Struggling Threshers owner First Quench Retailing has suffered a further blow as its head of supply chain left the retailer.
Stewart Honour, who had been with First Quench for just over a year, left this week and the company said it is “looking into plans for replacing his role”.
Honour is the latest departure from the ailing retailer, which has been battling supply problems after credit insurance was reduced for some of its suppliers. Earlier this month head of global sourcing Jonathan Butt left after 11 years.
A First Quench spokesman said: “Stewart, who goes with the company’s best wishes, is keen to explore other opportunities, including a desire to work overseas. We would like to thank him for his time here and wish him luck for the future.”
First Quench – owned by private equity firm Vision Capital – is working with retail consultancy Javelin to help turn around its fortunes. It admitted it has had “some temporary out-of-stocks in the supply chain” because of the credit insurance problem.
The group – which also owns Wine Rack and The Local – drafted in Bruno Kusters as chief operating officer in June, replacing its IT and central operations directors. Kusters, who is understood to have been hired by Vision Capital, has worked on major IT and operational projects for retailers such as Boots.
One source said First Quench might try to sell off parts of the business. It is thought former Somerfield chief Paul Mason has cast his slide-rule over the business, but Vision Capital said it is not actively seeking a sale and has not received any unsolicited offers.