THE intellectual property (IP) rights of drinks wholesaler WaverleyTBS Ltd have been sold off by administrators.
The former wholesale arm of brewer Scottish & Newcastle went into administration last month with the loss of around 700 jobs, including 200 at its Gateshead site.
Joint administrators Daniel Butters and Bill Dawson of Deloitte said IP rights including the Waverley name, brand and trademarks had been sold to C&C IP Sarl.
The administrators are in the process of winding down the Manchester-based business and realising value from its assets. They are looking at offers received for Waverley’s remaining unencumbered stock and have started to return ‘Retention of Title’ (ROT) stock to suppliers. Stock worth £3.5m has been returned.
Butters said: “We would like to thank the staff for their continued support as we wind down the business. We are continuing to realise value from Waverley’s assets and mitigate creditors’ losses where possible.”
Around 45 people are still employed to help with the wind-down. As well as its Gateshead site, Waverley operated from around 20 locations across the UK. Documents lodged with Companies House earlier this week revealed the business collapsed with debts of more than £75m.
Although its assets had an estimated book value of £72.5m, the administrators only expect them to realise £9.7m.