FRANKFURT, Germany–An expected acquisition announcement was not made during the Ambiente show here this week, but Waterford Wedgwood Group officials nevertheless remained optimistic that their fortunes are about to take a turn for the better in a matter of days.
The companies were placed in receivership, the close equivalent of an American bankruptcy filing, early in January. They are entertaining rival bids from various private investment groups. Recent reports in the overseas press make KPS Capital Partners the frontrunner. Executives said they expected to be able to make an announcement during the show, which began last Friday and ends today, but none was forthcoming at press time.
The Waterford, Wedgwood and Royal Doulton stands were open for business at Ambiente (compared to the closed gates at competitor Royal Worcester and Spode, which fell into receivership last November). There were a handful of new items in the Royal Doulton booth, things that had been in the production pipeline before the company went into receivership. Wedgwood, on the other hand, did not have any new items other than the collections that were first introduced at the tabletop show in New York in October.
Wedgwood Chief Executive Officer Moira Gavin said Wedgwood production continues, though it has been delayed since the filing. “I’m pleasantly surprised that retail is holding up in the category,” she said over the weekend, adding that customers have been very supportive. “We hope to put this whole experience behind us soon. We hope to come out of it a stronger company.”
Keith Appleby, director of group brands, said a similar thing at the Royal Doulton stand. “The amount of goodwill and support from all parts of the world is mind-blowing, so we feel positive about the future,” he said.
Meanwhile, Rosenthal, also owned by Waterford Wedgwood PLC but which is under separate administration, is also rumored to be close to being acquired. The Rosenthal stand, which occupies significant real estate in Hall 10 at Ambiente, was busy and there was significant new product across its many brands. Customers have likewise been supportive of the 130-year-old company and have placed “good orders” at the fair, according to Sabine Schrenk, head of corporate communications. Its factories are open and producing and selling worldwide, she said. “We are looking forward to the future and have hope of a good end.”