Wedgwood Family Chances Looking Slim
The chances of the Wedgwood family succeeding in their bid to demerge Wedgwood from Waterford and run the firm independently again are looking increasingly slim this week.
Both the Irish Times and the Staffordshire newspaper The Sentinel have reported that early bidders KPS Capital look to be favourites to secure a deal to buy the whole Waterford Wedgwood group, possibly with a contribution from the Irish government.
Unsurprisingly, Wedgwood staff are strongly in favour of the Wedgwood family bid as they believe this would reduce the chance of job losses for Wedgwood’s Barlaston staff. On the other hand, a purchase by private equity group KPS Capital is widely expected to translate to expanded offshore production and a reduction in Wedgwood’s UK production facilities, although this has not been confirmed by KPS.
According to The Sentinel, staff at Wedgwood’s Barlaston plant have been told to “clear up” and old stock is being “smashed up”, leading the workers to believe that a purchase deal is close to completion.
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