Aga Rangemaster cuts jobs and raises prices as UK demand falls
Aga Rangemaster has continued to cut jobs as it battles falling demand in the UK and prepares for the rising costs from US President Donald Trump’s tariffs.
The business, which is headquartered near Nottingham, has said it is raising prices in order to attempt to offset the increased costs from US tariffs but that their full impact still “remain highly uncertain”.
The company enjoyed a 12 per cent rise in US sales in 2024 to £6.1m, according to new accounts filed with Companies House, as its UK turnover fell from £89.1m to £83.7m.
The results also show that Aga Rangemaster’s headcount was further reduced in the 12 months to 607 people.
Aga Rangemaster employed 907 people at the start of 2022 but that number fell to 836 by the end of that year before reducing further to 660 by the start of 2024.
The company’s overall turnover fell in the year from £115.5m to £109.2m while its pre-tax profit dipped from £8.3m to £8.1m.
Aga Rangemaster braces for tariffs hit
On the possible impact of US tariffs, the company said: “Our strong manufacturing footprint, combined with a global operating presence, position us well to navigate recent tariff-related challenges and provide us competitive advantages over the long term.
“At this time, tariff impacts remain highly uncertain, with initial estimates indicating an increase of our costs.
“We expect to offset these increases through ongoing operating initiatives and pricing actions, with the benefits of these measures fully implemented by year end.”
Aga Rangemaster 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 implanted to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs.
“High inflation led to high interest rates throughout 2024 and into the first six months of 202, 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 and Marvel.