September 2, 2009

First Milk, the UK's largest dairy farming co-operative, has arranged a new EUR130 million (US$184.8 million) funding package.

First Milk said the finance from banks Lloyds TSB and Barclays would allow it to further develop the business.

The finance provided First Milk with a more flexible approach to the lending and ensures on production, banking facility and services, said Jim Maguire, First Milk's finance director.

The finance package provided jointly by both banks is the biggest Asset Based Lending (ABL) deal completed in Scotland this year.

First Milk has about 2,400 members across the UK. Its members produce approximately 16 percent of all the UK's milk.