Potential buyer of Waterford meets Unite union

WATERFORD WEDGWOOD union representatives yesterday described talks with the troubled group’s latest potential buyer as positive.

A bank-appointed receiver has been running Waterford for the last month after it failed to make scheduled payments to bondholders late last year.

Officers of the union Unite, which represents the bulk of the 800 workers at the group’s Waterford headquarters, yesterday met New York investment fund Clarion Capital, which is one of two such operations that have expressed interest in buying the group.

Following the meeting, a Unite statement said the talks were constructive.

The union is hoping that manufacturing can continue at the group’s Waterford base.

Clarion has formally to confirm it is interested in buying the Irish luxury crystal and porcelain manufacturer, but the fact it met workers’ representatives yesterday indicates it is a serious contender.

Another New York-based fund, KPS Capital, has been in talks for three weeks with receiver David Carson of Deloitte after formally signalling its interest within days of the group going into receivership.

KPS has also met union representatives and Government Ministers. It specialises in buying insolvent manufacturers with debts that threaten their viability.

Clarion has no such criteria and has invested in a range of businesses, including manufacturing, food, financial services and entertainment. Some of its previous investments include Snapple drinks and Imax cinemas.

Mr Carson is committed to keeping Waterford Wedgwood as a going concern, but recently warned unions that if the talks with potential buyers do not produce an offer then it may no longer be “economically viable” to keep going in receivership.

Workers have been on a three-day week since last week.