Buyers 'in Waterford Wedgwood talks'

12 April 2012

Three potential buyers are said to be eyeing up parts of the collapsed crystal and china maker Waterford Wedgwood.

The historic firm, best known for Wedgwood pottery, Royal Doulton and Waterford crystal, saw its UK business put in administration and part of the Irish arm placed in receivership after rescue talks collapsed at the weekend.

Around 2,700 jobs in the UK and Ireland are under threat as a result of the move, which marked the latest in a series of high profile retail casualties over recent weeks.

According to the Financial Times, three US parties are in discussion with Deloitte, the administrator of Waterford's UK business and the receiver in Ireland. The talks centre around the sale of the "majority of the assets", the paper reported.

Waterford - which can trace its origins back 250 years - collapsed after talks over a possible sale to a US private equity firm failed to bear fruit and its lenders' patience ran out.

The company will continue to trade as a going concern and chief executive David Sculley is "optimistic" a buyer can be found but question marks hang over the future of the UK and Irish staff.

The UK business employs around 1,900 retailing and manufacturing staff, including 600 at its manufacturing base in Barlaston, Stoke-on-Trent. The Irish arm has around 800 staff based in Waterford.

Waterford Wedgwood had struggled for years despite attempts to restructure the business, new product launches and more modern lines designed by stars such as chef Gordon Ramsay and designer Sir Terence Conran.

Its failure came as the axe fell on 850 staff at failed childrenswear chain Adams after administrators announced the closure of 111 stores.

Manchester-based perfume retailer Passion for Perfume also joined the list of high street casualties in administration after cutting 194 jobs.

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