The wholesaler feel into administration last Friday when Deloitte said it was in talks with interested parties. However, it has admitted it is to "scale down efforts to sell the business as a going concern, having been
unable to find a buyer".
As a result, Waverley will continue to operate with a reduced workforce of 97 employees, while the administrators "begin to realise value from the assets of the business".
Daniel Butters, joint administrator and restructuring services partner at Deloitte, said: “Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for the business. Whilst we will
continue to consider offers for the sale of the business as a going concern, we will now focus on realising value from the company’s assets.
“Unfortunately, it has been necessary to make 685 redundancies at Waverley's sites across the UK. We will retain a core team of 97 employees to assist us in realising value from the company’s assets.
“We are extremely grateful to the staff and management for their support throughout this difficult time."