Waverley TBS, one of the UK's biggest drinks wholesalers, has gone into administration.
More than 800 jobs at 18 sites are under threat at the Chesterfield-based company, which supplies alcoholic and soft drinks to thousands of outlets around the UK, inluding Madame Tussauds and Thorpe Park.
Administrators Deloitte have been called in only two years after the company was bought from drinks giants Heineken by private investment group Manfield Partners, in June 2010.
The company, whose core business is selling to pubs, bars and restaurants, had been badly affected by the economic downturn: by June 2010 it had had two reviews of its business in a year, and had announced plans to cut about 200 jobs – roughly 15% of its workforce.
Deloitte partners Daniel Butters and William Dawson have been appointed joint administrators to Waverley. The company will continue trading while they attempt to find a buyer, they said in a statement.
Butters, leader of the Restructuring Services practice at Deloitte in the North East, said, ‘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 company has a committed workforce and a strong customer network across the UK, supplying to a large proportion of both national and free trade beverage retailers across the country.’
Waverley generated pre-tax profits of £4m in 2010, against a loss of £0.9m the year before.
Written by Adam Lechmere
