KPMG were appointed as administrators for First Quench in October and is currently in the midst of closing over 1100 Threshers and Wine Rack stores throughout the UK.
Joint administrator Richard Fleming commented: “Despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market, however some of the stores may still be sold as going concerns.”
Stock liquidation sales are to run from December 1st with final store closure by December 20th.
Venus Wine & Spirits Merchants plc has bought 13 stores and the Wine Rack brand, and SEP Properties has bought eight.
On November 20th KPMG said it was closing 381 outlets with 1,908 workers being made redundant along with 34 from the head office of FirstQuench.
Source: Bloomberg
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