Waterford Wedgwood Royal Doulton reach the Finnish line

Michael Bow
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Model Miranda Kerr enjoys a cuppa and some cake from a WWRD-made homeware set
Historic brands Waterford Wedgwood and Royal Doulton (WWRD) have been sold to Finland’s oldest firm six years after both were saved from bankruptcy.

Helsinki-based Fiskars, which was founded in 1694, will buy the august brands from US owners KPS Capital for $437m in an all-cash deal (£238m).

KPS hired Goldman Sachs earlier this year to run an auction of the group, which employs 3,800 people worldwide.

“We have executed a stunningly successful turnaround,” KPS managing partner Michael Psaros said. “It was the most completely shattered organisations, we have ever encountered in over 20 years of business. We were the only firm in the world willing to jump into this undertaking. There was no firm in the UK willing to step forward.”

The group collapsed into administration in 2009 before KPS bought the remnants of the firm. Around 2,800 jobs were lost as part of the restructuring before KPS moved in.