PwC sells off Lubborn Cheese after Dairy Farmers collapse

PwC sells off Lubborn Cheese after Dairy Farmers collapse

PwC completes sale of division creamed off from Dairy Farmers, the struggling co-operative placed into receivership last week

PricewaterhouseCoopers has sold off Lubborn Cheese Limited, the only part of
the Dairy Farm stable which was kept out of receivership, to Lactellis
McLelland.

Lubborn was part of the Dairy Farmers of Britain co-operative, but was not
placed into the hands of PricewaterhouseCoopers receivers on 3 June along with
the rest of the milk supply giant.

This allowed the PwC corporate finance team to continue with the sale process
for that part of the business.

David Kelly, receiver and manager of DFB said: ‘We are pleased to secure such
a strong buyer for the Lubborn Creamery, which will ensure the continued
employment of workers at the site and the opportunity for DFB farmers to
continue supplying the plant they have helped build up.’

The Lubborn Creamery, in Cricket St Thomas, south Somerset, is a market
leader in the UK soft cheese market, with its unique range of quality Somerset
Brie, Somerset Camembert and Capricorn goat’s cheese ranges. Lactalis McLelland
produces some of the UK’s best known cheese brands including the award winning
Seriously® cheddars, Orkney, Galloway and McLelland Mature cheeses.

‘Lactalis McLelland were an obvious acquirer of the Lubborn business and
emerged as the most credible buyer following a carefully managed process run by
our corporate finance team over a number of months. We hope they continue to
build on the success of the Lubborn business in the future,’ added Kelly.

Lubborn was kept out of the receivership process which hit the DFB
co-operative last week. DFB employs 2,200 staff at sites in the South West, the
Midlands and the North East and has 1,800 farmer members supplying over 1bn
litres to the food and drink industry, comprising 10% of UK milk production.

Following other ‘significant losses’, DFB was dropped by the Co-Operative
Supermarket on a key supply contract, forcing DFB’s directors to ask bankers
HSBC for the appointment of receivers.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource