Royal Worcester and Spode Limited acquired Caithness Glass in July 2001. Since that date market conditions in the ceramic and glassware industry have been very difficult. As a consequence the performance of Caithness Glass has deteriorated over the last two and a half years.
Substantial financial support has been given to Caithness by Royal Worcester and Spode during the period since acquisition and further support is now required. Royal Worcester and Spode Limited is to concentrate all its financial resources on its core business and is therefore unable to provide additional support to Caithness Glass.
In these circumstances the directors have been left with no alternative but to invite Lloyds TSB Bank PLC to appoint Receivers to Caithness Glass.
It is the intention of the Receivers to sell the business, which manufactures its products at plants in Perth and Wick in Scotland, as a going concern. The business has an annual turnover of £6-8 million and employs 150 staff.