Wedgwood: Who can save us? (AUDIO)
THREE potential buyers are eyeing up parts of collapsed ceramic giant Waterford Wedgwood as workers fear for their futures.
Administrator Deloitte is today starting work to save up to 1,000 North Staffordshire jobs at the debt-ridden firm by finding investment.
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Community leaders hope investment can be found so 250 years of Wedgwood manufacturing can continue. It is understood the three unidentified investors are interested in the majority of its assets.
More than 300 employees gathered at the Barlaston factory yesterday for announcements by administrators, and said they were told it is business as usual for the next four weeks.
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Meanwhile, tears were shed among collectors at the firm's factory shop and a member of the Wedgwood family said the company will only succeed if manufacturing remains in Stoke-on-Trent.
Waterford Wedgwood called in administrators yesterday after six years of loss-making in which the group has racked up debts of almost £400 million.
Stoke-on-Trent's MPs have vowed to fight for the company, as they believe its demise would be devastating to the pottery industry and would signal the end of a key part of Potteries heritage.
Alison Wedgwood, whose husband Tom is a direct descendent of founder Josiah Wedgwood, believes a buyer could make a success out of Josiah's legacy if they followed in his footsteps – producing quality ceramics in Barlaston.
Mrs Wedgwood, aged 38, of Barlaston Road, Cocknage, said: "If any new buyers concentrate on producing prestige Wedgwood products in Staffordshire and get their marketing right they will succeed.
"If they move all production to Indonesia their biggest markets will collapse, of this I am sure."
One worker said: "They told us we've got a month guaranteed but they can only promise our jobs for those four weeks of production, after that who knows?
Wedgwood collector Margaret Kilford, of Stafford, said: "It's part of Staffordshire. It's a very sad day."
Bryan Carnes, chief executive of the North Staffordshire Chamber of Commerce and Industry, said: "It's very worrying for those people who work at Wedgwood and for those involved in the supply chain and it will also have a deep psychological effect on the Potteries."
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by AS, London
Tuesday, January 06 2009, 8:40PM
“They should get potential buyers to visit the new Wedgwood Museum that will make them realise what Wedgwood is really worth, I am sure there is a market for reproducing some of the stuff in there.
Plus if the Museum guys can run a business on the idea of Wedgwood surely someone can make money selling the stuff so you can enjoy it at home.”
by WM, Stoke
Tuesday, January 06 2009, 1:30PM
“No. I wouldn't expect Mr Caudwell to keep local businesses afloat as a charitable concern (they're entering administration because they're not turning a profit after all.)
And where does the buck stop once a local businessman starts bailing out bankrupt businesses?
Caudwell is not worth "billions" (plural) either. In fact, The Sunday Times Rich List is well known to overestimate the wealth of those listed, and most of Caudwell's "worth" won't be liquid anyway.”
by Anon, Stoke
Tuesday, January 06 2009, 1:22PM
“Les,
Doesn't that Brown fella only like bailing out the banks that won't bail anybody else out?”
by AvoidVodafone, Stoke
Tuesday, January 06 2009, 1:09PM
“Wouldn't you have thought that Mr Caudwell and his Billions along with his fantastic acumen would like to step in and help out this Iconic local brand?”
by Les, Newcastle
Tuesday, January 06 2009, 12:34PM
“Mmm - now who do we know with loads of other peoples money who likes bailing out lame duck companies whilst keeping the fat cats at the top in their jobs whilst bemoaning the 'poor workers' - yellow pages - under Brown G (lives in London)”
by david, Barlaston Hall
Tuesday, January 06 2009, 12:16PM
“Hey do you know folks all Wedgwood made in Indonesia is marked Wedgwood England 1759 what a slight of hand you see if they are so proud of the new Indonesian product why put England on the back stamp . Answer is they seem to want the England thing but don't want to pay for the privilege of having English workers manufacture it”
by WM, Stoke
Tuesday, January 06 2009, 12:12PM
“Non necessarily anon. A new buyer only has to be prepared to take on a percentage of the debt if the bank agrees to it. And they may, if the alternative is to have the entire debt written off.
Also - the administrators are quite free to break up the company and sell off their various brand subsidiaries. If that happens, it would actually produce a more diverse marketplace.”
by Steve Zodiac, Nantwich
Tuesday, January 06 2009, 11:55AM
“This is really sad news for the people of Stoke-on-Trent. However, I'm not sure if it could have been avoided; the days of jasperware, fine china tableware and ornamental ware are long gone. Wedgwood tried to diversify, but the market is not big or strong enough to sustain the prices their products demand. It's a little hypocritical for former leaders of the industry to criticise current management, as when they were in charge they operated in much easier market conditions; consumer preferences have changed dramatically over the last 20 years. Even more worrying is the fact that the city has been very unsuccessful in attracting alternative industries. Leaders of the pottery industry have traditionally used their influence locally to discourage new industry as they feared that it would push up wages in the area. Now the people of North Staffordshire are paying the price.”
by mick, stoke-on-trent
Tuesday, January 06 2009, 11:49AM
“i,m an ex-emplyee (recieving a pension) who doesn't know where he stands, do I lose it.”
by A bit fishy, Our back yard
Tuesday, January 06 2009, 11:27AM
“I wonder who owns the intellectual property .
The ownership of the Wedgwood brand names and backstamps ete.
You have nothing if you dont have the name.
We will wait and see”