Waterford Stanley reduced losses last year to under €1m
Waterford Stanley, the south-east cooker manufacturer, which is owned by the Aga Rangemaster group, has narrowed its losses over the last year to just below €1 million, according to accounts recently released.
The company, which was bought by Aga in 2005, employs roughly 100 staff in Waterford, where it produced its first range cooker 80 years ago.
Sales did fall by about 10 per cent over the year to €22.7 million, however retailers report a general pick-up in sales of home appliances since the accounting period.
Despite losses, Waterford Stanley retains shareholders funds of about €3.3 million on its balance sheet.
Aga Rangemaster was recently bought by US food equipment company Middleby Corporation for €180 million. Middleby described trading at its Irish division as “weak”. At present it is unclear what plans it has for Waterford Stanley.
Nasdaq-listed Middleby owns Rayburn, Turbochef, Toastmaster, Viking and Carter Hoffmann. Middleby’s main customer base are restaurant chains in the US.