Deloitte, the administrator handling the closure of Woolworths and distribution arm EUK, has confirmed that it is to step down its efforts to try and find a buyer for the distributor.

It also confirmed MCV’s earlier report that 700 staff were this morning made redundant, and that a skeleton staff of 375 people will remain in place for the time being.

“Regrettably, despite our continued efforts, we have been unable to identify a suitable buyer for the business,” joint administrator and reorganisation services partner at Deloitte Dan Butters stated. “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 700 redundancies at the company’s head office and distribution centres in Middlesex. We will retain a core team of 375 employees.”

Deloitte added that it is working with Job Centre Plus to support those who have lost their jobs.