BusinessBusiness RecoveryThreshers and Local Wine Rack binned

Threshers and Local Wine Rack binned

First Quench Retailing enters administration with more stores than Woolworths

First Quench Retailing entered administration yesterday, putting its
subsidiaries Threshers, Local Wine Rack and Scotlands Hadows in jeopardy.

The company, which employees 6,500 staff, including 3,000 full time members,
has said it will be able to pay staff until the end of the week.

The company has 1,300 stores – approximately 500 more than Woolworths which
folded earlier this year.

KPMG hopes to sell the company as a going concern, but a company spokesman
said it was “doubtful” that one individual or company would “buy the whole lot”
.

Ian Corfield and Richard Fleming are appointed as joint administrators from
KPMG.

In a statement FQR said: “The board’s discussions with KPMG confirm that the
best prospects for the business is a sale as a going concern thereby preserving
as many jobs as possible.”

“The administrators have confirmed that they will be seeking to operate the
business as normal whilst seeking a sale as a going concern and this will
include meeting next week’s payroll.”

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