Dairy Crest hit by Quadra collapse
Dairy Crest, the food company behind the Utterly Butterly and Cathedral Cheddar brands, says it will have to increase its bad debt provision as a result of one of its customers, Quadra, going into administration.
Dairy Crest, the food company behind the Utterly Butterly and Cathedral Cheddar brands, says it will have to increase its bad debt provision as a result of one of its customers, Quadra, going into administration.
The company will increase its bad debt provision by up to £4m, as that is the total amount owed by Quadra although Dairy Crest says it is looking at several options to reduce the amount involved.
Dairy Crest also says the charge will have no impact on dividend considerations or any "material" effect on year end borrowings.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the past 12 months Dairy Crest has lost 13.5% of its value. The company grew out of the old Milk Marketing Board which had to find a use for the 70-80 million gallons of milk that went unsold in the early sixties.
It now has annual sales of £1.6bn.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
State pension gender gap ‘almost closed’ for new retirees – but private gap widens
The state pension amounts for men and women are on course “to be equal very shortly”, says Department for Work and Pensions
-
State pension boost could help millions – how to plug gaps in your National Insurance record
More than 2 million people are not receiving the full amount of state pension and potentially could increase how much they get