a sounding board for new ideas and investments , as and when required .”
Luckily , the Bainbridge family are used to embracing change and moving with the times to drive their business forward . As well as 250 acres at Greystones , they farm 1,500 acres through renting and agricultural contracting . Arable cropping accounts for 60 per cent of their income , with beef cattle , poultry , free range egg production , livestock and most recently sheep making up the remaining 40 per cent .
66 | Tees Business