TIDMAGA 
 
FOR IMMEDIATE RELEASE 
 
11th May 2011 
 
                       FIRED EARTH DEVELOPMENT STRATEGY 
                LINKED TO MANAGEMENT INCENTIVISATION STRUCTURE 
 
AGA Rangemaster Group plc ("the Group") announces new plans for its Fired Earth 
operation. Agreement has been reached with the management team of Fired Earth 
for it to acquire up to 28% of the equity of Fired Earth. The team will work to 
implement an agreed 3 year development plan aimed at delivering a marked 
improvement in profitability and increasing cash generation through new product 
initiatives and widening the targeted customer base. 
 
Fired Earth made a trading loss of over GBP2 million in 2010 on revenues of 
almost GBP22 million. 
 
The management team is headed by Andrew Manders as Managing Director who joined 
Fired Earth in August 2010 on an interim basis to undertake a strategic review 
and develop a new business plan. Andrew has a financial and private equity 
background and has specialised in retail operations since 2002. He worked in 
the transaction team of KPMG before setting up his own consultancy and private 
equity fund. He has worked most notably on the Iceland Foods buy out from the 
Big Food Group, Jones Bootmaker, Mountain Warehouse and Aspinal of London. 
Andrew is supported by Rob Whitaker, who has worked for Fired Earth for over 
ten years, and Charlie Smallbone, an early stage investor in Fired Earth in 
1986 and formerly Chief Executive of Smallbone PLC, which included the stone 
specialist, Paris Ceramics. Charlie will continue to work for the Group on 
kitchen initiatives outside the UK. The incentive plan will include other 
senior managers. 
 
Fired Earth's business plan is to develop further the tile operations which 
provide over half of the turnover, adding to the successful tile basics ranges 
launched last spring. Fired Earth will continue to invest in its retail 
portfolio and its bathroom and kitchen ranges, sold primarily in joint stores 
with AGA, while continuing to provide comprehensive packages to consumers on 
the Group's database of over 1.3m households and to new consumers alike. 
 
William McGrath, Chief Executive, commented: 
 
"Fired Earth is a renowned brand with great potential. The energetic team, the 
clear improvement plan and timetable and the continuing Group support can now 
combine to see that potential realised." 
 
Enquiries: 
 
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731 
Simon Sporborg/Charlotte Kenyon, Brunswick Group - 020 7404 5959 
 
 
 
END
AGA Rangemaster (LSE:AGA)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more AGA Rangemaster Charts.
AGA Rangemaster (LSE:AGA)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more AGA Rangemaster Charts.