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
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies