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Buccleuch announces farm sales to tenants

Buccleuch announced today it is in advanced discussions with tenant farmers with regard to them purchasing the farms they currently rent.
The prospective sales involve 10 farms totalling 7,304 acres on Buccleuch’s Bowhill, Eskdale and Liddesdale and Queensberry estates. The farms are currently occupied on Limited Partnership agreements.
Buccleuch is also in discussions with a number of other Limited Partnership tenants with a view to converting agreements to alternative long-term letting arrangements.
John Glen, chief executive of Buccleuch, said: “We are pleased to offer tenants the opportunity to buy their farms and have been very encouraged by the response from farmers keen to develop their businesses.
“Most of the farmers interested would like to purchase their whole farm while others are interested in buying part of the land they occupy and the farmhouse. There are some farmers who will not want to purchase their farms and we will continue discussions with them to seek a mutually satisfactory outcome.
“Several tenants have also indicated their willingness to move to new tenancy arrangements and we are in the process of dissolving the existing Limited Partnership agreements – a tenancy type that is largely being phased out across the sector.
“We are still heavily invested in tenant farming and the proceeds of any farm sales will be invested in our rural business operations.” 

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