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| Nov 7, 2008 | |
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Royal Worcester goes bust
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| LONDON - BRITAIN-based porcelain maker Royal Worcester & Spode has gone into bankruptcy, PricewaterhouseCoopers said on Thursday.
PricewaterhouseCoopers said it had been appointed to administer the company, which manufactures and sells earthware and china products. The company employs 388 people in Britain and has a site in the US state of New Jersey. PricewaterhouseCoopers said the company's US subsidiary was outside its formal administration regime but that it would coordinate its moves with the American management team. The company, born of the merger of Spode Pottery and Royal Worcester in 2006, has a history which stretches back to the late 18th century. Spode Pottery, established in 1770, is best known for its 'Blue Italian' design while Royal Worcester, established in 1751, specialises in dinnerware and other products. The company has been working to restructure its business, but its inability to sell off one of its sites in the English city of Stoke-on-Trent, combined with the darkening economic climate, has forced it into administration, according to Mr Matthew Hammond, a partner at PricewaterhouseCoopers. 'Our immediate priority now is to review all options for the company and immediately seek a buyer for the business,' Mr Hammond said in a statement posted to PricewaterhouseCoopers' website. -- AP | |
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