Despite the challenges faced by businesses during the pandemic, three Welsh food and drink businesses have been named in the UK’s top 50 fastest growing independent food and beverage companies.

Castle Dairies, Abergavenny Fine Foods and The Welsh Whisky Company have made The Grocer’s Food & Beverage Fast 50,compiled by Alantra, the UK’s 50 fastest growing privately owned companies that have grown most quickly over the past two years, based on their compound annual growth rates (CAGR).

Castle Dairies is a family-run company based in Caerphilly, producing great tasting Welsh butter. They secured sales of £35.9m last year, with a CAGR averaging 23% over the past two years, securing its place as the UK’s 23rd fastest growing privately owned food and drink business.

David Cooknell, Head of Sales at Castle Dairies said, “We are extremely proud that Castle Dairies is included in the Atlantra Food & Beverage Fast 50 list.

“It is testament to the dedication and hard work of the team at Castle Dairies that the company continues to grow and thrive, particularly in light of the challenges faced by the coronavirus pandemic.

“Our vision is to deliver outstanding innovation and quality through our products. We want to delight our customers with functional, convenient and great tasting products which don’t compromise their natural status.”

Over the past two years, specialist food manufacturers Abergavenny Fine Foods ranked 33 grew by a CAGR of 20%, while The Welsh Whisky Company, ranked 48, grew by a CAGR of 11%.

The Food & Beverage Fast 50 focuses on the best performers and demonstrates the growing sophistication of the businesses to prosper through the economic cycles, good and bad, as well as the management ability to innovate and consistently find opportunities to grow.

Congratulating the companies on their success, Minister for Rural Affairs and North Wales, and Trefnydd, Lesley Griffiths said: “The food and drink sector in Wales is a crucial part of the Welsh economy, and the Welsh Government is committed to supporting its growth and development.

“More than ever we should be celebrating the hard work, innovation and determination of Welsh businesses, especially in these challenging times.

“I am very proud of Welsh companies and I would like to congratulate those who have made the Food and Beverage Fast 50 list, and I wish them all every success for the future.”

The Alantra Food & Beverage Fast 50 ranks the UK’s fastest growing, privately owned food and beverage businesses on revenue growth over the past two years, according to their most recently published accounts.