Liverpool homewares group Rayware is warning of ‘material uncertainties’ over the future of the business as losses widen… but directors insist they have a ‘clear growth strategy’ and the support of its principal shareholder. Tony McDonough reports

Directors of Liverpool homeware and glassware group Rayware are warning of “material uncertainties” over the future of the business as revenues fall and losses widen.

However, they insist they have a “clear growth strategy” for the business, which sells homeware and glassware in the UK and overseas, and the support of the company’s principal shareholder with a guarantee to inject an extra £1m should it be needed.

Founded in 1975, Speke-based Rayware designs and develops kitchenware, glassware, tableware and cookware products and supplies them to department stores, independent cook shops, garden centres and gift shops across the UK and internationally.

Its key brands are Ravenhead, Kilner, Mason Cash, Typhoon, Viners and Price & Kensington. It employs around 140 people.

In its accounts for the 12 months to December 31, 2025, posted on Companies House, Rayware revealed a 4% fall in revenues to £25.4m and pre-tax losses widening to £722,984 from £156,674 in 2024.

Given its exposure to export markets the business has been buffeted by the volatility of the global economy as well as the uncertainty created by US President Donald Trump’s use of import tariffs as an economic weapon.

In the annual report the directors refer to “key wins” in US and digital channels and “significant growth in marketplace channels”. They added: “The business continues to respond strongly and adapt to these challenges.”

In January 2026, as part of the acquisition of another brand – upmarket handmade glass supplier Lubkowski Saunders and Associates – Rayware agreed revised covenant arrangements with its lenders and secured an extension to its existing banking facilities.

Group forecasts indicate the group “is expected to remain compliant with its financial covenants for the majority of the assessment periods”.

However, in periods where covenant compliance is not maintained this would be remedied through the utilisation of a £1m guarantee facility which has been provided by the group’s principal shareholder, Hamsard 3634, and which expires in December 2026.

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Directors explained that the volatile global trading conditions had “introduced material uncertainty that may cast doubt on the group’s and company’s ability to continue as a going concern”.

They added: “In the event of a reasonably plausible downside scenario, the group will be dependent on the successful implementation of mitigating actions or, failing that, on the availability of financial support from the group’s principal shareholder.

“Notwithstanding the above, the directors of the company are satisfied that the company has sufficient resources to meet its liabilities as they fall due for the foreseeable future.”