In the Spotlight - Waverley Calls in the Administrators
Waverley said it was in administration on Tuesday
Waverley, the former wholesale unit of Heineken's Scottish & Newcastle arm, went into administration on Tuesday, felled by difficult trading conditions in the UK and credit problems.
Owner Manfield Partners has appointed two partners at Deloitte to handle its affairs, but in the press talk has already turned to which firm could be willing to make a bid for the stricken drinks distributor and its 831 staff.
Rival Matthew Clark was tipped as a possible suitor, with Molson Coors, Carlsberg and the online distributor Ooberstock also contenders. In a tweet on Tuesday, Ooberstock said: "To all Waverley customers, we are here to help in this time of uncertainty".
Administrators, meanwhile, said they were in talks with a number of potential buyers, according to the Herald.
Any future owner, however, may be left with a lot to clean up. Drinks firms including Diageo and Heineken are in talks with Waverley over unpaid stock, just-drinks reported yesterday. Anheuser-Busch InBev is also rumoured to be keen to claw back money from the wreckage, but were not commenting publicly.
Just why the company crashed is so far unclear. However, today, the Times suggested the company lacked credit to the tune of GBP14m. A combination of bad weather and the refusal of suppliers to extend credit conspired to push Waverley over the edge, the paper reported.
“It's shocking how quickly things changed,” it quoted an insider as saying.
The Derbyshire-based Waverley was acquired by Manfield Partners in June 2010 for a price "in the low tens of millions", the Daily Telegraph said.
It will need a fresh intervention on a bigger scale to save itself this time.
Heineken last week announced plans to build a 1.5m-litre capacity brewery in Ethiopia, which, with the second-largest population in Africa, is a major focus for international brewers....
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