First Milk payment to dairy farmers delayed by two weeks

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Over 1,000 British farmers will not be paid for their milk on Monday because of a financial crisis at the dairy co-operative First Milk.

First Milk told farmers that Monday’s cheque and all subsequent payments – will be delayed by a fortnight.

The National Farmers Union president said news of the deferral had made members “extremely anxious”.

But a First Milk spokesman argued the move would “put our finances and our business on a stronger platform”.

First Milk is one of the UK’s largest dairy farmer co-operatives, and runs a number of milk production facilities across England, Scotland and Wales.

As well as withholding money from farmers for a fortnight, the company announced on Thursday it would increase capital levy contributions and recoup extra capital from its members.

Source BBC http://bbc.in/1xTCWoz

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Rhys Boven
Rhys Boven
Rhys Boven is the Managing Director at leading energy brokers Switched On Energy. Most people have no idea if they are paying the correct amount or are on competitive terms, Rhys uses his expertise in the industry to help his customers make more money, save time, have less stress and peace of mind. Connect with Rhys Boven on LinkedIn >>

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