DELOITTE JOINT ADMINISTRATORS have been unable to find a buyer for drinks distributor Waverley TBS.
Earlier this month, Daniel Butters and William Dawson, partners at Deloitte, were appointed joint-administrators of Waverley TBS, one of the country’s largest wholesalers and distributors of alcoholic and soft drinks.
The company is headquartered in Chesterfield, and employs about 830 staff across 18 sites. However, the administrators have so far been unable to find a buyer for the business and, as a result, 685 staff have been made redundant.
Waverley’s customers include Merlin Entertainments, the operator of Alton Towers, and Madame Tussauds. It is the former wholesale arm of Edinburgh drinks giant Scottish & Newcastle but was sold more than two years ago.
The administrators will retain 97 staff while they try to realise value from the assets of the business.
Butters, restructuring services partner at Deloitte, said: “Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for the business. While 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.”