Alan Wiseman stood down yesterday as executive chairman of Robert Wiseman Dairies after 43 years with the company, at a shareholders’ meeting at which his successor and younger brother Robert paid him a handsome tribute for creating one of Scotland’s business success stories.

The retiring chairman, who joined his father’s firm in 1967 and took over the reins nine years later, signed off on a high, reporting sales growth of 11.6% in the first quarter.

“Sales volumes have benefited from consolidation in our sector in the last 12 months and from continued growth with existing customers,” Wiseman said. Like-for-like growth would be lower in subsequent quarters, but volumes would benefit from the new 30m litres a year contract with the The Co-operative Group which begins next month.

Wiseman said the group’s price increase to its farmers of 0.4p a litre this month “once again establishes our price as the highest of the major liquid dairies”.

He signed off: “It has been a privilege to serve as chairman of Robert Wiseman Dairies and to oversee the progress that has been made, particularly since our listing on the London Stock Exchange in 1994. The group is well placed and in good hands for the future.”

In response to questions, Wiseman said the group’s aims remained a 2bn-litre capacity, which was now imminent, and a 3p-a-litre margin. Shareholder Robert Fleming, a Dumfries-shire farmer, commented: “I hope you get to 3p by chasing the top market rather than the producers. We are spending £500,000 on our business and we look to Wiseman to support producers.”

Asked whether Asda’s takeover of Netto would mean further consolidation-related volumes, Wiseman said he hoped it would bring a chance to bid for new business.

Shareholder Robert Metcalfe complained that Farm Foods sold two litres of milk for 65p, but Wiseman said: “We have dealt with the chief executive for a long time and he looks at milk as a loss leader...there is nothing we can do to stop it.”

The chairman told shareholders it had been a “fantastic journey” but added: “I may have adjusted the steering but Robert is the powerhouse, he is the guy who drives things.”

Robert Wiseman said he had been “listening more intently than I normally do as I won’t have big brother here to look after me next year…I have known nothing else but working with Alan - right from sitting at the kitchen table in what is now our offices.”

He went on: “Alan recognised very early that the dairy industry was changing, that there was a real opportunity to grow our small dairy business to a reasonable size by acquisition. We have acquired in 35 years over 50 businesses under his leadership, and created what is now, I believe, the most efficient, well invested and largest liquid milk business in the UK, and in those 35 years I can stand here in front of you and say, very proudly, that Alan and I have never exchanged a cross word.”

Alan Wiseman said afterwards he would not be walking away from the business but staying on the payroll to advise if needed. “To make a complete break is psychologically challenging,” he told The Herald. “It is nice to get the chance to stay on.”

On whether the best of the company’s growth was behind it, Wiseman said: “There are new opportunities around every corner, including one or two things on the horizon we are excited about.”