Refrigeration manufacturer Adande confirmed this morning that it will raise its prices by 5% due to currency fluctuations, but immediately promised customers it would review the decision next summer.
Adande has kept prices stable for four years, but said it had “no other option” than to take action following the devaluation of the pound.
It said the rise would “reluctantly” come into effect from 1 December.
“The increase is smaller than the true impact on the business, albeit Adande is committed to absorb this loss – not wishing to raise the burden for customers above a 5% threshold,” the company said.
Catering equipment manufacturers have been criticised for hiking prices when currency effects work against them but failing to adjust them when they work in their favour.
However, Adande said that it is “committed” to reviewing prices for adjustment in July 2017.
“Although Adande units are assembled in the UK, there are component parts sourced internationally, and the current weak sterling situation in the aftermath of the referendum has compounded our purchasing situation,” it said. “Unfortunately, it is unsustainable for Adande to hold our current pricing position until such time as an upturn is realised and confidence restored to the markets.”
The company said that it hoped 2017 would bring more market stability and an opportunity to revert on price.