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.
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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.
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