Thu, 04 May 2023 | ADMINISTRATION
Stoke-on-Trent ceramics brand Wade Ceramics has been acquired out of administration by North Staffordshire consumer goods firm RKW. The buyer, which is a division of Sutton Venture Group (SVG), says that the acquisition could create up to a 100 new jobs in North Staffordshire.
Wade Ceramics was founded in 1810 as a manufacturer of earthenware and porcelain. The company was well-established as a manufacturer of ceramic bottles for brands in the spirit and liquor industry and for its collectible ceramic figurines, known as “Wade Whimsies”.
Despite its long-standing business, the company fell into administration in December 2022, with Kerry Bailey and James Stephen appointed as joint administrators. The company’s collapse, which led to the loss of more than 130 jobs, was attributed to the loss of a major customer early in 2022, as well as the rising energy and supply costs that have impacted many UK manufacturers.
Following the sale of the brand to RKW, BDO’s Business Restructuring Associate Director Philip Jordan said: "Whilst it's sad to see the demise of companies like Wade, achieving a deal which will rescue the historical brand and create jobs across Staffordshire is great news. There was a lot of interest in Wade and after careful consideration, it was decided that the merits of SVG's offer provided the best outcome for the interests of Wade’s creditors."
Rob Sutton, chairman of SVG, added: "Wade is over 200 years old and steeped in heritage. It is recognised in both the UK and America for its high-quality ceramic products. There was strong competition during the sale process, particularly from the US, and I am delighted that we have been able to acquire Wade and keep it in Stoke-on-Trent, the home where it was founded.”
"RKW has a talented team with a proven track record of brand building and Wade complements our existing portfolio of houseware brands. The brand is perfectly aligned to strengthen our ambitious international growth plans. The acquisition will create up to 100 new jobs at our head office in Fenton and Staffordshire-based distribution centre."
Read about M&A trends in the UK manufacturing sector.
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