Members of the Wedgwood family have welcomed a pledge from billionaire John Caudwell to save an irreplaceable pottery collection from being lost to the region – but only if it remains in trust.

Mobile phone tycoon Mr Caudwell, whose £1.5 billion fortune earned him second place on the Birmingham Post Rich List  in 2011, has revealed plans to buy the unique Wedgwood collection to preserve it for the region.

He made the pledge after a High Court ruling that the 10,000-piece Wedgwood Museum collection in Stoke-on-Trent can be sold off to help plug a £134 million pension fund shortfall.

Experts say the move will bring some cheer to both the region’s tourism and manufacturing sectors, as the collection plays a crucial role in promoting the Staffordshire ceramic industry.

Stoke-on-Trent city councillor Alison Wedgwood, whose husband Tom is a direct descendant of Wedgwood founder Josiah Wedgwood, said she welcomed Mr Caudwell’s plans.

However, she said it was vital that any arrangement reached about the Wedgwood collection ensured that it remained in trust, so it could be seen by future generations in Staffordshire.

She said: “If we had some guarantees that it was going to be saved forever and not become part of anyone’s personal collection then we would be very happy.

“The family would back anyone who said they were going to make sure the collection is going to be held in trust.

“We need to raise a certain amount of money – we are not clear how much at the moment – but as long as it remains in trust that is the most important thing.”

The High Court ruling that the historic collection is not held by the Barlaston museum in trust, and so can be sold to pay off creditors, comes after months of campaigning and legal battles from people desperate to ensure it is not broken up.

The problems began when historic pottery manufacturer Wedgwood went into administration in 2009, and Bob Young and Steve Currie from Begbies Traynor were made administrators of followed by the museum in April 2010.

But the museum was later hit with a £134 million claim from Wedgwood Group Pension Plan, putting the collection, which includes rare pottery, paintings and manuscripts, under threat.

It had previously been thought the items could not be sold as they were held in charitable trust, but Judge Charles Purle QC in Birmingham High Court ruled that was not the case.

The court was told the collection is worth between £11.5 million and £18 million.

Mr Caudwell, who sold mobile phone giant Phones 4u, the business he founded, in 2006, said it was unfair that a key part of the region’s heritage could be sold off, and vowed to act to ensure it remained on display for all to see.