WaverleyTBS falls into administration
Daniel Butters and William Dawson, partners at Deloitte have been appointed joint administrators to WaverleyTBS today.
WaverleyTBS employs approximately 830 staff at 18 sites across the UK. The joint administrators intend to continue to trade the company whilst attempting to find a buyer for the business.
Daniel 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.”
The Publican's Morning Advertiser sister title M&C Report broke the news this morning that the company was on the verge of administration.
Rival wholesaler Matthew Clark is thought to be tabling a bid for the business.
A source close to WaverleyTBS last night told M&C Report: “A big two day sales and marketing briefing in Nottinghamshire – due to start tomorrow (2 October) has just been cancelled at the last minute: ‘Postponed due to unforeseen circumstances.’
“Staff have spotted suppliers counting stock in the warehouses, and trucks are going out with half the orders missing.
“Matthew Clark is rumoured to be tabling a bid – the trade is simply not big enough for both businesses.”
A senior contact at Matthew Clark said he was bound by a confidentiality agreement not to comment on the matter but added: “As of now – 6.50pm on 1 October, Waverley is not in administration, but that’s all I can say.”
Nobody at WaverleyTBS has been available for comment.
The news follows the appointment in the summer of Steve Benger as its new chief executive, Jon Hughes as marketing director and Mark Johnston as its first chief financial officer.
Benger told M&C report in August that Johnston’s appointment was the “last piece in the jigsaw” for the management team at WaverleyTBS, which was bought from Heineken in 2010. He said the firm would be looking at acquisition opportunities going forward.
In May, WaverleyTBS reported a 5.5% rise in pre-tax profits to £4.2m following a company restructure in its first full year of trading.
