Exhibit 2.7

[LOGO
AND LETTERHEAD OF THE ROYAL BANK OF SCOTLAND]

FORM OF WAIVER LETTER

3
June, 2003

Dear
Sirs,

We
refer to the Agreement Terms defined in the Agreement shall have the same meaning when used in this letter, save where expressly defined otherwise.

1.    Waiver of certain rights

The
Company has requested the Banks to waive certain of their rights under the Finance Documents arising (or which may arise) as a result of the Company failing to comply with the
requirements of the financial covenants outlined in Clause 17.16(d) (Financial Covenants) of the Agreement as rested as at, or for the period to, 30th June, 2003, as such failures are described
in the waiver request letter from the Company to the Agent dated 23 May, 2003 (the Financial Covenant Defaults).

We
confirm that the Majority Banks agree, subject to the terms and conditions outlined below, not to exercise their rights under Clause 18.19 (Acceleration) of the Agreement which
would otherwise arise as a result of any Default under Clause 18.3 (Breach of other obligations) of the Agreement which is constituted by a Financial Covenant Default. This agreement comes into
effect on the Effective Date.

2.    Conditions

The
above agreement by the Majority Banks is subject to the following terms and conditions. The Company acknowledges and agrees to these terms and conditions and undertakes to perform
its obligations as set out below:



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3.    Effective Date

This
letter will take effect from the date on which the Agent notifies the Company and the Banks that it has received the documents and evidence specified below in form and substance
satisfactory to it (acting reasonably) (the Effective Date):



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4.    Representation

The
Company represents and warrants that the opinions, projections and forecasts in the budget of the Company for the financial year commencing on 1st April, 2003, which was delivered to
the Banks with the Company's presentations on 21st and 22nd May, 2003 and the assumptions on which that budget was based, were arrived at after due and careful consideration and enquiry and genuinely
represented its views.

5.    Miscellaneous

Each
Obligor enters into this letter on its own behalf.

Each
Obligor makes the representations Clauses 16.2 (Status), 16.3 (Powers and authority), 16.4 (Legal validity), 16.5 (Non-conflict) and 16.7 (Authorisations) of the Agreement
(on the basis that for this purpose references in those Clauses to the Agreement or the Finance Documents shall be construed as references to this letter).

Save
as expressly provided for in this letter, this letter is not a waiver or amendment of any term of the Finance Documents and the Finance Documents remain in full force and effect.

Each
Obligor confirms its acknowledgement and agreement to the above terms and conditions and its consent to the entry into of this letter by the Company. Each Obligor confirms that each
of the Agreement and the other Finance Documents (as amended from time to time including pursuant the above terms and conditions) and its obligations thereunder remain in full force and effect.

This
letter is designated a Finance Document and may be signed in any number of counterparts.

This
letter is governed by English law.

Please
confirm your acceptance of the terms of this letter, by countersigning it and returning it to Head of Agency Group at National Westminster Bank Plc (fax number: +44 20 7615 0106)
with copies to Louise Molloy at Bank of Ireland (fax number: +353 1 604 3079) and to David Murray at Allen & Overy London (fax number: +44 20 7330 9999).

| |  | Yours faithfully,                                                                                         
| |  | ----------------------------------------------------------------------------------------------------------
| |  |                                                                                                           
| |  | For National Westminster Bank PlcIn its capacity as Agent (acting with the approval of the Majority Banks)

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We agree to the above terms and conditions:

|For |  | Waterford Wedgwood Plc                    |  | 
|--- |  | ----------------------------------------- |  | 
|For |  | Waterford Wedgwood U.K. Plc               |  | 
|For |  | All-Clad Holdings Inc.                    |  | 
|For |  | Waterford Wedgwood GmbH                   |  | 
|For |  | Josiah Wedgwood & Sons Limited            |  | 
|For |  | Statum Limited                            |  | 
|For |  | Waterford Wedgwood Retail Limited         |  | 
|For |  | Wedgwood Limited                          |  | 
|For |  | Waterford Crystal Limited                 |  | 
|For |  | Waterford Crystal (Manufacturing) Limited |  | 
|For |  | Waterford Wedgwood Japan Limited          |  | 
|For |  | Waterford Wedgwood USA Inc.               |  | 
|For |  | WW Inc.                                   |  | 
|For |  | Waterford Wedgwood Finance Inc.           |  | 

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AS WITNESSwhereof the parties hereto have caused this Agreement to be duly executed by their authorised representatives as of the dates
written below.

|For and on behalf of WATERFORD WEDGWOOD PLC |  | For and on behalf of WELLSPRING HOLDING INC.
|------------------------------------------- |  | --------------------------------------------
|Signature:                                  |  |                                             
|Date:                                       |  |                                             
|Witness:                                    |  |                                             
|Witness:                                    |  |                                             
|Date:                                       |  |                                             
|Witness:                                    |  |                                             

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