Aga losses widen ahead of £129m takeover

Upmarket stove makers AGA cookers. Picture: Contributed
Upmarket stove makers AGA cookers. Picture: Contributed
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Upmarket stove maker Aga Rangemaster said costs linked to its £129 million takeover by a US group had pushed it deeper into the red in the first half.

The firm, which last month agreed the 185p a share offer from commercial catering equipment firm Middleby, said increased pension charges and professional costs associated with the bid resulted in a pre-tax loss of £4m for the six months to the end of June, compared with £300,000 a year earlier.

However, revenues edged up 1.5 per cent to £125.4 – despite the year starting “slowly” ahead of the general election. Aga, whose advertising campaigns are fronted by Daisy Lowe, pictured, said that, following the vote, there was a “marked change in attitude” as increased consumer confidence and household incomes fed through into spending on homes.

Shareholders vote on the Middleby takeover plans early next month.

Aga chief executive William McGrath said: “Our product investment programmes have ensured we are ready to benefit from the improving trading backcloth.”