Credit crunch

For a company that was on the verge of being squeezed out of existence at the start of the year, Wedgwood marked its 250th anniversary with suitable style yesterday. But in the great tradition of the pottery manufacturer, certainly in recent years, there may be a lot going on beneath the veneer of the message of a new beginning as it moves forward into a new future.

Just watch this video from The Sentinel:

It's coming up to a month since KPS formally bought Wedgwood, and slowly edging towards the 40 days in which the new owners of the luxury firm would reveal their plans for the company.

I've finally managed to get my Google Map of the creditors of Wedgwood working, after a bit of work to get the feed right.

Admittedly, it's four weeks later than I had hoped, but today has been the first chance I've had in a while to have a play with Yahoo Pipes.

To be honest, I'd already done the hard part in ripping the list of creditors out of a PDF document and then plonking them into a Google spreadsheet.

It's amazing, if completely unsurprising, how the state of the economy can impact on a celebration. Take for example The Sentinel Business Awards.

I've been to finale of The Sentinel Business Awards for eight years now, and reckon last night's bash was among the most sober events I've ever seen.

But given the fact that the country is in the grips of a recession which apparently has plunged the world into its lowest economic position for 60 years, I suspect that most firms would not want to go overboard.

Wedgwood creditors were lining up to stake their claims at a meeting today as the wider fallout from the collapse of the pottery giant has become apparent.
The Sentinel reported that 60 people - including individuals and those representing companies - went to the Britannia Stadium at the event hosted by administrators Deloitte.

So after weeks of negotiation KPS partners has gone and bought Waterford Wedgwood out of administration.

Reuters confirmed that the long-time front bidder had agreed a deal to buy the assets of the company - although for an undisclosed price.

It is good news for the brands, although a mixed blessing for the workers still at Barlaston.

You know it's got to be serious when Michael Moore sends over a film crew from America to film the protests at Waterford Wedgwood.

Although the film-maker, who is making a documentary about workplace protests, would not have had to scout around too hard to find out what's been happening at the stricken luxury goods group.

It's hard for the heart to get used to the near daily torrent of companies making job cuts, pegging back production or simply going under.

That's even though my head knows that the recessionary conditions that we are living in will mean that businesses will have to batten down the hatches until confidence and conditions improve once more.

The chief executive of Focus DIY has criticised credit insurers amid warnings that their actions could jeopardise his empire.

Bill Grimsey says less than five per cent of the stock in the company's 183 stores is insured against the risk that customers go bust before being able to pay for goods delivered.

Another tough day in business for Stoke-on-Trent and North Staffordshire.

Pottery raw materials supplier Jesse Shirley & Sons and pottery firm Hudson & Middleton have both gone into administration, pulled down by the pressures of what's happened at Wedgwood.