SMbuys into Drakemire
SCOTTISH Milk has strengthened its position in the manufacturing trade by spending £2m to buy a 36% shareholding in Drakemire Dairy Foods of Hamilton.
Drakemire has a turnover of £13m a year and markets pasteurised and UHT milk, cream, yogurt and butter. Last year it had pre-tax profits of £500,000. The company will continue to be run by the present management team of directors.
SM chairman John Duncan said the move was another step towards securing the future of 1800 dairy farmer members who produced 750m litres of milk a year. Last year, SM bought three cheese-making plants and a packing facility from the Scottish Pride receiver. *