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Waverley TBS makes 685 redundancies

Drinks wholesaler Waverley TBS has cut 685 jobs after administrators at Deloitte could not find a buyer for the struggling firm. The alcoholic beverages and soft drinks supplier said it would operate on a reduced workforce of 97 people while the majority of its employees at the company’s 18 UK sites would be made redundant.

Waverley’s website is now headed by an “In Administration” banner, after Daniel Butters and William Dawson, partners at Deloitte, failed to find a buyer for the company and its parent, Huntingtower Investment Group. Deloitte said it would now determine the value from the assets of the business, and would work with Job Centre Plus to help employees who have lost their jobs.

Joint administrator, Daniel Butters, commented: “Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for the business. 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. Unfortunately, it has been necessary to make 685 redundancies at Waverley’s sites across the UK. We will retain a core team of 97 employees to assist us in realising value from the company’s assets.”

The firm has offices in Hertforshire, Derbyshire and Tyneside, and supplies to Merlin Entertainments-owned Madame Tussauds and Thorpe Park. Mr Butters added: “We are extremely grateful to the staff and management for their support throughout this difficult time. We would also like to thank the Job Centre and Insolvency Service for their cooperation and help.” The company went into administration earlier this month, as reported on Bdaily.

This was posted in Bdaily's Members' News section by Miranda Dobson .