Decanter World Wine AwardsWaverley TBS goes into administration
- Wednesday 3 October 2012
More than 800 jobs at 18 sites are under threat at the Chesterfield-based company, which supplies alcoholic and soft drinks to thousands of outlets around the UK, inluding Madame Tussauds and Thorpe Park.
Administrators Deloitte have been called in only two years after the company was bought from drinks giants Heineken by private investment group Manfield Partners, in June 2010.
The company, whose core business is selling to pubs, bars and restaurants, had been badly affected by the economic downturn: by June 2010 it had had two reviews of its business in a year, and had announced plans to cut about 200 jobs – roughly 15% of its workforce.
Deloitte partners Daniel Butters and William Dawson have been appointed joint administrators to Waverley. The company will continue trading while they attempt to find a buyer, they said in a statement.
Butters, leader of the Restructuring Services practice at Deloitte in the North East, said, ‘WaverleyTBS is a prominent business within its industry and we are in negotiations with a number of interested parties who are keen to acquire the company.
‘The company has a committed workforce and a strong customer network across the UK, supplying to a large proportion of both national and free trade beverage retailers across the country.’
Waverley generated pre-tax profits of £4m in 2010, against a loss of £0.9m the year before.
Have your say!
Ben
October 08 23:17
They were independent once upon a time Andy, and successful by doing it 'properly', but the companies who bought them (Beer Seller and Waverley) deconstructed the ethos that created the success - certainly the Beer Seller side of it.
Also. the decision to tell a large chunk of smaller outlets basically to 'piss off' instead of apologising and introducing a small delivery charge wasn't too smart.
Speaking as an ex-employee, we could see it coming a long time ago. Very sad for my old work-mates though.
Leigh W Dryden
October 05 21:14
I find it interesting that a company like this for so many years can be so successful yet once purchased by a larger organisation who btw wine is not their core business that they are now being placed in administration.
The question is did the business fail or was the business failed by its new owners and it leadership team. I know times are tight but lest look behind the headline.
Michael Ruggiero
October 04 21:19
So sorry to see the company go as I have traded with them for over 17yrs, feel sorry for all the staff who have looked after us. Hope you will find work elsewhere and thank you once again
Andy
October 04 13:59
This was always going to happen with there slash prices to undercut and get business,With customers given replacement stock etc and out of stock constantly. Not good enough. Goodby let the smaller independents do it properly like we have always done.