MM on target for £100m
MILK Marque believes it can raise the £100m it wants to invest in processing capacity over the next three years without having to ask farmers for cash.
"Much of the money is already in place as a combination of funds and bank borrowing," says Andrew Dare, chairman of Milk Marque Developments. "If there is a need for extra money from members, it will only be a small fraction. They wont have to invest."
The move will add value to about 1bn litres of milk a year, or 15% of current supplies. Much of that has remained unsold in recent selling rounds, so MM has had to sell it on weaker spot markets or for contract processing. *