China and ceramics firm Waterford Wedgwood has said it expects to call in administrators to its UK arm on Monday.
China and ceramics firm Waterford Wedgwood has said it expects to call in administrators to its UK arm on Monday.
It has also requested that its shares be suspended from trading on the Irish Stock Exchange with immediate effect.
It has also requested that its shares be suspended from trading on the Irish Stock Exchange with immediate effect.
A receiver from Deloitte has been appointed to its Irish arm and some Irish subsidiaries, still to be named.
A receiver from Deloitte has been appointed to its Irish arm and some Irish subsidiaries, still to be named.
Chief executive David Sculley said he was "disappointed" some of the group's UK and Irish subsidiaries had had to go into administration or receivership.
Chief executive David Sculley said he was "disappointed" some of the group's UK and Irish subsidiaries had had to go into administration or receivership.
But he was optimistic that a buyer could be found for the business, known for its Wedgwood pottery, Royal Doulton and Waterford crystal.
But he was optimistic that a buyer could be found for the business, known for its Wedgwood pottery, Royal Doulton and Waterford crystal.
'Tireless' efforts
'Tireless' efforts
The company, which is based in Waterford in the Irish Republic, has a factory in Barlaston, Stoke-on-Trent, which employs 1,100 people.
The company, which is based in Waterford in the Irish Republic, has a factory in Barlaston, Stoke-on-Trent, which employs 1,100 people.
Waterford Wedgwood said it had been focused for some time on the recapitalisation of the company, and, more recently, "on active discussions regarding the possible investment in the company as a going concern".
Waterford Wedgwood said it had been focused for some time on the recapitalisation of the company, and, more recently, "on active discussions regarding the possible investment in the company as a going concern".
But the group collapsed after talks over a possible investment in the business failed and potential lenders' patience ran out.
But the group collapsed after talks over a possible investment in the business failed and potential lenders' patience ran out.
Sir Anthony O'Reilly, non-executive Chairman of Waterford Wedgwood plc, said: "The board has acted tirelessly in its efforts to resolve the company's issues as a going concern.
Sir Anthony O'Reilly, non-executive Chairman of Waterford Wedgwood plc, said: "The board has acted tirelessly in its efforts to resolve the company's issues as a going concern.
"And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done."
"And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done."
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