MAKER of supermarket cheddar Dairy Crest has adopted the mature approach, quite literally, in finding a solution to the hole in the group’s pension fund for retired cheesemongers.
Along with reorganisation of its capital structure, the maker of the Cathedral City cheese is boosting the pension fund for former employees with stocks of the whiffy produce.
Pensioners set to benefit from the retirement fund backed by Dairy Crest, which also makes Utterly Butterly and Clover spreads, Davidstow Cornish cheese, Country Life milk and Frijj milkshakes, will have their pensions backed with £60m worth of the mature cheddar.
This equates to almost half of the group’s hard cheese stock being put up as security for the fund – all of which will be stored at a warehouse in Warwickshire.
Totally crackers or a stinking good deal?
Let’s just hope they put plenty of mousetraps out to keep their investment safe from predators.