Up to a third of First Quench stores were under par says KPMG chief
KPMG insolvency expert says hundreds of outlets run by Threshers operator were not profitable
Up to a third of First Quench Retailing’s 1200 off-licences were not
profitable, according to KPMG’s UK restructuring chief.
Richard Fleming said while “800 or 900” of the off-licences, which include
Threshers, Wine Rack, The Local and Haddows, were in profit when First Quench
called in the administrators, the rest were suffering financially.
“Some are marginal and could be profitable with someone else,” he told
Grocer. There’s been a lot of interest from off-licences and supermarkets
and other high-street operators. We would love to see as many stores as possible
sold so employment is preserved.”
First Quench Retailing employed approximately 6,300 people, but 373 stores
are to close forcing 1,738 redundancies, administrators said last week