lincat today announces that it has completed the sale to aga rangemaster group plc (”aga”) of the business and principal assets of mercury appliances limited, its domestic range cooker manufacturer.
in the year to december 2008 mercury made a pre-tax loss of £130k on a turnover of £1.8m. the £425,000 proceeds of disposal are expected to more than cover the costs of exit from this business.
martin craddock, chairman: “mercury has achieved much since it was launched by the group in 2000 but we recognise that it will enjoy better prospects and a more secure future as part of a larger organisation such as aga, which operates solely within the domestic appliance market. i would like to pay tribute to the staff of mercury and especially to jenny hyatt, mercury’s managing director, who will be taking the business forward under aga’s ownership.”
source: london stock exchange