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Burdale completes £9m financing of Portmeirion Group PLC

24/04/2009


Burdale Financial Limited (“Burdale”), a member of Bank of Ireland Group, has announced the completion of a £9m Asset Based Lending facility for Portmeirion Group PLC (“Portmeirion”). Portmeirion has acquired the intellectual property (excluding any rights relating to Jamie Oliver products or licences) and the trade names of Royal Worcester and Spode from the Porcelain and Fine China Companies Limited (in Administration). In addition, it has acquired the US inventory previously belonging to the US subsidiary of Royal Worcester and Spode Limited.  Burdale’s financing of Portmeirion ensures that iconic British brands and designs will continue.

 

Portmeirion designs, manufactures, distributes and retails an extensive range of high quality tableware, cookware and giftware.  Its’ product ranges include ceramics, glassware, textiles, placemats, trays and candles.

 

Since its inception in Stoke-on-Trent in the 1960s, Portmeirion has continued to bring outstanding new designs to the market place, becoming one of the best known remaining pottery brands in Stoke-on-Trent .  Together with the newly acquired brands, Portmeirion has created a unique amalgamation of British design heritage and skill.

 

Steven Chait, Head of New Business at Burdale commented: "We are delighted to assist Portmeirion in their acquisition of certain assets of Royal Worcester and Spode. We believe this is an excellent opportunity for Portmeirion to strengthen their position in a challenging marketplace by investing in these British Brands".

 

Dick Steele, Chairman of Portmeirion commented, “The innovative financing solution structured by Burdale will allow us to take advantage of the opportunities presented by the acquisition of the Royal Worcester and Spode brand names and patterns. Blue Italian, Christmas Tree, Evesham and others will be reinvigorated under Portmeirion; these are major patterns which will compliment our existing offering of heritage and contemporary ranges. We will source or manufacture these important designs as appropriate.”  



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