The largest dairy in the United Kingdom is unable to pay its
farmers.
First Milk, which is a cooperative owned by dairy farmers,
is delaying payments by two weeks, starting immediately.
It’s the latest sign of severe financial pain in the British
dairy industry where milk prices have sunk to the lowest level since 2007.
Others in the industry are afraid of a bankruptcy at First
Milk because that would spill about 800 million litres from its suppliers into
the marketplace.
The president of the cooperative said it will continue to
delay payments by two weeks as it seeks measures to shore up its finances.
