The Abergavenny Fine Food Co., a UK-based dairy and snacks producer, is set to double its production capacity, with a focus on plant-based products.
The Wales-based business, which exports to markets including the US and Australia, is adding 1,000 square metres to its site in Blaenavon.
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By GlobalData“As we continue to grow as a business, we aim to expand our reach into new retailers who have shown a clear appetite for wanting to work with us in the coming years,” managing director Jason Rees said.
The project is still at the planning stage but The Abergavenny Fine Food Co. is aiming to complete the expansion by the end of next year.
Last month, The Abergavenny Fine Food Co. sold its blended cheese business to UK cheese maker Somerdale International. The company says its annual revenue is on track to grow 30% despite the disposal.
Figures posted with Companies House show The Abergavenny Fine Food Co. generated a turnover of GBP30.9m (US$42.4m) in the year to 31 March 2020, up 16.2% on a year earlier. Turnover from the company’s export business more than doubled during the period to GBP6.5m.
In the statement to announce the production plans, The Abergavenny Fine Food Co. said turnover in its export markets from what the company calls the “added-value category” – including products such as halloumi fries and jalapeno poppers – has increased by more than a third year-on-year due new listings in Australia and the US.
The Abergavenny Fine Food Co. has set a target for its export business to grow by at least 20% over the next two years.
Rees, who joined the company as managing director in July, added: "Our NPD focus on the growing plant-based category is accelerating alongside our core business in own-label, coated, dairy finger-food through the retailers. We are at the planning stage for factory expansion to cater for the increased demand that we are seeing across both categories."
In the 12 months to the end of March 2020, The Abergavenny Fine Food Co. made an operating profit of GBP664,827, versus an operating loss of GBP589,626 a year earlier. Profit for the financial year stood at GBP459,122, against a loss a year earlier of GBP715,425.
