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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