Lloyds TSB Agriculture has acted quickly to offer practical support to its dairy farmer customers who hold supply contracts with Dairy Farmers of Britain (DFoB).
Since the Receiver was appointed last week, managers have been contacting affected customers to understand their individual circumstances and offer proactive support and advice.
“We recognise that affected farms will not have received payment for their May milk production and that the price paid for June production remains uncertain,” said Paul Spencer, Agricultural Director for the Lloyds Banking Group. “In addition to the immediate cash flow challenges and concerns over their future milk marketing, these farmers will have made varying financial contributions to the co-operative and uncertainty over these investments will be adding to the financial pressures.
“At times like this farmers need the reassurance of knowing that financial support is available and we are keen to support all reasonable requests for assistance from viable businesses. The efforts of our agricultural managers and their local teams are therefore focused on ensuring any Lloyds TSB Agriculture customers affected by the DFoB collapse receive specialist individual advice.”
Mr Spencer stressed the importance of a proactive and managed approach when a business suffers unexpected loss of receipts. “We would urge customers to identify the potential business impacts early and have an open dialogue with their bank,” he continued.
“We are using our extensive network of dedicated and knowledgeable Agriculture managers to provide an appropriate level of support and – as was the case through FMD, flooding and other recent crises – we shall do all we can to ease the burden for those affected in these difficult times.”
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