TROUBLED LUXURY goods firm Waterford Wedgwood has conceded failure in its effort to raise the additional €74.1 million it requires to complete a €153.7 million fundraising process in train since August. It also declared yesterday its intention to delist from the London stock market.

The firm, which expects to cut its pretax loss to some €200 million in the year to April 2009 from €241.6 million, said it was exploring alternative means of raising the money.

In a trading update, the firm said the proposals under consideration “may encompass” a comprehensive financial restructuring. “The company is in active discussions with a number of interested institutional investors regarding their possible investment in the company.”

It is believed that any new investment might result in a dilution of the controlling interest in the business held by Sir Anthony O’Reilly and his brother-in-law Peter Goulandris. Asked what would happen if a new investment did not materialise, the firm’s spokesman said: “I have nothing to add to the statement.”

Waterford had planned to use the €153.7 million to accelerate and extend the scope of its cost-reduction plan, finance additional marketing and advertising support, reduce debts and strip out complexity from the business.

The company succeeded in raising €79.6 million by mid-October, some €60 million of it from Sir Anthony and Mr Goulandris. Owners of 55 per cent of the company’s ordinary shares and 66.6 per cent of its preference shares, their total investment in the firm stands at €400 million.

“Amidst the ongoing market turbulence, the company has not yet been able to complete the placing of the balance of up to €74.1 million and the directors are now of the view that it is unlikely that the placing will be completed on existing terms and within the target date of November 30th, 2008,” the statement said.

Stating that current discussions may result in an investment on terms different to the original proposal, Waterford Wedgwood said its directors had reason to believe that their senior lenders would continue to support the firm “whilst discussions with potential new investors continue”.

Waterford said it would continue to retain its primary listing on the Irish stock market, adding that the cost and complexity of a dual listing in Dublin and London was no longer justified.

Investors will be asked at the company’s agm on December 19th to empower the company to postpone a consolidation of stock scheduled that day.

Waterford previously cited a softening of trading in the period to August 31st. The company said yesterday that trading also slowed in September, resulting in second-quarter sales being some 10 per cent down on the comparable prior year period.

“Accordingly, revenue for the company’s half year is expected to be some 6 per cent lower than in the comparable prior year period .”

Shares in the firm, down more than 90 per cent in the last 12 months, doubled to 0.2 cent.