UK co-op tells farmers its financial woes are over

Britain’s largest dairy co-op, First Milk, has told its 1,200 milk suppliers that the financial crisis which recently caused a £10m (€13.3m) delay in payments is now over.

First Milk chairman and Conservative MP Jim Paice said falling prices had led to the firm posting a £12.1m loss in the six months to September 30. He said the company is expecting further volatility this year.

The group pays its farmers around 21p (28c) per litre for milk, but industry prices were as high as 35p (46.5c) per litre per last year.