Centuries-old pottery firm Denby set to call in administrators
Denby has called in administrators, putting the 217-year-old Derbyshire pottery at risk of closure with the loss of almost 600 jobs.The company, which was rescued from administration in 2009 by the restructuring experts Hilco and also owns the Burleigh brand, produced by Burgess and Leigh based in Stoke-on-Trent, is understood to have struggled with the surging cost of gas, higher labour costs, tighter financial markets and softening consumer demand for its premium homeware.Earlier this month, Sebastian Lazell, the chief executive of Denby, told BBC News he was “trying to move heaven and earth” to save the business.A #SaveDenby campaign was launched in an attempt to encourage people to buy more products and to lobby the government to provide support.Denby Group said on Tuesday that “the outpouring of support” in response to the campaign had been “overwhelming and deeply moving” but it had been unable to secure “strategic investment partners” to help the business continue.
The company appointed administrators from FRP on Tuesday but is expected to continue to trade while a buyer is sought.Denby’s international subsidiaries in Korea, the US and China are not currently in administration and will continue to operate as normal for now.Tony Wright, joint administrator of the Denby Group and partner at FRP, said: “Denby is one of Britain’s most beloved and enduring pottery brands, with a heritage spanning more than two centuries and a loyal following across the UK and internationally.“While it is disappointing that the group has been unable to secure the investment needed to continue as a going concern, the strength and recognition of these brands is undeniable.We are focused on progressing the sale process and we would encourage any interested parties to come forward without delay.
”Manufacturers and lobby groups have said that surging energy costs caused by the US-Israel war on Iran are compounding already tough conditions for Britain’s factories, and are likely to mean deep cuts and closures,Denby’s most recent accounts, from 2024, show sales fell 17% to £18,6m while pre-tax profits slumped to £86,000 from £460,000 a year amid “the multitude of geo-political and inflationary economic impacts”,Craig Thomson, an organiser for the GMB union, which represents pottery workers, said: “This is the human cost of government inaction: communities let down and workers laid off by companies that can’t keep up with the cost of energy,“There is a very real sense of fury amongst the Denby workers receiving this news today.
We’ve been screaming and shouting about the impact the cost of industrial energy is having on the ceramics industry for years,Now the time for warm words is over, and ministers must decide if they want a British ceramics industry or not,“Denby is a British icon with history dating back over 200 years,We’ve been working closely with the local MP and residents to make the case that its future is too important to be left to chance,“GMB is focused on doing everything we can to support and protect these workers during this difficult time”.
The problems at Denby come a year after the Stoke pottery Royal Stafford – which first manufactured products in 1845 and was best known for its production of earthenware – called in administrators, followed by the neighbouring pottery Moorcroft in May.Stoke’s Wedgwood pottery also said last month that it would be cutting jobs.A string of consumer goods companies have also fallen into administration this year owing to lacklustre consumer spending and rising costs.On Tuesday, administrators for the jewellery chain Claire’s, who were appointed in January, said they had closed 15 of its 154 stores and cut more than 100 jobs, including at its head office, as they continued to try to find a buyer.In a report, they said they did not expect to pay out to unsecured creditors, including suppliers, landlords and staff, who are collectively owed £10.
6m.They added it was likely that the private equity firm Modella, which has secured debts of £5.5m, would receive at least some cash.
Investors tell Thames Water to ‘eat humble pie’ over failed takeover and open bids
Thames Water’s bosses should eat “humble pie” over a failed takeover process last year and let other firms bid for it, according to a Hong Kong investment group angling to buy the troubled water company.CK Infrastructure (CKI), which is owned by Hong Kong’s richest man, Li Ka-shing, has already acquired Northumbrian Water and has been trying to launch a bid for Thames since February last year.Andrew Hunter, CKI’s co-managing director, told the Guardian he was “frustrated” at being shut out of the process to save the debt-laden water company, which has now been locked in talks with its own lenders since last summer. “My goodness, it’s been going on forever,” he said.Thames has been trying to stave off financial collapse for more than two years as it struggles under the weight of £17
Unilever’s food mashup is hardly a delectable prospect for shareholders
If Unilever shareholders thought the era of management-speak twaddle ended a few chief executives ago, say hello to their new partner in the food game. Brendan Foley, the boss of US spice and condiments firm McCormick, ran through the menu as he presented his big grab for Unilever’s Hellmann’s-to-Knorr-to-Marmite food division. The logic, he explained, is all about “maximal adjacency”, “actionable growth levers” and “end-to-end flavour experiences”.From the point of view of Unilever’s investors, the guff wouldn’t matter if McCormick were paying a fat price in a cash deal. But this $44
OpenAI, parent firm of ChatGPT, closes $122bn funding round amid AI boom
OpenAI announced on Tuesday it had closed a fundraising round of $122bn and achieved a valuation of $852bn. The funding cements the ChatGPT maker as one of the most highly valued private companies in the world.The artificial intelligence firm received multibillion-dollar investments from companies including Amazon, Nvidia and SoftBank, which committed $110bn, according to the Wall Street Journal. OpenAI also allowed a select group of individual investors to contribute about $3bn. The funding round ranks among the highest-ever in Silicon Valley
Penguin to sue OpenAI over ChatGPT version of German children’s book
Penguin Random House has filed a lawsuit against OpenAI, alleging its chatbot ChatGPT violated copyright by mimicking and reproducing the content of a popular series of German children’s books.The lawsuit, which was filed on Friday with a Munich court against OpenAI’s Ireland-based European subsidiary, states Penguin Random House’s legal team had prompted ChatGPT to write a story in the vein of Penguin author and illustrator Ingo Siegner’s Coconut the Little Dragon series.In response to the prompt “Can you write a children’s book in which Coconut the Dragon is on Mars”, the chatbot generated text and images the publishing group said were “virtually indistinguishable from the original”.As well as generating the text of a story, the AI-powered chatbot created a cover featuring Siegner’s orange dragon and two sidekicks, as well as a blurb for the back cover and instructions for how to submit the manuscript to a self-publishing platform.Coconut the Little Dragon (Der kleine Drache Kokosnuss) is one of the most popular German books for children
Mako Vunipola to join Leicester and link up with former England teammate Parling
The former England prop Mako Vunipola has confirmed he is joining Leicester this summer as the Tigers look to beef up their pack for next season. The 35-year-old Vunipola will be joined in the East Midlands by the Argentinian front-row Joel Sclavi who will also help to fill the gap left by Nicky Smith’s impending switch to Sale Sharks.Vunipola, who won 79 England caps and was picked for three British & Irish Lions tours, is playing for Vannes in France’s ProD2 but has opted to extend his career by a year. “He was hungry for the chance to come back to the Prem and finish in the comp he knows best,” the Leicester head coach, Geoff Parling, said.“That coupled with his experience and what that can do for our young props is hopefully going to be really valuable
Dan Hurley’s ‘head-butt’ showed Black coaches aren’t given the same grace as white coaches
The UConn-Duke game on Sunday night was one for the ages. A last-second game winner from freshman Braylon Mullins took down the top-seeded Blue Devils, who at one point had led by 19 points. It is a moment that will be replayed over and over for years to come.However, something strange happened after Mullins’s shot. UConn’s head coach Dan Hurley approached referee Roger Ayers and touched foreheads with the official while glaring into his eyes
Jayson Gillham announces tour with Palestinian-Jordanian musician ahead of MSO court case
Fill that Glasto-shaped hole! The 40 best UK festivals you can still book
Shaun Micallef: ‘Charlie Pickering said that’s the only thing keeping him going – to vanquish me’
The Guide #236: Is celebrity casting a cynical marketing stunt or does it help to democratise theatre?
I thought I’d been coping with my sister’s death – a Taylor Swift song showed me I hadn’t
From The Magic Faraway Tree to 5 Seconds of Summer: your complete entertainment guide to the week ahead