Update: 60 creditors attend Wedgwood meeting

By [rbramwell]

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.

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.