Waterford Stanley narrowed losses last year to just under €1m

Waterford Stanley, the southeast cooker manufacturer owned by the Aga Rangemaster group, narrowed its losses last year to just under €1 million, according to accounts.

Sales fell by about 10 per cent to €22.7 million, although retailers report a general pick-up in sales of home appliances since the accounting period.

The company, bought by Aga in 2005, employs about 100 staff in Waterford, where it produced its first range cooker 80 years ago.

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 £130 million.

It described trading at its Irish division as “weak”. It is unclear what plans it has for Waterford Stanley.

Nasdaq-listed Middleby owns Rayburn, Turbochef, Toastmaster, Viking and Carter Hoffmann. Its main customers include restaurant chains in the US.