The administrator of First Quench Retailing has sold a further parcel of shops to off-licence chain Rhythm & Booze and is in negotiations with individual franchisees about transferring leaseholds.
Administrator KPMG has sold 34 shops to Rhythm & Booze. This follows the sale last week of the Wine Rack brand and 13 shops to Venus Wine & Spirits, and eight to SEP Properties as Dave’s Discount Stores.
KPMG is also in negotiations with franchisees about transferring individual leaseholds after the group’s collective bid to buy back all the franchisee shops was rejected as too low.
Geoffrey Sturgess, partner at Blake Lapthorn, which is advising the franchisees, is hopeful most franchisees that want to carry on independently will be successful and could then form a buying collective.
KPMG remains in negotiations for the sale of more than 100 shops.