Royal Worcester denies seeking rescue buyer

Royal Worcester has denied reports it has appointed KPMG to find a rescue buyer

By AccountancyAge.com 08 Oct 2008

Royal Worcester, Britain's third-largest fine china manufacturer, has denied reports it is seeking a rescue buyer for its business which has been struggling against cheap competition and the trend away from formal dining.

It has issued a statement, saying that in April of this year it instructed its advisers KPMG to review the appropriate future funding and ownership options for the business given the impending completion of a restructuring programme, according to housewareLIVE.net.

‘These options include the continued ownership by Alan Finden-Crofts or may involve him taking a minority position or selling his shares. The decision will be taken on the basis of what is right for the business,’ the statement said.

Finden-Crofts, an accountant, bought Royal Worcester in the late 1980s. The company ceased manufacturing in Worcester in 2006, when he moved production offshore to reduce costs.