The board of Dairy Farmers of Britain has won a crucial members' vote to reduce its debt levels.

The farmer-owned co-operative's members last week voted in favour of writing off some of the debt owed to them by the company in exchange for shares. The conversion means £55m of member debt will be moved into equity shares.

However, it wasn't all good news for DFB as it failed to gain member support to convert further debt in the form of loan stock into shares. The board said it planned to hold a further vote on the issue in due course.