MORE THAN 10 potential buyers are running the rule over troubled luxury goods group Waterford Wedgwood, whose main banker placed it in receivership on Monday, writes Barry O'Halloran

Sources yesterday named US private equity group Oakhill Capital as one of the suitors, but a spokeswoman at the firm's New York office refused to comment.

Representatives of corporate advisers Deloitte, which took control of the business on behalf of Bank of America on Monday, confirmed yesterday that it is in talks with potential buyers for Waterford, which employs 800 people at its plant in the city.

A spokeswoman for the firm's London office told The Irish Times yesterday that it had been in contact with "more than 10" likely purchasers. A spokesman in Dublin also confirmed that Deloitte is in talks with a number of interested parties.

Neither of the firm's representatives would reveal the identity of any of the businesses with which it is negotiating.

Along with Oakhill, private equity groups, Sun Capital and Hilco, were also said yesterday to have contacted Deloitte. Bank of America appointed David Carson, a partner with Deloitte in Dublin, as receiver to Waterford Wedgwood on Monday after the board's efforts to recapitalise the company and to find an investor failed.

Mr Carson is responsible for running the business and has pledged to make every effort to sell the group as a going concern. Banks appoint receivers to businesses which cannot repay loans that are secured against their assets.

The group's British operations - Waterford Wedgwood UK, Wedgwood Ltd, Josiah Wedgwood Sons Ltd, Royal Doulton Ltd, Stuart and Sons Ltd and Statum Ltd - were placed in administration with the same firm.

The group's liabilities exceed its €555.2 million assets by €336.9 million. The appointment sparked the resignation of non-executive chairman Sir Anthony O'Reilly, who owns 52 per cent of the group with his brother-in-law, Peter Goulandris.

The pair have invested €400 million in the company in recent years, and guaranteed a €40 million loan to the business from Anglo Irish Bank. They have also placed €25 million on deposit with some of its lenders as security for part of its borrowings. Waterford is continuing to trade and the group's Irish workers are watching developments closely. The company's pension fund had a €111 million deficit last October.

Trade union Unite, which represents most of the workers at the Irish plant in Kilbarry, Waterford, has appointed Greg Sparks of accountants Farrell Grant Sparks (FGS) as an adviser.

Regional organiser Walter Cullen said the arrangement was to advise the union and its members on their dealings with the receiver. "We could require them to get directly involved if necessary," he added.

Mr Cullen met the receiver yesterday and said he confirmed that a number of interested buyers had been in touch.

The union issued a statement saying it would work closely with any prospective purchasers.