Aga Rangemaster cuts almost 200 jobs as sales cool
Aga Rangemaster has blamed “a difficult year” and “challenging market conditions” as it cut almost 200 jobs in 2023.
The company, which is headquartered near Nottingham, reduced its headcount in the year to 30 December, 2023, from 836 to 660.
The latest total comes after the business had employed 907 people at the end of 2021.
Newly-filed accounts with Companies House also show that its turnover fell from £144.5m to £115.5m in the year.
The last time Aga Rangemaster posted a lower turnover than its new total was the £114.2m it reported in the 12 months to 2 January, 2021.
Its pre-tax profit was also cut from £27m to £15.2m over its latest financial year.
The latest total is also near the £15.3m pre-tax profit it posted for the year to 2 January, 2021.
Inflation bites Age Rangemaster
In its new accounts, the business said that its product development programmes “should provide growth in new and overseas markets”.
It added: “The company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs.
“Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs/
“High inflation led to increased interest rates throughout 2023 and into the first six months of 2024, which combined with global macroeconomic uncertainty, can impact customer demand.
“the company has faced recent demand headwinds. The company remains focused on delivering strong financial results and executing on our long-term strategy and profitability objectives.”
Aga Rangemaster manufactures range cookers, kitchen appliances and interior furnishings.
The business is owned by The Middleby Corporation, which is headquartered in the USA.
As well as Aga and Rangemaster, its brands include La Cornue, Divertimenti, Fired Earth and Marvel.