14th Mar 2008 07:01
FOR IMMEDIATE RELEASE
14th March 2008
Aga Foodservice Group plc announces new name for the company
Following the successful disposal of its Foodservice business at the end of 2007, the Group is pleased to confirm the intended name for the business is Aga Rangemaster Group plc.
The addition of Rangemaster to the Group's name reflects the remarkable success of Rangemaster since 2002. The new name will be the umbrella for all the Group's brands including Aga, Rangemaster, Falcon, Fired Earth, La Cornue, Marvel and Divertimenti.
Commenting on the announcement, Chief Executive William McGrath said:
"Combining our two strongest brands to represent the Group sets the tone for the future. Along with all our other outstanding brands, we see Aga and Rangemaster as leading the sector for quality and style and providing growth opportunities for the consumer business going forward."
The new name Aga Rangemaster Group is expected to be confirmed at the Annual General Meeting in May and will be used thereafter.
Ends
Enquiries:
William McGrath, Chief Executive, Aga Foodservice Group plc - 0121 711 6015
Simon Sporborg/Charlotte Kenyon, Brunswick - 020 7404 5959
Rangemaster background:
In 2002, the Rangemaster division set about reforming and reengineering every aspect of the business starting with the sale of mass market Flavel Leisure. This reduced production immediately from 160,000 units a year to under 45,000. Using the proceeds of the sale and the benefit of reduced overheads, the Rangemaster team set about investing in revamping the factory, building a research and development centre, and relaunching Rangemaster at the premium end of the market. Progress has been rapid since then and, in 2007, sales reached 76,000 and a business which was not profitable prior to 2002 made a 10% return on sales.
Notes to editors:
For further information visit: www.agafoodservice.com
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