CHINESE GET TASTE FOR CATHEDRAL CHEDDAR (BUT ONLY IF IT’S MILD)
SOARING demand for cheddar cheese in China prompted Cathedral City’s owner to ask shareholders for £70m to expand.
Dairy Crest, which also makes Davidstow cheese and Utterly Butterly, said it was making the leap as sales of Cathedral City grew 6pc in the year to March 31.
Dairy Crest will place 14.1m shares on the market, worth around £70m, to fund an £85m expansion of its factory in Cornwall, boosting production from 54,000 tons a year to 77,000 tons.
Demand for British cheese in China grew by 20pc last year.
Chief executive Mark Allen said: ‘Cheese is the fastest area of growth for dairy in China.’
Cheese on toast is not popular in China yet but Dairy Crest hopes to help develop a taste for it there. ‘We have done some taste testing and Chinese consumers prefer the milder cheese,’ Allen said.