'Store closures likely' at failed Threshers owner
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The administrator of First Quench Retailing, the owner of the Threshers off-licence chain, has said it could be sold off piecemeal after it collapsed late on Thursday evening. Richard Fleming, the joint administrator at KPMG, said: "We know there is going to be a lot of interest in the business. We might end up with one big buyer or five, six or seven transactions."
His comments came after KPMG made 81 of First Quench's head office staff redundant yesterday. While no stores have yet closed, KPMG said: "Unfortunately, it is likely that some store closures and further redundancies will be made." The group, which is owned by the private equity firm Vision Capital, has 6,283 staff, although many work part time. Mr Fleming said First Quench, which operates 1,202 Threshers, Wine Rack, The Local, Bottoms Up, Victoria Wine, and Haddows fascias, was forecast to lose "at least" £20m in the financial year to June 2010.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments