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 | | Friday, 15 March, 2002, 17:10 GMT Jobs to go at Royal Doulton  Royal Doulton is said to have debts of �26m Shareholders at Royal Doulton have voted for a rescue package that could raise much-needed investment funds but mean the loss of up to 1,000 jobs. The plan means the closure of the Baddeley Green factory in Stoke-on-Trent and an increase in production in Indonesia. Some 75% of shareholders voted for the restructuring plans proposed by Royal Doulton. Waterford Wedgwood, which recently increased its holding in Royal Doulton to around 21%, said before the meeting that it would oppose the measures. Safeguard jobs Waterford Wedgwood's earlier offer to buy the Royal Albert brand and keep production in Staffordshire was rejected by Royal Doulton. Union leaders were divided over Royal Doulton's proposals, voicing support for the share issue - which will raise nearly �20m - but opposing the job cuts. Mark Young, an official with the Amicus union, told BBC Radio Stoke: "If the two options are either the rights issue goes ahead or the whole company is brought down, then clearly we'd support the rights issue. "That option would safeguard the maximum number of jobs in Stoke-on-Trent."
Royal Doulton currently has debts estimated at �26m. In the past, Royal Doulton chairman Hamish Grossart said restoring the group's fortunes would be neither "quick, easy or cheap". Restructuring the group's operations over the last three years has meant the sale of brands such as Royal Crown Derby and Caithness Glass. Its latest plans are aimed at streamlining the firm to a "smaller but profitable business" based on its three global brands, Royal Doulton, Minton and Royal Albert. Mr Young said: "We've got to accept and realise that there's probably no way that the product can remain in this country with Royal Doulton remaining an independent company." Royal Doulton employs 1,800 people in Staffordshire and almost 5,000 people worldwide. | |   See also: Top England stories now:  Links to more England stories are at the foot of the page. | |||||||||||||||||||
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