Drinks supplier WaverleyTBS collapses into administration
Around 830 jobs are under threat after one of the UK's biggest drinks suppliers collapsed into administration.
Deloitte were called in as administrators to WaverleyTBS, which supplies alcoholic and soft drinks to clients including Thorpe Park and Madame Tussauds parent company Merlin Entertainments.
Deloitte said it was in talks with a number of interested buyers for Waverley and is continuing to trade the business while it seeks to secure a rescue deal.
The collapse comes just two years after private equity group Manfield Partners bought the business from Heineken with aims to revive declining sales.
The administration follows that of JJB Sports on Monday, with the loss of around 2,200 posts.
The business has its headquarters in Chesterfield, Derbyshire, and employs 830 staff at 18 sites across the UK, including Gateshead, Hemel Hempstead, Dagenham, Haydock in Merseyside and Wincanton in Somerset.
Waverley was originally the wholesale arm of Scottish & Newcastle, which was taken over by Heineken in 2008 in a joint deal with Carlsberg.
Manfield Partners said Waverley fell victim to a tough pubs and restaurants market as consumers rein in their spending.
It said: "Unfortunately Waverley has increasingly had to contend with very tough trading conditions in the UK on-trade, pressures on consumer spending and tightening credit terms."
Waverley was loss-making when it was sold in 2010 and Manfield said it had worked closely with the firm to improve performance and trim costs.
"Despite all the efforts of the board to find a buyer or strong financial partner for the business over the past two months it has been unable to do so and therefore concluded that it should ask its lenders to appoint an administrator," added Manfield.
Daniel Butters, head of the restructuring services practice at Deloitte in the North East, offered hope for the business as he said potential buyers were "keen".
He added: "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."
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe the Stark may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 A pint of water every day is the key to losing weight, scientists say
- 5 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
Moody neurotics are more likely to be creative geniuses, study says
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£20000 - £25000 per annum + competitive + incentives + uncapped comms: SThree:...
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...
£25000 per annum + benefits: Ashdown Group: A large financial services company...