Mon, 08 Oct 2012 | ADMINISTRATION
Alcoholic and soft drinks wholesaler and distributor WaverleyTBS has entered administration.
The business has appointed advisory firm Deloitte to handle the administration and will continue to trade under the control of the firm's partners William Dawson and Daniel Butters while a buyer is sought.
Mr Butters, who is the leader of Deloitte's restructuring services practice in the North East, commented: “WaverleyTBS is a prominent business within its industry and we are in negotiations with a number of interested parties who are keen to acquire the company.”
The collapse of the firm comes two years after private equity group Manfield Partners bought the company from Heineken with the hope of improving sales. However, a statement from Manfield confirmed that this had not been possible due to “very tough trading conditions in the UK on-trade, pressures on consumer spending and tightening credit terms.”
WaverleyTBS counted 830 individuals as employees across its 18 sites. It is hoped that a buyer will be found to save these positions. But at the moment, the future of Waverley remains uncertain and customers in some areas of the UK will not receive deliveries due to the fact that HM Revenue & Customs has halted stock leaving bonded warehouses.
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