Wedgwood negotiations continuing

The pottery firm may move its HQ to Indonesia, according to a report

Waterford Wedgwood is in negotiations with an investor about the company's future as a deadline set by its creditors approaches.

The Staffordshire-based firm is reported to be in talks with a private US equity firm and plans to move its HQ and crystal manufacturing to Indonesia.

The pottery firm said it would not go into details as talks were ongoing.

The Bank of America extended a previous deadline and has given the company until Friday to sort out its finances.

The company already makes most of its lower valued ceramics in Indonesia.

Labour MP for Stoke-on-Trent South, Rob Flello, said it was "very welcome" that someone was looking to invest in Wedgwood, but any conditions attached were important.

'Small base'

"If it's proposed to move the headquarters and leave perhaps a small manufacturing base behind then effectively it wouldn't be Wedgwood anymore," he said.

"Because Wedgwood is north Staffordshire, Wedgwood is Stoke-on-Trent."

The firm said in August it planned 300 job cuts at its plant in Barlaston, Stoke-on-Trent, to reduce costs and return the group to profitability.

Another 95 jobs were put at risk in October.

Bank of America has given it until 2 January to show it has just under £15m at its disposal - a condition of loaning cash.

Waterford Wedgwood has said it was in advanced talks with a potential investor but would give no more details.