Lock up all your valuables. I read earlier that the Waterford Wedgewood company is the latest to go into administration. These are two very fine crafted luxury goods manufacturers. If they were to disappear the UK and Irish workforce would lose many skilled workers in very refined arts.
Admittedly both companies aim particularly at the high end of the market, while their lower end goods still bear the price tag to match the name. If the almost 100 year presence of Woolworths on our High Streets is hard to take should these other two W's cease to exist an even great piece of our history would be lost forever. Josiah Wedgewood set up his pottery in 1759 and it has long be the epitome of fine china. The Penrose brothers set up their quality crystal factory in Waterford in 1783.
Seeing my mother once won the top prize at the Belfast Music Festival, which was massive Waterford Crystal vase, which barely came out of it's box with us youngsters around, I have fond memories of the company. Indeed one of the beaten finalists, which if I recall were predominantly if not all Frank Capper pupils was Eugene O'Hagan, now topping the classical music charts as one of The Priests.
It's the diversity of businesses, banks, car manufacturer,s retailers and now this that are suffering as a result of this recession. Plus the fact that many are actually quite established names shows just how much bite there is to this downturn.
Not receivership, but administration. This has the benefit of protecting a company from an legal action. The administrator's role is to keep the company operating as a going concern to achieve the best possible returns for creditors. It can often mean that elements ofthe group can be sold off as going concerns, subject to finding a willing buyer.
ReplyDeleteD'oh thanks Kev. That's what I get for typing this up on the long, slow, meandering round Lvingston bus ride home last night.
ReplyDeleteConsider it corrected. And this from a fan of a club that has come through adminstration.