- Published on Monday, 08 October 2012 21:05
- Written by Gemma McKenna
The adminstrators of WaverleyTBS have scaled back their efforts to find a buyer for the business and will instead focus on selling the assets.
Today the administrators at Deloitte confirmed that 685 employees were being made redundant, while the firm will operate with a skeleton staff of 97 as assets are sold.
Last week Harpers reported that a number of firms including rival Matthew Clark and new distributor Ooberstock were in discussions with Deloitte about possibly buying parts of the business. It is thought the firm's collapse has left an estimated £10 million owing to creditors, but administrators have not yet calculated the final figure.
Daniel Butters, joint administrator and restructuring services partner at Deloitte, said: "Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for the business. Whilst 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.
"Unfortunately, it has been necessary to make 685 redundancies at Waverley's sites across the UK. We will retain a core team of 97 employees to assist us in realising value from the company's assets."
Butters added: "We are extremely grateful to the staff and management for their support throughout this difficult time. We would also like to thank the Job Centre and Insolvency Service for their cooperation and help."
Waverley and its parent company were placed into administration on 2 October 2012. News of the firm's financial difficulties took both credit insurers and creditors by surprise, with many learning of its troubles on the day it was announced.
Daniel Butters and Bill Dawson of Deloitte, the business advisory firm, were appointed as joint administrators.