Hallmark on a silver teapot

Can anyone help identify this hallmark which is on the bottom of what I believe is a silver teapot? I have a suspicion that it may be Welsh or even perhaps French.

This looks like an electroplate mark rather than a silver hallmark. I certainly can’t see anything there which could be part of a national hallmark system. Unfortunately the first letter of the manufacturer’s initials seems to have been defaced so I am unable to work out what it is.