It has been estimated that the recent wet weather throughout the UK has cost agricultural shows and country events almost a quarter of a billion pounds in cancellations and low attendances.
According to the Country Land and Business Association, roughly £243 million has been lost in revenue at events and to the local economy, with the figures coming on what was meant to be the eve of the CLA Game Fair at Belvoir Castle.
The Game Fair, which was due to open today (July 20th) is another victim of the weather, but the cancellation is due to have a knock-on effect, with the CLA estimating that the 140,000 visitors to the event would have spent an estimated £80 million on goods and services.
However, instead of the estimated £80 million being spent on goods and services at the event, it has been reported that the local economy surrounding Belvoir Castle will instead lose £34 million worth of income as a result of the cancellation.
Paul Hooper of the ASAO has said following the release of the figures: “The bad weather has caused enormous disruption and disappointment to all those affected but agricultural shows and country events have created a most valuable interface between urban and rural communities and that role continues to be vitally important.”
For those within the agricultural industry or rural sector who are concerned about the knock-on effect the cancellation of such shows will have financially, or who wish to discuss financial requirements, should contact the agricultural finance specialists at Milsted Langdon.
As an accountant, Nigel Moysey specialises within offering taxation and financial advice to the agricultural sector