Group to concentrate on cookers and refrigeration
Appliance manufacturer Aga Rangemaster may be set to sell off its tile division Fired Earth, to concentrate on the expansion of its core cooker and refrigeration ranges.
Fired Earth has seen 16% sales growth in 2014 to more than £27million, and the potential sale comes after Aga Rangemaster acquired a third of the management’s 20% shareholding for £1million.
The group is also examining options for its loss-making furniture company Grange and has appointed Rothschild as corporate finance advisers to the Group.
Aga Rangemaster revenue was up 4% on 2013 and the group reports orders were higher, notably in the UK.
Its Aga and Rangemaster brands saw orders grow by 10%, boosted by new products which included Aga City60 and Rangemaster 60.
In America, its AGA Marvel refrigeration brand achieved double digit growth for the second year running.
Chief executive William McGrath said: “We have seen continued growth from our core cooker brands Aga and Rangemaster. Fired Earth and Aga Marvel did very well. We remain focused on expanding our product offering and distribution network at home and overseas. Market conditions suggest 2015 will be a better year for the appliance segment and we are working to configure the business best to take the opportunities that arise.”