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Waverley calls in administrators

Daniel Butters and William Dawson, partners at Deloitte, were been appointed joint administrators for Waverley TBS, one of the UK’s largest wholesale distributer, on October 2.

The administrators say they are now scaling down efforts to sell the business as a going concern, having been unable to find a buyer. Butters 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."
Waverley will now continue to operate with a reduced workforce of 97 employees, while the administrators realise value from the assets of the business.  As a result, 685 employees were made redundant on October 8.


9 October 2012 - Felicity Murray