Threshers owner First Quench Retailing has made 81 redundancies at head office following its collapse into administration last night.
The group as yet has not closed any stores or made any store staff redundant. However, according to administrator KPMG, it is likely that some shops will close and further redundancies made.
The administrator is assessing the viability of each shop, and is trading the company while a buyer for the business as a going concern is sought.
86 of First Quench’s shops are operated on a franchise basis, and operate as separate businesses by their own management teams. As such, they do not fall within the remit of the administration. KPMG said it will continue to support the supply needs of the franchisees as far as possible while the business is traded.
Richard Fleming, UK head of restructuring at KPMG, said: “Trading in the off licence sector has become increasingly competitive in recent years, with the recession proving too much of an additional burden in this case. The business has a comprehensive geographic footprint, however, and we believe this presents a compelling opportunity to other retailers who may wish to extend their reach. We will continue to trade the remaining business while we seek a buyer.”
- KPMG has set up a general enquiry helpline number and email address, at 0844 576 8862 / email@example.com.
- Potential buyers should call Michael Maccallum or Louise Ingham at KPMG on either 020 7311 8582 or 020 7694 3459.
- Further detailed information for stakeholders, such as landlords, employees and creditors, is available on the website, threshergroup.com.