UK dairy co-operative First Milk has trimmed its stake in milk processing giant Robert Wiseman Dairies, the companies announced today (20 November).
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First Milk has lowered its shareholding in Wiseman from 15.7% to 10% and raised just under GBP18.8m (US$31m).
The co-op’s chief executive Peter Humphreys insisted the group remained “committed” to its “long-term strategic partnership” with Wiseman.
“This disposal simply enables us to re-align our funding given the substantial investment we have made in cheese manufacturing,” Humphreys said.
Wiseman chief executive Robert Wiseman added: “We envisage no change in our strategic partnership with First Milk and its members and we continue to value their ongoing support as shareholders and trading partners.”
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By GlobalDataIn September, First Milk reported an annual loss of over GBP7m as it upped the returns paid to members to “shelter” farmers from the downturn.
Despite that loss, First Milk has maintained that a recent finance deal with Lloyds Banking Group will give the company the firepower to invest in the business in the next year.
