Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Tams Group, a Stoke-on-Trent pottery firm, has made nearly 150 workers redundant after going into receivership. The firm has been making mugs since 1870 and supplies Buckingham Palace and Disney as well as several supermarkets and High Street stores. The firm is blaming cheap imported copies, lower labour costs in China and higher fuel bills for the failure. It made losses of more than £1.5 million in the 12 months to the end of January 2006, triple the amount in the previous year. The receivers said the company had begun a major reorganisation to cut costs. But with losses of £100,000 a month, it no longer had the cash reserves to complete the reorganisation and directors had decided to call in the receivers. They said the redundancies were unavoidable. The current business was set up in 2000 after a previous receivership. Joint receiver, Bob Young, said: 'This is another sad day for the UK pottery industry.'
'The current board have continually strived to turn around the business's fortunes but, ultimately, have been beaten by cheap, foreign imports and high energy costs.'
'The business has some strong brand names and very loyal customers. We are therefore inviting offers from interested parties who may want to acquire the business.'
Eurofound (2006), Tams Group, Closure in United Kingdom, factsheet number 64127, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64127.
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