Off licences in administration
by Nicky
First Quench Retailing, which owns The Wine Rack and Threshers, was reported last night to have gone into administration placing approximately 6,500 staff at risk. It has been reported that the company’s accountants, KPMG, intend to sell the company as a going concern.
First Quench Retailing have been hit by supermarket competition as demonstrated in the year to 28 June 2008 when the company lost £1.7 million, before tax, on a turnover of £687 million.
It would therefore appear that competition from supermarkets, combined with the recession, have resulted in the company going into administration.
Similar Posts:
