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Morning Briefing Strap Line
Mon 8th Oct 2012 - Breaking News Monday
WaverleyTBS staff to hear outcome of sale process this afternoon: WaverleyTBS staff has been called to a meeting this afternoon at 3pm to hear the outcome of the quick-fire sales process undertaken by administrator Deloitte.   Deloitte asked interested parties to table bids for the company by midnight on Thursday, with a view to a completion of a deal by the end of yesterday. The meeting at 3pm is expected to reveal the outcome of the process – if no buyer has been found the company could face liquidation. Waverley customers have suffered major inconvenience since the administration occurred with no wine or spirits supplies. One operator told Propel: “We’ve seen the inconvenience that is caused by a single week of no supplies. It is embarrassing when your fridges do not have the usual stock – people think it’s your business that is in trouble. We’ve had to explain to customers that a major wine supplier has gone into administration. Stocking your sites on a bottle-by-bottle basis is hard work. Luckily, we have found another supplier that has matched WaverleyTBS prices. We would return to Waverley if it can be saved from administration although that depends on how quickly things can be returned to normal. Our problems, of course, are as nothing compared to the hundreds of people whose jobs are at risk.” One major problem for Waverley has been that £5m of wine and spirits stock is in a bonded warehouse and Her Majesty’s Revenue and Customers is unwilling to release the stock until outstanding bills are settled. The situation means that a number of contracts with customers are voided and time is of the essence in the bidding process. Enterprise Inns, for which Waverley is the wine and spirits supplier, has already told licensees without stock that they can buy outside of the tie. The 60-strong wine team at Waverley were made redundant soon after the administration. One source said: “Many customers have been fantastic in terms of standing by Waverley while the situation is worked through.” Waverley was pushed into administration after major suppliers reduced credit terms, wet weather had a negative affect on revenues and its borrowing facility was reduced by £6m. The company mounted an intensive 12-week marketing period prior to the administration as its situation worsened. Waverley’s collapse came after owner Manfield Partners looked to be enjoying success in focusing on higher margin customers – in 2011 the company made a pre-tax profit of £4.2m on turnover down £40.2m to £309.4m.
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