Wax Lyrical and Royal Worcester producer sells stake in ceramics maker

Pottery manufacturer Portmeirion has sold its 44.5% stake in ceramics maker Furlong Mills for £3.26m.

The group said the sale of the supplier of clay and glazes will drive an extraordinary profit in 2019 of £900,000.

Portmeirion said it will continue to source its raw materials for its Stoke ceramic factory from Furlong Mills and has signed a long term supply contract that closely mirrors its historical trading relationship with the mill.

Dick Steele, non-executive chairman, said: “Our focus remains on growth, profitability, dividends and return on capital employed.

“We have a long term relationship with Furlong Mills and will continue to work closely with them. Following our recent acquisition of Nambé and the opportunities we see within the group, we believe this capital can be better employed to fuel the future growth and performance of our business.”