The CLA and World First launch new currency service for members

The CLA has teamed up with foreign exchange experts World First to form CLA Foreign Exchange Service. The service, offered as a CLA member benefit, provides foreign exchange solutions including commercial exchange rates – often up to 2% better than the banks – access to products allowing members to fix exchange rates in advance and a consultative service to manage exposure to exchange rate fluctuations.

A large number of CLA members will have some sort of foreign exchange exposure whether they are buying agricultural machinery in Europe or converting their Single Farm Payment. A service to better manage these requirements, offering financial savings and the ability to hedge will benefit members.

CLA Director General Adrian Gane said: "Our members will no longer have to play foreign exchange roulette with their overseas payments. World First will make sure they get the best possible exchange rate available, and allow them to budget in advance for future transactions.

"We are delighted to launch a partnership with a market leader that will save our members money and ensure they avoid risk caused by currency exchange rate fluctuations."

Chris Birts, Head of Partnerships at World First, said: "The partnership between the CLA and World First shows that foreign currency risk is now recognised as a key issue affecting the agriculture sector - often meaning the difference between profit and loss.

"This partnership will give the agricultural sector access to a bespoke currency service, focussed on providing professional advice on hedging currency risk."

He added: "The effects of the weakening of sterling have been in the most part negative. The euro has strengthened dramatically, and agricultural importers, including machinery, fertilisers and crop seed, for example, who have not protected themselves, have had to raise prices as their basic unit costs have dramatically increased. This has had repercussions across the sector as it is the customers who shoulder the burden of the extra cost.

"The positive effects have been enjoyed by those receiving the Single Farm Payment who have benefitted from the rise of the euro and some members have locked in the strong rate for the next two years. The question is how long the euro can maintain these levels."

Ends

For further information contact:

World First

Wendy Casterton

t: 020 7801 1060

e: wendy.casterton@worldfirst.com

w: worldfirst.com

CLA

Ollie Wilson

t: 07702 928828

e: ollie.wilson@cla.org.uk

w: cla.org.uk

Notes for editors:

About World First

World First is a currency exchange broker, serving both private and corporate clients. Set up in 2004 by directors Jonathan Quin and Nick Robinson, the company is experiencing very fast growth and now employs over 80 people in two offices (London, UK, and Sydney, Australia). It has 20,000 clients and transacted over £1 billion in 2009.

World First’s corporate clients are generally import or export companies, making regular transfers. World First helps them minimise their exchange rate risk and manage their currency exposure.

Private clients largely use broker services to purchase a property abroad, usually a second home or investment or to emigrate.

World First is also now offering currency options to SMEs and private clients through World First Markets Ltd, which is authorised and regulated in the UK by the FSA. World First was the first broker to offer currency options which have, until now, been the preserve of very large corporate organisations through their banks.

About the CLA

The Country Land and Business Association (CLA) has a 36,000-strong membership.

As a membership organisation, the CLA supports landowners and businesses by advising them on how best to protect and maximise their asset: the land. We are dedicated to supporting landowners and our success is measured by how effectively we do that. We have a team of experts in London and a regional structure able to give local support.

We have been looking after the interests of our members, as well as promoting the positive aspects of land ownership and land management, for the past 100 years. CLA members own or manage approximately half the rural land in England and Wales, and the resulting expertise puts us in a unique position to formulate policies and lobby effectively.