Dairy Crest Left Chasing £4 Million Debt
February 13
16:47
2012
Dairy Crest is increasing its bad debt provision by up to £4 million after a customer, Quadro Foods, called in administrators. According to the UK dairy group, this is the total debt owed to it by Quadra although Dairy Crest is looking at several options to reduce the amount involved.
Dairy Crest expects to treat any charge as an exceptional item in 2011/12 and as such it will not impact on its dividend considerations. Dairy Crest has annual sales of £1.6 billion and expects that this isolated incident will have no material effect on its year end borrowings.
