O’Reilly’s Waterford losses mount up

PERSONAL loan guarantees by Tony O’Reilly and his brother-in-law Peter Goulandris could add a further €40 million to their mounting losses in the collapsed Waterford Wedgwood Group.

Between them the two men, who own 52% of the troubled group, are already looking at a combined loss of €400m, money they invested in the struggling group over a five-year period.

They now face a further bill of €40m if loans they guaranteed cannot be repaid by the receiver, according to a report in the Financial Times.