With effect from 10th February, the deferral of member payment terms made at the end of 2014 will be reversed. The payments were originally pushed back in January 2015.
Payments to First Milk members on 10th of February will be a double payment, meaning members will receive six weeks money during February.
Clive Sharpe, Chairman of First Milk: “This move sends a clear signal on the progress made by First Milk and returns our payment terms to normal for our members.”
CEO Mike Gallacher added: “Returning to our previous payment terms draws a clear line under the turnaround process for First Milk.
“First Milk is a very different to the business of early 2015. We are a lean, focused and financially secure business capable of delivering a competitive milk price for the long term.
“The role for a scale British Dairy Co-operative is even more compelling post Brexit and we aim to demonstrate this in the years ahead.”
Source: FarmingUK
Link: https://www.farminguk.com/news/First-Milk-to-repay-its-1000-farmer-owners-for-fortnight-missed-milk-payments_45517.html