Waverley TBS jobs culled as buyers melt awayWaverley, administration, Deloitte, Butters, jobs, redundancies, distributor, buyers, assets News Wine News http://www.decanter.com/news/wine-news/530524/waverley-tbs-jobs-culled-as-buyers-melt-away 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
- 2012-10-10T10:30:00+01:00 Wednesday 10 October 2012
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.