Finalist in this year’s SoGlos Gloucestershire Business Awards, Cotteswold Dairy, has announced a £10 million increase in annual turnover to £68.2 million, as it continues to target further growth.
The Tewkesbury firm, shortlisted in the QuoLux-sponsored Family Business of the Year category, also increased staff numbers from 375 to 419 for the year to January 2021, creating most of those positions in its production and distribution departments.
Its growth comes as the business ploughs ahead with major expansion and modernisation plans at its Northway Lane headquarters - a project overseen by county firm Vitruvius Management Services - although its annual results also show its battle against rising costs across the UK.
George Workman, managing director of the firm started by his grandfather Harry Workman in 1938 with just one Morris 8 van, said: ‘Whilst we have seen positive growth in terms of revenue, margin has been eroded by the ongoing costs of Covid-19 and rising costs of production during 2021.
‘Furthermore the new depot will take time to integrate into the business to run efficiently.’
Operating profits were down from £1.9 million the previous year to £1 million. However, the business said its commitment to its new cold store underlined its commitment to growth, with the project due to be completed by November 2022.
'The longer-term strategy is for sustainable growth, the director will seek opportunities for both organic and acquisition growth that will strengthen the company's operations and financial position for the future,’ Workman added.
To find out more about the SoGlos Gloucestershire Business Awards, and see who else is in the running, see SoGlos Gloucestershire Business Awards 2022.