Dairy sector squeezes finance firm out of business

Thursday, 10 June, 1999

By FW staff

ECONOMIC recession in the dairy sector has claimed another victim, with cattle and quota finance company, Dairywise, calling it a day.

Accountants Grant Thornton has been instructed to wind down the Malvern-based business, with shareholders expected to vote for voluntary liquidation on June 20.

“The dairy industry has been having a very difficult time, leading to a drop in new business to finance,” said accountant Duncan Swift. At one time the company was the UKs leading agency for hire purchase of cattle and milk quota to farmers.

About £2m is outstanding, but if this is all repaid – and that may take up to four years – then there should be enough to pay all secured and unsecured creditors.