Porcelain maker Royal Worcester & Spode goes bust

LONDON - Britain-based porcelain maker Royal Worcester & Spode Ltd. has gone into bankruptcy, PricewaterhouseCoopers said Thursday.

PricewaterhouseCoopers LLP said it had been appointed to administer the company, which manufactures and sells earthware and china products. The company employs 388 people in Britain and has a site in the U.S. state of New Jersey.

PricewaterhouseCoopers said the company's U.S. subsidiary was outside its formal administration regime but that it would coordinate its moves with the American management team.

The company, born of the merger of Spode Pottery and Royal Worcester in 2006, has a history which stretches back to the late 18th century. Spode Pottery, established in 1770, is best known for its "Blue Italian" design while Royal Worcester, established in 1751, specializes in dinnerware and other products.

The company has been working to restructure its business, but its inability to sell off one of its sites in the English city of Stoke-on-Trent, combined with the darkening economic climate, has forced it into administration, according to Matthew Hammond, a partner at PricewaterhouseCoopers.

"Our immediate priority now is to review all options for the company and immediately seek a buyer for the business," Hammond said in a statement posted to PricewaterhouseCoopers' Web site.

___

On the Net:

PricewaterhouseCoopers LLP: http://pwc.co.uk/

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.