Memorandum submitted by Mr and Mrs D W
Terpstra (DFoB 32)
— Mr and Mrs D W Terpstra (Partnership).—
Tenanted family farm.
— Just built brand new dairy complex (running
for two years).
— Losses now of around £75,000-£85,000
because of DFB management decisions.
Tenant farmers cannot afford this sort of loss;
it will be approximately 5-10 years to get back to where we were
in financial terms.
Points listed below
(a) "No transparency".(b) December
2008—meeting at Petersfield, Hants (this, in fact, was the
last meeting to be held. Had been told that there would be another
meeting in the middle of February 2009). Difficulties within the
business but we were all told that we would be alright by the
board, the membership director and his staff. Roger Taylor had
been recruited to sort things out. Tim Wild, regional manager,
said that everyone else was in just as big a muddle and have the
same problems!
(c) Both M Sheenham and S Yates advised me, in
two separate letters dated 26/02/09, to rescind my notice to leave
given in February 2009 and not to sign a contract with another
milk purchaser. On hindsight, I should have never have listened!
(d) John Grantchester (chairman) told me personally
that the DFB would be alright (see letter 13/02/09).[6]
(e) "½ pence/litre capital was still
being paid"—nobody could say what for?
(f) Philip Moody (non-executive director) resigning
from DFB (Talking Points—Novwember 2008) of firm Smith and
Williamson Corporate Finance Ltd. They were financial advisers
to DFB. In February 2009, the above were replaced by PricewaterhouseCoopers.
This needs an explanation?
(g) All the correspondence to members kept saying
"please stay in touch and ask whatever questions you like."
The fact of the matter was that all we got back was that there
was nothing new to report. (Celia Nicklin—member business
centre manager—will know how many conversations I had with
her).
(h) The Chairman, CEO and the board of DFB all
knew what was going on and should have been transparent with the
membership instead of leading them on that everything was alright.
The business should have been finished in June 2008. Financial
losses, hardship and mental strain have all been born by the membership
and all the people at the top of DFB should be made answerable.
Mr and Mrs D W Terpstra
August 2009
6 Not printed. Back
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