Barclays seeks to reassure DFoB members

Barclays Bank has said it will do everything it can to support its milk producer customers affected by Dairy Farmers of Britain going into receivership.

The bank said it was contacting those affected to offer reassurance and a financial support package, which included repayment holidays on existing and new loans and appropriate extension of overdraft facilities.

“We appreciate that this will be a worrying time for those supplying Dairy Farmers of Britain,” said head of agriculture Tim Seeley.

“We are currently speaking to all affected customers to reassure them that we will do everything possible to provide them with the tangible support they need to help to keep them in business.

“Farmers have had to write off all milk delivered from 1 May until this week which will affect cash-flow and profit significantly,” he continued.

“However it is reassuring to hear that the DFOB will continue to trade and farmers can now expect payment for milk collected after 3pm on 3 June.

“Milk production in the UK is at historically low levels and most processors are keen to secure additional supplies. It is likely therefore that, if it does become necessary, most farmers will be able to find an alternative buyer for their milk.”