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Waterford Wedgwood starts the New Year in administration

Published: 5 January 2009
Waterford Wedgwood has called in the administrators this morning after failing to prove it has enough cash to secure further loans.
Waterford Wedgwood starts the New Year in administration
Buyers are now been sought for all or parts of the business known for its Wedgwood pottery, Royal Doulton and Waterford crystal.

The firm, which employs more than 1,000 people, was delisted from the London Stock Exchange on December 15 last year and had announced in August it planned 300 job cuts to reduce costs and return the group to profitability.

However, the Staffordshire-based firm, was forced into administration and receivership when demands by the Bank of America, to show it has just under £15m at its disposal, were not met by a January 2 deadline.

David Sculley, the group's chief executive officer, said: "I am disappointed that certain parts 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."

As a result the firm requested its shares be suspended from trading on the Irish Stock Exchange this morning.

David Carson of Deloitte has been appointed receiver to its Irish arm and some Irish subsidiaries, while Angus Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte LLP are expected to be announced as joint administrators to Waterford Wedgwood UK plc and certain UK subsidiaries later today.

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