Four partners from Deloitte have been called in as adminstrators for the UK
divisions of Waterford Wedgwood, the stricken luxury goods company.
Angus Martin, Neville Khan, Nick Dargan and Dominic Wong are now handling the
administration of the Waterford Wedgwood UK plc and certain of its UK
David Carson, an insolvency specialist at Deloitte’s Irish arm, was appointed
the receiver of the parent company.
Joint administrator, Angus Martin said: ‘We have today been appointed joint
administrators of the companies and will be continuing to trade the business
whilst seeking a sale as a going concern.
‘We will work closely with David Sculley, CEO, and Anthony Jones, CFO, who
have both played active roles in the restructuring efforts and the numerous
conversations with potential investors. Waterford, Wedgwood and Royal Doulton
are quintessentially classic brands that represent a high quality product which
is steeped in history.
‘The administration team will be working closely with management, customers
and suppliers during this time to ensure operations continue whilst a sale of
the business is sought.’
Waterford Wedgwood said that it had been forced to file for receivership in
Ireland and administration because they could not convince its main creditors to
let them keep putting off loan repayments – known as forbearance-while making
efforts to shore up the company.
The company said: ‘Following the expiration and non-renewal of the
forbearance period, certain group companies have now been placed into
receivership or will shortly be placed into administration. The continuance of
the forbearance was essential to the group continuing as a going concern.’
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