Waterford Wedgwood chairman Sir Anthony O'Reilly and his brother-in-law, Peter Goulandris, doubled their stake in the china and crystal group after being forced to buy new shares that other investors declined to take up.

The two men increased their stake in the company to 51.35 per cent, from 26 per cent, after investors chose to purchase only 5 per cent of the shares on offer in the group's latest rights issue. Sir Anthony and Mr Goulandris, the company's deputy chairman, had underwritten the issue, which raised about €101 million including expenses.

The proceeds of the issue will be used to implement a €90 million restructuring programme, which will see more than 1,800 staff lose their jobs and the closure of the company's Dungarvan plant.

"We are pleased to have the resources to fund the important restructuring programme," said chief executive Redmond O'Donoghue. "Our chairman and deputy chairman have once again demonstrated their commitment to this company."

The two men will get commission of €2 million for underwriting the issue.

Shareholders in Waterford Wedgwood in June approved the rights issue at an extraordinary general meeting. The deadline was July 18th.

A special waiver was also approved at the meeting allowing Sir Anthony and Mr Goulandris to raise their stake in the company to more than 30 per cent without being forced to bid for the entire company.

In June Waterford Wedgwood reported a pre-tax loss of €149.2 million for the 12 months ended March, compared with a loss of €44.9 million in fiscal 2004.

The company has been struggling to reverse falling sales. Shares in Waterford Wedgwood closed unchanged at the rights issue price of €0.06 yesterday.