Consumer operations to stand alone
Aga Foodservice Group, the retailer and manufacturer of premium cookers and refrigerators, has revealed that a sale of its food-service business is imminent.
The move comes as the group reported sales increased 8 per cent to£273.9 million and profit before tax was up 4.8 per cent to£22 million for the six months to June 30. Its pre-tax profit for the full-year is expected to come in at£50.3 million.
The Solihull-based group said that there had been considerable interest in acquiring the food-service operations after it announced a strategic review of the division in July. It is seeking to separate food-service from its consumer operations.
Some of the cash generated from a sale will be returned to shareholders, but the remainder will be invested in the core appliance-led business.