This brings the total equity financing secured by the company since it announced a new placing of preference shares last April to €167 million.

The funding will support ‘new marketing and business initiatives’ as well as financing cost-cutting measures across manufacturing, administration, warehousing, distribution and other operations. The downsizing follows Waterford Wedgwood’s announcement last November of its intention to reduce manufacturing capacity at its main factory at Kilbarry.

Lazard’s investment is from its Corporate Partners II fund, which provides ‘long-term equity capital’ to public and private companies through negotiated investments. As part of the deal, Lazard’s chief executive Ali Wambold will join the board of Waterford Wedgwood along with Jonathan Kagan, a managing principal of Corporate Partners II.

In conjunction with Lazard’s backing, a further €7 million was contributed by chairman Sir Anthony O’Reilly and deputy chairman Peter John Goulandris, who have invested €100 million in the company over the past nine months. Waterford Wedgwood plans to place a further €33 million of preference shares, bringing the total raised since April to €200 million.

Wambold comments: ‘We believe that Waterford Wedgwood is a company in renaissance and hope to play a useful role in contributing to its recovery.’

Waterford Wedgwood owns brands including Waterford Crystal, Wedgwood and Royal Doulton. The company’s turnover for the year to March 2007 was €741 million, with pre-tax losses of €71 million.