Farmers who supplied the failed Anglesey-based milk processor Mona Dairy are unlikely to be paid much of the money they are owed.

A report by administrators, FRP Advisory, estimates that in the current position there will not be sufficient funds to make a distribution to unsecured creditors, all owed £29m and which include milk suppliers, agricultural societies and levy boards.

Some individual farmers from across north Wales and England are owed tens of thousands of pounds.

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The report, published on Companies House, shows that there are more than 200 potential creditors owed a total of £37.1m.

Priority creditors are expected to be repaid.

The dairy had employed 48 people and there are £42,000 in outstanding payments to staff for holiday pay, overtime, and pension contributions.

Mona Dairy Group consisted of three companies with Roelf Jan Akkerman and David Wynne-Finch as directors.

The parent company was Different Dairy while operations took place at Mona Island Dairy, and a third company, Wynne-Finch Farms, covered property.

Much of the set-up costs were funded by Mr Wynne-Finch and, according to the administrators, funding then came from Dairy Investments and Klooster.

Dairy Investments was owed £6.78m when the company entered administration and Klooster £1.062m, secured by fixed charges to assets.

In April, before the business went into administration, properties were transferred outside of the group to a separate company owned by Roelf Jan Akkerman, and the following month the company released a statement warning that it had failed to secure sufficient short-term funding from its stakeholders.

The business then faced mounting pressure from its creditors, including farmers.

“Given cashflow difficulties, the company was unable to make payments to the farmers for the milk supplied, therefore disrupting their supply chain, leading to an inability to trade,’’ the administrator’s report states.

Mona Island Dairy entered administration on 7 June.

Different Dairy was placed into administration later that month by creditor application to court.

Joint administrators are set to review the transfer of properties between companies in order to “achieve the best outcome for all creditors by seeking to sell the facility as a whole”.