UK: Two groups looked at "serious" bid for Waverley TBS
Two entities expressed “serious interest” in buying collapsed UK wholesaler Waverley TBS after it called in administrators last year, it has emerged.
A total of 19 parties were sent information about the business, but only two came forward, administrators Deloitte have revealed in a report, published last week. However, the two unamed parties withdrew their interest after due diligence exercises, the report said.
Waverley TBS went into liquidation last October after administrators could not find a buyer for the struggling firm. A total of 685 staff were made redundant.
The company owed creditors – including Diageo, Anheuser-Busch InBev, Bacardi-Brown Forman and Heineken – a total of GBP40.5m (US$64.8m). “Secured” creditors of the company have been paid in full, the report said. “Preferential” creditors, which includes items such as unpaid staff wages, will be paid when the firm is formally liquidated.
Rival supplier Matthew Clark was rumoured to have been looking to table a bid at the time.
Waverely TBS is being placed into a Creditors' Voluntary Liquidation, the report added. “The administrators propose to become the joint liquidators, the creditors' committee will become the liquidation committee, and the liquidators' renumeration will be fixed by reference to the given in attending to matters arising in the liquidation,” the report states.
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