Portmeirion Group PLC is set for a leadership change after announcing a pre-tax loss for 2025, alongside what it described as ‘positive progress’ on its transformation plan.
The Stoke-on-Trent-based homewares group said chief executive Mike Raybould will step down on 11 May after nine years with the business. He will be succeeded by Michael Scheepers, currently Group Brand and Commercial Director, subject to regulatory checks.
The company reported a statutory pre-tax loss of £7.2 million for the year to 31 December 2025, compared with break-even the previous year. Headline losses stood at £3.6 million, down from a £1.1 million profit in 2024, as US tariffs, rising costs and investment in UK manufacturing impacted performance.
Revenue remained broadly in line with the previous year at £91.1 million, with stronger international trading ‘undermined’ by the US market – its largest and most profitable region – where tariffs introduced in the first half of the year adversely affected performance.
As part of its transformation strategy, the group – which owns the Spode, Portmeirion, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands – has been increasing production at its Stoke-on-Trent factory, which accounted for around 33.7 per cent of its branded tableware output in 2025, up around seven percentage points on the previous year.
The shift has put short-term pressure on margins due to higher UK energy and labour costs, but the group said the medium-term benefits – including stronger brand equity, improved responsiveness and greater customer appeal – were expected to outweigh the impact. Strong sales of its Christmas ranges were cited as evidence of the benefits of reshoring production to the UK.
Daily Focus previously reported other recent senior changes including the appointment of Victoria Brabender as the group’s first Product Strategy Director, Sam Pearce promoted to Chief Operating Officer, and Michael Close as President of Sales North America.
Mike Raybould said: “It has been a privilege to lead this Group as CEO with its amazing portfolio of heritage ceramic brands. We have been able to transform and modernise our business and operations over the last five years despite the difficult economic backdrop and I’m delighted that I am able to hand over to Michael, who joined us last year.
“He has considerable experience and has already started to drive significant positive change across our sales and brand marketing activities. I look forward to seeing the company go from strength to strength.”
Michael Scheepers, who joined the group in December 2025 after senior roles at Le Creuset, including six years as Regional CEO, said: “Portmeirion Group has a stable of brands steeped in the rich heritage of British craftmanship and design and I’m delighted to be given the opportunity to lead the business as we launch and execute on our new strategic plans.”
The changes to the senior team come as the group pushes ahead with its ‘Elevating Portmeirion’ strategy, aimed at returning the business to growth, strengthening its balance sheet and expanding internationally.
In his chairman’s report, published yesterday, Peter Tracey wrote: “2025 has been a transitional year, with lots of areas of progress, albeit our financial performance was disappointing and a long way from reflecting the potential of the Group.
“The macro-economic backdrop remains uncertain, consumer confidence remains low and there remains ongoing risk of global trade shocks, as has been witnessed in the recent past. The UK continues to have energy costs significantly higher than large parts of the developed economy and UK Government policies have put significant pressure on wages.
“Despite these uncertain times we have plenty of reasons to be cautiously optimistic. We own great premium brands which provide us with significant global potential and have clear plans in place to help us reclaim lost ground, return to growth and deliver performance.”
