Waverley TBS jobs culled as buyers melt away

Waverley, administration, Deloitte, Butters, jobs, redundancies, distributor, buyers, assets News Wine News http://decanter.media.ipcdigital.co.uk/11150/000003db3/3431_orh100000w160/Waverley-TBS.png http://decanter.media.ipcdigital.co.uk/11150/000003db3/b2ae/Waverley-TBS.png
  • Wednesday 10 October 2012

Administrators of the collapsed UK drinks wholesaler Waverley TBS have been forced to cut nearly 90% of its staff after failing to find a buyer.

Waverley TBS

Joint administrator Daniel Butters, of Deloitte, announced that 685 Waverley TBS employees have been made redundant. A skeleton staff of 97 will continue to work at the distributor.

Despite saying last week that negotiations were underway with several potential buyers of the business, Butters said that a sale now looks unlikely.

'Whilst we will continue to consider offers for the sale of the business as a going concern, we will now focus on realising value from the company’s assets,' he said.

Waverely TBS' collapse came as a surprise to many in the wine, beer and spirits industry. The financial failure of one of the UK's largest distributors, meanwhile, reflects a tough environment for the UK bar and pub sector in general.

A full account of Waverley's debt and creditors has yet to be released.

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