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.
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.
Written by Chris Mercer
