Struggling off-licence chain Threshers has suffered another blow after losing its long-serving head of global sourcing Jonathan Butt.

His exit comes as the retailer — owned by First Quench — is suffering from a reduction of credit insurance which has affected stock deliveries to its stores.

Butt has worked at Threshers for 11 years and will leave later this month to set up his own agency and sourcing business. He may still do some consultancy work for the retailer, according to The Independent.

Threshers has appointed retail consultancy Javelin to help turnaround its fortunes. The retailer made a pre-tax loss of £30m in the period from May 16, 2007 and June 28, 2008.

Ernst & Young issued a “going concern” warning in the accounts, when it cited “material uncertainty” that cast significant doubt on its ability to continue trading.