Exhibit2.25

WACHOVIA BANK, NATIONAL ASSOCIATION1133 Avenue ofthe Americas New York NY 10036USA

Waterford Wedgwood plcEmbassy House Herbert Park Lane Ballsbridge Dublin4 Ireland

on behalf of the Obligors under the FacilityAgreement described below

5 May 2005

Dear Sirs

FACILITY AGREEMENT DATED 30 SEPTEMBER 2004

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| (A)  | GENERAL |

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| 1.  | Werefer to the following documents: |

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|  | (a)  | €210,000,000and US$30,000,000 facility agreement (the "**FacilityAgreement**") dated 30 September 2004 and made betweenWaterford Wedgwood plc as the Company (1), the Original Borrowerstherein named (2), the Original Guarantors therein named (3), theOriginal Senior Lenders therein named (4), the Original Senior TrancheB Lenders therein named (5), the Ancillary Facility Providers thereinnamed (6) and Burdale Financial Limited as agent for an on behalf ofthe Finance Parties ("**Burdale**")(7); |

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|  | (b)  | the letter ofagreement dated 14 December 2004 between Waterford Wedgwood plc (1),Sir Anthony O'Reilly (2) and Burdale (3) (the"**Letter of Agreement**"); |

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|  | (c)  | the deed of appointmentof new agent and new security trustee dated 5 January 2005 and madebetween Burdale (1) and Wachovia Bank, National Association("**Wachovia**") (2) under the terms ofwhich the role of agent and security trustee under the FinanceDocuments was transferred from Burdale to Wachovia; and |

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|  | (d)  | the letter of agreementdated 11 February 2005 between Waterford Wedgwood plc (1), GlandoreLimited (2) and Wachovia (3). |

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| 2.  | Termsdefined in the Facility Agreement have the same meanings where used inthis letter. |

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| (B)  | RESERVES |

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| 1.  | Paragraph (E) of the Letter of Agreement(dealing with the reserves and subordinated debt) shall be and ishereby deleted. |

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| 2.  | There subsist at presentthe following Reserves (among others): |

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|  | (a)  | a Reserve totalling€40,000,000 in respect of the WW Subordinated Facility andthe Rosenthal SubordinatedFacility; |

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|  | (b)  | a Reserveof €5,000,000 in respect of the Ancillary Facilities;and |

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|  | (c)  | a permanentReserve of €20,000,000. |

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| 3.  | Weagree that the Reserve described in paragraph (B)2(a) above shall bereduced by an amount of €15,000,000 so that the level ofsuch Reserve shall be and remain €25,000,000 subject tothe reduction in accordance with paragraph (B)9 below and any otherreduction consented to by the relevant percentage of Lenders requiredunder the Facility Agreement. Such reduction of€15,000,000 shall become effective when all of theconditions in paragraph 4 below have been satisfied. |

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| 4.  | The reduction ofthe Reserve pursuant to paragraph (B)3 above is subject to theconditions that: |

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|  | (a)  | noDefault is subsisting at the time of the reduction; |

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|  | (b)  | no prepayments orrepayments in respect of the WW Subordinated Facility and the RosenthalSubordinated Facility have been made prior to such reduction; |

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|  | (c)  | the Company shall haveentered into an engagement letter with Deloitte & Touche, London,in the form attached as Annex 1 to this letter; |

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|  | (d)  | receipt by the Agent ofa letter addressed to it by Sir Anthony O'Reilly and Peter JohnGoulandris (the "**Shareholders**") in theform attached as Annex 2 to this letter (the"**Shareholders'Letter**"); |

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|  | (e)  | paymentof a fee of €325,000 to the Agent on the date of thisletter for distribution among the consenting Senior Lenders party tothis letter in accordance with their respective Pro Rata Share;and |

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|  | (f)  | payment of a feeof $300,000 to the Senior Tranche B Lender on the date of thisletter. |

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| 5.  | The commitment of theShareholders to provide additional funds to the Company in accordancewith the Shareholders' Letter shall be reduced by theamount: |

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|  | (a)  | equal to70% of the net proceeds received on or after the date of thisletter by the Company of any of the Financial Indebtedness permittedunder paragraph (H)1 of the Letter ofAgreement; |

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|  | (b)  | equal to70% of the net proceeds received of any disposals permittedpursuant to paragraph (G) of the Letter of Agreement or of any otherdisposal permitted under clause 24.4(b)(xiv) of the Facility Agreementor 100% of the net proceeds received or any disposal permittedpursuant to clause 24.4(b)(xix) of the Facility Agreement on or afterthe date of this letter, to the extent that they are paid into aBlocked Account (and, in the case of disposals pursuant to clause24.4(b)(xix) of the Facility Agreement, to the extent such proceeds arenot required to be applied to prepay the Senior Tranche B Facility);or |

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|  | (c)  | equal to anyadditional funds provided by a new Senior Tranche B Lender over andabove the Senior Tranche B Facility Limit as at the date of thisletter, provided that the Company obtains an opinion addressed to theAgent from Clifford Chance in accordance with clause 6.4(j) of theFacility Agreement demonstrating that the additional funds may beprovided without contravention of the High Yield Bond Indenture;and/or |

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|  | (d)  | equal to100% of the proceeds of any equity or debt raised by any memberof the Group after the date of this letter that is not provided by theShareholders pursuant to the Shareholders' Letter (and"debt" for the purpose of this paragraph(B)5(d) means any amounts raised as permitted by clause 24.8(a)(xvii)or (xxii) of Facility Agreement). |

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| 6.  | Weconfirm that the Company and any other member of the Group may andshall pay the net proceeds of any additional equity or debt raised byany member of the Group after the date of this letter into an OtherAccount (and "debt" for the purpose of thisparagraph (B)6 means any amounts raised as permitted by clause24.8(a)(xvii) or (xxii) of Facility Agreement). |

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| 7.  | The permanent Reserve of€20,000,000 shall not be released without the consent ofall Lenders. |

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| 8.  | The following provisionshall be inserted into clause 24.10 of the Facility Agreement insubstitution for the existing clause: |

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|   | "The Company shall procure thatneither the WW Subordinated Facility nor the Rosenthal SubordinatedFacility is repaid or prepaid unless the Required Lenders haveconsented to such payment." |

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| 9.  | We agree that, if the reduction described inparagraph (B)3 above has been effected, we shall reduce the Reservedescribed in (B)2(a) above by a further amount of€15,000,000 so that the level of such Reserve shall be andremain €10,000,000 subject to any further reductionconsented to by |

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|   | the relevant percentage of Lenders requiredunder the Facility Agreement. Such reduction of€15,000,000 shall become effective when all of theconditions in paragraph (B)10 below have been satisfied and we agreenot to accept the fees referred to in paragraph (B)10(f) below untilall of the other conditions in paragraph (B)10 below have beensatisfied. |

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| 10.  | The reduction of the Reservepursuant to paragraph (B)9 above is subject to the conditions that: |

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|  | (a)  | no Default issubsisting at the time of such reduction; |

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|  | (b)  | no prepayments orrepayments of the WW Subordinated Facility and the RosenthalSubordinated Facility have been made prior to such reduction; |

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|  | (c)  | receipt by the Agent ofa consultant's report from Deloitte & Touche and responsefrom the Company, both report and response to be in form and substancesatisfactory to the Required Lenders; |

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|  | (d)  | if Saberasu JapanInvestments II B.V. has either consented to this reduction or has beenreplaced as Senior Tranche B Lender by a new lender who consents tothis reduction; |

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|  | (e)  | atthe time of such proposed reduction, the Agent is satisfied that theCompany's restructuring spending is in accordance with its 2006budget levels; and |

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|  | (f)  | payment of a fee of€325,000 to the Agent for the distribution among theconsenting Senior Lenders in accordance with their respective Pro RataShares on the date the reduction becomes effective and payment of a fee(if any) as agreed between the Company and the Senior Tranche BLender. |

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| 11.  | Any additional funding by theShareholders pursuant to their commitment under the Shareholders'Letter, if provided by way of debt shall be subordinated to theexisting indebtedness of the Obligors to the Finance Parties on termsacceptable to the Majority Lenders. |

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| (C)  | MISCELLANEOUS |

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| 1.  | This letter is a Finance Document. |

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| 2.  | This letter shall amend and vary the FinanceDocuments as set out above and, save as amended or varied by thisletter, the Finance Documents shall remain in full force and effect inaccordance with their terms. In the event of any inconsistency betweenthis letter and the Finance Documents, this letter shall prevail. |

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| 3.  | This letter is written by us as Agent forthe Lenders under the Facility Agreement. |

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| 4.  | This letter is governed by English law. |

Please confirm your agreement by counter-signing a copy of thisletter.

Yours faithfully

/s/ Dave LuceForand on behalf of**Wachovia Bank, National Association**As Agent for and on behalf of the Finance Parties

Weagree

/s/ PatrickDowling                                        **WaterfordWedgwood plc (on behalf of itself and the otherObligors)**

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We agree

/s/ HughFitzpatrick                                    **GEEuropean Leveraged Loans Limited** As Senior Lender

We agree

/s/ CarmenBernardis**Bank of America N.A.** As Senior Lender

We agree

/s/ MichaelMeehan**The CIT Group/Commercial Services Inc** AsSenior Lender

We agree

/s/ LanWong**Wells Fargo Foothill LLC** As Senior Lender

We agree

/s/ Andrew Sudlow/SharonCanham**UBS Limited** As Senior Lender

We agree

/s/ DaveLuce**Wachovia Bank, National Association** As SeniorLender

We agree

/s/ BenHummel**Saberasu Japan Investments II B.V.** AsSenior Tranche B Lender

Annex 1:    Deloitte &Touche Engagement LetterAnnex 2:    Form of Shareholders'Letter

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