Bank supportive says DFB receiver

Speaking after the first of three member meetings, this one held in Carlisle, he said it would have made no difference to the outcome whether the capital had or had not been converted.

But asked if the bank was ‘breathing down his neck', he said absolutely not.

“The bank has told me they are supporting me in my trading, and it is a time for cool heads.”

And the bank had been particularly supportive with regard to Mr Oldfield's strategy for continuing milk collections and paying for that milk.

He said the milk supply business would remain in place for as long as producers required it.

But he recognised that in dealing with farmers in the most remote areas of the milk field with limited chance of securing another milk buyer, there was a need for dialogue with all the relevant authorities like the NFU, Defra, Welsh Assembly Government, TFA etc which would take place next week.

Farming Minister Jane Kennedy said she was saddened by the failure of DFB: “I am working with the industry and my officials will meet the receiver on Monday to ensure that the Government's business support is reaching the people who need it, and to discuss the next steps.”