Update: 60 creditors attend Wedgwood meeting
WORKERS and businesses owed money by pottery firm Wedgwood when it went into administration attended a creditors meeting this morning.
Administrator Deloitte, which last month agreed to sell the company to New York private equity firm KPS Capital, held the meeting at Stoke City's Britannia Stadium.
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More than 60 creditors attended, including workers who missed out on a full redundancy package and pottery industry suppliers. But former workers leaving the meeting told The Sentinel they were told unsecured creditors stand little chance of getting back the money they are owed, as the company's bank debts will take priority.
Wedgwood, which is celebrating its 250th anniversary this year, collapsed into administration in January after amassing debts of around £400 million.
KPS Capital fought off a bid from cousins Tom D Wedgwood and Tom R Wedgwood, eighth generation descendants of founder Josiah Wedgwood, to buy the world famous ceramic brand.
See tomorrow's Sentinel for more on this story and visit www.thisisbusiness-staffordshire.co.uk for more business news and analysis.
3 Comments
by andy, longton
Monday, March 23 2009, 6:32PM
“Ha Ha, 250th wedgwood aniversay, wedgwood is KPS now, isnt it?so did they actualy make this 250th anniversary !, and while we are on the subject, never mind these fat cat bankers being paid up first, what about the loyal redundant workers,not only do they need the money more than the bankers, they deserve it,they never asked to be thrown into this lack of redundancy payout situation!”
by anon, longton
Monday, March 23 2009, 5:23PM
“The department i worked in nearly every one put in for volutary redundancy because they beleived they would be receiving a good package,many of them left at xmas while others were givin a leavin date for febuary, instead they letf or were cast aside with other workers who had been givin no notice there jobs were going until the meeting in January where we were told we no longer had a job, an no redundancy package either,i agree after being treated so disgustingly they should deserve a lot better,its an appalling situation!”
by Stewart, Longton
Monday, March 23 2009, 3:34PM
“I didn't think there would be anything in the pot for the loyal hard working ex employers.
I didn,t put in for reduntancy and would not have expected anything, but there were people on there who put in for voluntary redundancy because the package was good, and it also helped keep others in a job that wanted to stay there.
These people thrown out of a job now deserve a lot better than this.
I speak to people still working at Barlaston and those who put in for a package now fear for there jobs knowing how little they will now get and how little the job market is. I was in the job centre this morning and its awful.”