BusinessCompany NewsKPMG called in to rescue Royal Worcester

KPMG called in to rescue Royal Worcester

KPMG has been appointed to find a rescue buyer for porcelain manufacturer Royal Worcester

KPMG has been appointed to find a rescue
buyer for the porcelain manufacturer
Royal Worcester
which has been hit by the credit crunch.

Although Royal Worcester, which was established in 1751 and received its
royal warrant in 1789, was UK’s third-biggest fine-china manufacturer after
Wedgwood and Royal Doulton, it got into difficulty when cheaper competition from
abroad increased and the taste in tableware changed, The Times reports.

Finden-Crofts, a former Dunlop Slazenger chief executive, who took control of
the business through a $23m (£12.5m) management buyout in 2005, has tried to cut
costs by moving workers from Worcester to lower-cost locations abroad and in the
UK.

About 1000 people were employed at the company’s factory during its heyday
but the last production workers left in 2006 and its Scottish subsidiary,
Caith-ness Glass, went into administration in 2004.

Further reading:

Read
The Times story

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