Royal Worcester denies seeking rescue buyer
Royal Worcester has denied reports it has appointed KPMG to find a rescue buyer
Royal
Worcester, Britain’s third-largest fine china manufacturer, has denied
reports it is seeking a rescue buyer for its business which has been struggling
against cheap competition and the trend away from formal dining.
It has issued a statement, saying that in April of this year it instructed
its advisers KPMG to review
the appropriate future funding and ownership options for the business given the
impending completion of a restructuring programme, according to
housewareLIVE.net.
‘These options include the continued ownership by Alan Finden-Crofts or may
involve him taking a minority position or selling his shares. The decision will
be taken on the basis of what is right for the business,’ the statement said.
Finden-Crofts, an accountant, bought Royal Worcester in the late 1980s. The
company ceased manufacturing in Worcester in 2006, when he moved production
offshore to reduce costs.
Further reading:
Backgrounder: More adminstrations, but a bit of good
news
KPMG called in to rescue Royal Worcester
Read
the housewaresLive.net story