Solihull kitchen equipment maker AGA Foodservice has bought London-based cookware and kitchenware business Divertimenti for up to £1.4 million in cash.
Divertimenti has a range of around 5,000 cookware and kitchenware items and runs two shops in London, in Marylebone High Street and Brompton Roadas well as mail order and online sales.
It suffered a £2.5 million loss on sales in the year to June. AGA said Divertimenti would be run as part of its Rangemaster business and Divertimenti will now carry cookware ranges from La Cornue, Falcon and Rangemaster.
"We aim to build a strong cookware business for Rangemaster/ La Cornue. Divertimenti is a tremendous platform on which to grow a multi channel cookware business being, itself, such a widely known and respected brand and business," said AGA chief executive William McGrath.
The company also announced that its full-year 2004 pretax profit under International Financial Reporting Standards would be 19 per cent higher than under the previously reported UK GAAP method.
Last month the group said it had seen first-half profits rise in line with expectations after slower consumer markets were offset by stronger commercial demand.
Pretax profit would have been £36.3 million, compared to the £30.6 million reported, the company said. Shares closed up 1.25 at 303p