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Update on WaverleyTBS limited

16 November 2012

The Joint Administrators of WaverleyTBS Ltd – In Administration (Waverley), the wholesale distributor of drinks, have today announced the sale of the intellectual property rights of Waverley (including the Waverley name, brand and trademarks) to C&C IP Sarl.

As announced on 8 October, the Joint Administrators are winding down the business and seeking to realise value from its assets.  The administrators are in the process of considering a number of offers received in respect of Waverley’s remaining unencumbered stock.  The Joint Administrators have also begun to return ‘Retention of Title’ (ROT) stock to suppliers, prioritising the return of short-life ROT stock in order to mitigate creditors’ losses.  To date, around £3.5m of stock has been returned to suppliers.

Daniel Butters, Joint Administrator and restructuring services partner at Deloitte, said: “We would like to thank the staff for their continued support as we wind-down the business. We are continuing to realise value from Waverley’s assets and mitigate creditors’ losses where possible.”

Waverley currently retains 45 staff.  A number of those initially retained to assist with the wind-down have left to take up longer term employment opportunities.

Waverley and its parent company were placed into administration on 2 October 2012.  Daniel Butters and Bill Dawson of Deloitte, the business advisory firm, were appointed as Joint Administrators.

Ends

Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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