Waterford Wedgewood Latest to Fall to Debt Problems
The 250-year-old maker of glassware and fine china, Waterford Wedgewood, has gone into receivership, with up to 1900 UK jobs being put at risk.
The Ireland-based company announced the move this morning, and most of its 10 UK subsidiaries will be placed in administration later today. The UK brands include Royal Doulton.
The company was forced to appoint the receiver Deloitte after it failed to make debt repayments due on January 2nd, and now the non-executive chairman, Sir Anthony O’Reilly, faces losses of millions of pounds.
1900 people are employed by Waterford Wedgewood in the UK, mainly at its manufacturing plant at Barlaston, Stoke on Trent and at other offices and retail outlets. 800 staff are also employed in Ireland. In addition, a further 5000 staff are employed in other subsiduaries in countries including Germany, Canada, Australia, Indonesia and the USA, however it is not thought these staff will be affected.
The Waterford Wedgewood chief executive, David Sculley, said that although he was disappointed, he was optimistic that a buyer would be found for the business, and that discussions are ongoing.