Waverley TBS ceased trading leaving £40.5m unpaid to 200 trade creditors

12 November 2012
Waverley TBS ceased trading leaving £40.5m unpaid to 200 trade creditors

Drinks supplier Waverley TBS, which collapsed into administration last month, left £64.5m of debts to unsecured creditors.

A report by administrators Deloitte, lodged at Companies House, showed that major drinks firms were left being owed millions each.

It owed Diageo £6.1m, while Heineken was awaiting payment of a £4.3m bill. AB InBev is owed £3.5m, and Miller Brands £1.7m.

In total, there are 200 trade creditors, owed a total of £40.5m. Smaller brewers were also hit by the administration, with the like of Black Sheep Brewery owed £29,000, Everards owed £25,600, Fuller Smith and Turner owed £214,000 and Shepherd Neame owed £167,000.

Meanwhile HMRC is owed nearly £12m, including £6.1m in duty, £4.8m in VAT liability, and £1.1m in PAYE and NIC contributions.

The administrators' report showed a book value for Waverley TBS of over £72.5m, but they estimate that only £9.7m of that figure will be realised, meaning that most creditors will be left significantly out of pocket.

Administrators lay off 685 Waverley TBS workers and start asset sell-off >>

Waverley TBS administrators in negotiations over sale >>

Waverley TBS in administration >>

By Neil Gerrard

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