Aga sales heat up thanks to a post-election confidence boost

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A recovery in the housing market since the general election is paying off for upmarket cookers maker Aga, with new London homeowners snapping up stoves.

William McGrath, chief executive of Aga Rangemaster, which today posted a 1.5% revenue rise to £125.4 million, said: “We were and are very well placed to benefit as the housing market picks up.”

He added that in the six months to June 30, sales were slower before the May election, with the threat of a mansion tax meaning buyers and potential Aga owners were put off from shelling out for expensive homes.

Models such as the slimline Aga City60, promoted by model Daisy Lowe, which has a width of only 60 centimetres, were popular in the capital.

Costs linked to its  £129 million takeover by US rival Middleby contributed to a pre-tax loss of £4 million.

“Working with Middleby should provide additional momentum to enable our operations to thrive,” said McGrath.

Source Article from http://www.standard.co.uk/business/aga-sales-heat-up-thanks-to-a-post-election-confidence-boost-a2633521.html

August 14, 2015 |
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