Owners of expanding Keighley firm Magnet have denied rumours they are to offload the firm.

Berisford, the expanding food equipment and kitchens group, has issued a trading statement showing strong growth across the company and said it was looking for further acquisitions this year.

Last year the company bought Scotsman Industries, a US ice machines and refrigerators group, in a £230 million deal which prompted analysts to suggest it would jettison its Magnet kitchens subsidiary based in Royd Ings Avenue.

Berisford has constantly denied any plans to sell off Magnet and a spokesman said: "The future strategy is to focus on food but that is not to say that Magnet is up for sale. We keep finding ways to improve its performance."

Magnet was increasing its market share and beat last year's figures during the key post-Christmas sales period.

Commenting on speculation the company is about to go back on the acquisition trail, the spokesman said: "Now that Scotsman has been bedded in we are looking for other targets, particularly in Europe. The next major acquisitions will be in Europe in the cooking and warming area."

Berisford is expecting to launch a listing on the New York Stock Exchange in July.

Magnet, the UK's leading kitchen, bedroom and bathroom specialist, is aiming to change the face of retailing within the sector through a major investment and expansion programme which will see ten new 'concept' stores open this year. The firm is investing heavily this year in developing new stores in Reading, Nottingham, Manchester, Basildon, Edinburgh, Renfrew, Milton Keynes and Dublin. Existing stores in Preston and Bristol are also to be redeveloped in line with the new store format.

Gary Favell, Magnet's managing director, said: "People no longer just come into our stores to buy a kitchen or a bedroom, they are coming in to buy a lifestyle. It is important that our stores inspire, stimulate and offer practical solutions to help today's consumer create the look that meets their individual needs.

"Magnet has made major strides in the last three years in the design, styling and quality of its product ranges. We are now investing significantly in creating an instore experience to reflect our brand positioning."

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