Wholesale drinks distributor Waverley TBS is being wound-up by its administrators after they failed to find a buyer for the business.
The company, which has two large DCs at Punchbowl Park in Hemel Hempstead and Felling, near Gateshead, as well as smaller deports across the UK, was licensed to run more than 300 vehicles.
These were operated via a combination of own-account and third party providers.
As a consequence of the failure to find an outright buyer, 685 Waverley employees have been made redundant with 97 retained to assist the administrators, Deloitte.
“Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for business.
“Whilst we will continue to consider offers for the sale of the business a going concern, we will no focus on realising value from the company’s assets,” the administrators said in a statement.
Waverley entered administration on 2 October, with Deloitte’s Daniel Butters and Bill Dawson handling the process.
Waverley embarked on a restructuring phase in 2010.