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First Quench set for administration?

Published on 29 Oct 2009 under category: legal

The owner of a major highstreet wine chain could be set to enter administration.

Around 6,500 jobs are thought to be at risk as First Quench, which owns the Threshers off-licence franchise, seeks a corporate restructuring.

Without this, the company could be set for insolvency.

A spokeswoman for the First Quench group said: "The board, in consultation with its advisers, has been actively considering a number of restructuring and strategic options and any decision will be made in the best interests of the business and its stakeholders."

The company, which has around 1,300 Threshers, The Wine Rack and The Local outlets all over the UK, launched measures earlier this year which aimed to cut business costs.

These included the closure of stores which were not returning a profit.

Earlier this month, research from Deloitte found that there was a 33 per cent rise in insolvencies among companies in the manufacturing sector during the first nine months of the year, when compared with the same period of 2008.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.