Administration looms for WaverleyTBS

WaverleyTBS appears to be in the process of going into administration. It has been rumoured that HMRC have put a halt to the company releasing goods from Bond. Customers in Scotland were left in the dark as the news broke, with some expecting deliveries tomorrow.
Heineken sold the business in June 2010 to Manfield Partners, and the company immediately began a cost-cutting exericise and shed jobs. Latest accounts looked promising with profits to December 2011 improving by 5.5% to a pre-tax profit of £4.2m despite revenue falling to £309.4m – a 11.6% drop.
At the time Jeremy Blood, executive chairman at WaverleyTBS said, “WaverleyTBS is back on course, winning with customers, managing costs and delivering profit growth.”
Said one industry insider, “This could certainly open the market up. It will be certainly be an interesting time as everyone juggles for position in a market that is declining in volumes especially in the On Trade.”