DFoB Owed HSBC GBP59 Million

Failed milk co-operative Dairy Farmers of Britain owed £59 million to HSBC when it went pop, according to a report from the receivers PricewaterhouseCoopers.

HSBC will get £55 million of that money back, say PwC.

Unfortunately that isn't the case for unsecured creditors, who are left to swing and will get four-fifths of bugger all.

DFoB was riddled with a flawed business plan, poor management and bad decision-making says the report.

"Farmers will be looking for somebody to blame for the pain and losses they have experienced and many of our members have questioned the integrity, professionalism and ability of DFB executives and council members in light of its collapse," said the NFU last week.