Royal Worcester & Spode goes to the wall

Pottery marker Royal Worcester & Spode has become the latest victim of the credit crunch.

The porcelain and china maker employs 388 people and dates back to 1751 but as the firm faces tougher international competition, rising overheads and the prospects of a slowing economy, the directors placed the firm in administration.

Matthew Hammond, a partner at PricewaterhouseCoopers, explained the firm had been attempting to restructure but its inability to sell off one of its sites in Stoke-on-Trent, along with the worsening economy and its effect on sales, had forced it into administration

Royal Worcester & Spode was formed in 2006 by the merger of Spode Pottery and Royal Worcester.

Mr Hammond said: "Our immediate priority now is to review all options for the company and immediately seek a buyer for the business."

The firm's ranges included crockery designed by Jamie Oliver and Laurence Llewelyn-Bowen, next to its more traditional offerings.