Gloucestershire-based business Cotteswold Dairy has published its latest financial reports, which show the business is nearing a £70m turnover.

Founded in 1938, Cotteswold Dairy has grown to be one of the largest dairy groups in the region and processes more than 100 million litres of milk each year.

The business has four different service depots located in Cheltenham, Shropshire, North Wales and Hereford as well as its main production site on Northway Lane in Tewkesbury, and works with more than 40 different family farms.

Between January 3, 2021 and January 1, 2022, Cotteswold Dairy Ltd reported a jump in turnover to £68.3m - up from £58.9m the year before.

Pre-tax profits dropped from £1.99m to £1.01m for the same period.

In a statement released alongside the results, Cotteswold Dairy said: "While 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.

Plans to redevelop areas of their Tewkesbury site are also mentioned in the reports, including a new cold store set to be completed by the end of 2022.

"In order to aid growth, the group has committed to building a new cold store at its Tewkesbury site, which will expand capacity of the business allowing for future growth and further efficiencies in production, with this development expected to be completed by November 2022," the report said.

According to planning documents drawn up by Zesta Planning, the scheme will expand milk production to as much as 250 million litres per year.

"The longer-term strategy is for sustainable growth. The directors will seek opportunities for both organic and acquisitive growth that will strengthen the company's operations and financial position for the future."