685 jobs axed following Waverley collapse
As many as 685 employees at wholesale distributor Waverley TBS have been made redundant today.
Since the company went into administration on Tuesday last week, joint administrators Deloitte have been looking without success for a buyer for the bankrupt business.
Hence, in a statement released this afternoon, Deloitte declared that it is “to scale down efforts to sell the business as a going concern”.
“Waverley will continue to operate with a reduced workforce of 97 employees, while the administrators now begin to realise value from the assets of the business,” it added.
As a result, 685 employees have been made redundant.