Pottery giant teeters on the edge of administration
Stoke-on-Trent pottery firm Wade Ceramics could be about to fall into administration, TheBusinessDesk.com understands.
The firm has posted a second notice of intention to appoint administrators today (November 28) after initially filing a notice on November 11th. The move protects the firm from creditor action for 10 days.
Wade Ceramics has produced practical and ornamental homeware items for more than 200 years.
The company, which employed 181 people in its latest accounts, counts iconic brands such as Cadbury, Boots and the Mr Men and Little Miss among its range. The firm’s quirky Gluggle Jug, shaped like an open-mouth fish has become a kitchen favourite.
Wade Ceramics were called for comment but the phone was left unanswered. TheBusinessDesk.com also contacted Shoosmiths, the firm’s representative who also did not provide comment alongside respondent BDO LLP who said they were unable to comment.
In August, Wade’s managing director spoke to the BBC about the impact of rising energy costs and called for the government to take action.
Paul Farmer said: “We focus on the little things and try to get people to switch everything off, but it is such a small drop in the ocean when it comes to the level of usage the industry has”.
With factories running 24 hours a day, Farmer also told the BBC that the only action that could be taken to cut costs would be to stop production. At one factory, Wade Ceramics ran kilns overnight to take advantage of lower charges.
The workforce had a pay rise in July, but Farmer said the firm could not afford to cover the rising cost of inflation for staff.
Wade Ceramics secured a £400,000 investment in December 2021 to help safeguard employees and allow the company to enter new partnerships and grow its product range. The company received the finance from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund, and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
