Wedgwood 'attracts rescue bid'

China and crystal maker Waterford Wedgwood has received a “substantial” rescue bid from a US private equity firm, it was reported today.

The tableware firm, which collapsed last month, was the subject of an offer from Clarion Capital on Saturday, the Daily Telegraph reported.

Production was halted at the firm’s Kilbarry plant outside Waterford city in Ireland by a staff sit-in on Friday as receiver Deloitte announced the loss of 480 of the 800 jobs.

According to the report, Tourism Minister Martin Cullen said on Sunday: “My understanding is that before midnight last night [Clarion Capital] launched a substantial bid for the company.”

It is understood that Clarion is acting with the support of John Foley, former chief executive of Waterford Crystal, who stepped down in January.

The private equity firm held talks in Dublin last week about a potential take-over of the troubled glass factory, formerly controlled by media tycoon Anthony O’Reilly and his brother-in-law Peter Goulandris.

Trade union officials said they were told of a commitment by the US-based investors to keep the factory open for at least another 10 years.

New York-based KPS Capital Partners has also expressed an interest in Waterford.

A spokeswoman for Deloitte said today: “We are not going to comment on discussions with interested parties.”

But Mr Cullen has said the receiver told him that he had reached the end of the road and simply had no more money to keep the operation going.

Deloitte has also announced the closure the visitors’ centre in Waterford, one of Ireland’s top tourist attractions.

Hundreds of workers occupied the Waterford Crystal plant on Friday night after being told by text message they were losing their jobs and scuffles broke out as private security teams brought in by receivers tried to keep them from storming the factory.

Wedgwood, which can trace its origins back 250 years, collapsed after negotiations with a private equity firm for parts of the business failed to bear fruit.

The group is best known for Wedgwood pottery, Royal Doulton and Waterford crystal.

It had struggled for years despite attempts to restructure the business, new product launches and more modern lines designed by stars such as chef Gordon Ramsay and designer Terence Conran.