05/01/2009
Waterford Wedgwood Goes Into Receivership
Waterford Wedgwood has gone into receivership.
The china and ceramics firm has requested shares be suspended from trading on the Irish Stock Exchange.
It expects to call in administrators to its UK arm today.
In Ireland the company based in Waterford, employs 800 staff. Around the 1,900 people are employed in the UK, the majority are based in a factory in Barlaston, Stoke-on-Trent.
A receiver from Deloitte has been appointed to the ultimate holding company Waterford Wedgwood PLC. Joint administrators are to be appointed to the approximately 10 UK companies.
The receiver for the company's Irish arm is seeking a buyer for the company, and wishes to sell it as a going concern.
Chief executive David Sculley said: "I am disappointed that certain of the group's UK and Irish subsidiaries have had to go into administration and receivership, but we remain optimistic that ongoing discussions will result in a buyer being found for the businesses."
The business is known for its Wedgwood pottery, Royal Doulton and Waterford crystal.
Non-executive Chairman of Waterford Wedgwood plc, Sir Anthony O'Reilly, said: "The board has acted tirelessly in its efforts to resolve the company's issues as a going concern.
"And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done."
last month the company reported pre-tax losses of €63.2m for the six months to October 4.
(GK/JM)
The china and ceramics firm has requested shares be suspended from trading on the Irish Stock Exchange.
It expects to call in administrators to its UK arm today.
In Ireland the company based in Waterford, employs 800 staff. Around the 1,900 people are employed in the UK, the majority are based in a factory in Barlaston, Stoke-on-Trent.
A receiver from Deloitte has been appointed to the ultimate holding company Waterford Wedgwood PLC. Joint administrators are to be appointed to the approximately 10 UK companies.
The receiver for the company's Irish arm is seeking a buyer for the company, and wishes to sell it as a going concern.
Chief executive David Sculley said: "I am disappointed that certain of the group's UK and Irish subsidiaries have had to go into administration and receivership, but we remain optimistic that ongoing discussions will result in a buyer being found for the businesses."
The business is known for its Wedgwood pottery, Royal Doulton and Waterford crystal.
Non-executive Chairman of Waterford Wedgwood plc, Sir Anthony O'Reilly, said: "The board has acted tirelessly in its efforts to resolve the company's issues as a going concern.
"And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done."
last month the company reported pre-tax losses of €63.2m for the six months to October 4.
(GK/JM)
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