As we go to press, the dramatic events of last week at Waterford Crystal, with the occupation of the visitor centre, are still ongoing.

Since the shocking news of the redundancies announced last Friday, there was shock and sadness in the city, county and region. The situation looked extremely bleak with redundancy monies owed and the pension scheme in difficulty.

But now there is some positive news with a new American bidder called Clarion Capital willing to invest and keep the Irish plant open in Waterford and also the visitor centre.

Government support is also being promised so the situation is looking brighter at least for the 350 or so who will retain their jobs.

The outlook for the remaining staff is grim and the notices issued by van to houses last week were handled badly.

The Government may also have to come up with the outstanding redundancy monies that were agreed in a Labour Court settlement last summer.

As it turned out the company got into more and more financial difficulty, lacked banking support as well as fundraising from existing shareholders and could not deliver on the figures agreed. For many families involved it is a horror story, like a bad dream.

We have spoken to some, who wake up at night with worry, wondering what the future will hold, compared with a time when it was one of the best jobs in the region.

There is confidence that John Foley, the former chief executive of Waterford Glass, is behind the buy out. He knows the factory and product very well and can do his sums and see what is possible in terms of recruitment of staff in the re-emerging Waterford Crystal.

The Government needs to give it as much support as possible, it is a great industry and a massive tourist attraction in the south east.

Attracting more than 300,000 tourists, our Minister for Tourism, Martin Cullen, says this can be built on and doubled if possible in the years ahead, when the economy is in growth mode again.

The Minister is under huge pressure to produce a deal that will save Waterford Crystal and come up with a formula for those that will not keep their jobs.

It is a strategic industry, a government purchase of the visitor centre would secure the future and the factory,

but the legal aspects and the control of it by the banks are one of the many obstacles.

The property could then be leased to new owners Clarion, so even if they sold later, the property would be in Irish hands.

Over in the UK a new offer for the Wedgwood division by the family of Wedgwood along with wealthy international investors, is being put to the receivers.

There they wish to put an end to more outsourcing of Wedgwood to factories in Indonesia, where instead they will make Royal Doulton. They want to see more Wedgwood ceramics made in the Potteries region of England.

Tom Wedgwood said they had a passion for the product and to quote him: “I feel responsibility for a man who joins the firm at 16 years and then spends his career with us”.

In a statement he said “the big difference between us and the previous management is that we have a passion for the business and an understanding at grassroots level”.

These sentiments will echo well here as many of the current workers joined from school and are steeped in the business, with lots of good ideas to revive the brand and the plant.

Could this talked-of revival in Wedgwood happen for Waterford in the future, under new ownership? A training plan could be part of the new purchase deal, along with Government support, without any EU free trade or state aid objections.

At Wedgwood they want to have extra training to keep design and pottery making skills in the area. Waterford Glass is getting huge support from all over Ireland and overseas, to keep the factory open and maximise the number of jobs.

Even John Rocha, the great Chinese Irish designer, expressed his sadness at the turn of events, his connection with Waterford had proved a winner and he would love to see the firm back on its feet again, when speaking on RTE this week.

It would be devastating if it closed is the general view out in the country. A dithering Government and a Receiver who failed to act with courtesy has caused worker anger. We hope the plant reopens and the fact that some are back at work is positive.

The knock-on effects of the alternative would be horrendous and would tear the heart out of the city, with hotels, shops, all affected all feeling the downside. We need to argue the case for the Government to assist in the settlement.