Lovells takes lead on administration of Threshers parent company
Lovells has taken the lead role on the administration of off-licence retail chain First Quench Retailing, the parent company of Threshers and Wine Rack. The company went into administration today (30 September) after weeks of speculation, putting more than 6,000 jobs at risk across the company's network of stores.
October 30, 2009 at 09:37 AM
2 minute read
Lovells has taken the lead role on the administration of off-licence retail chain First Quench Retailing, the parent company of Threshers and Wine Rack.
The company went into administration yesterday (29 October) after weeks of speculation, putting more than 6,000 jobs at risk across the company's network of stores.
Administrator KPMG said that it is aiming to sell First Quench – which includes around 1,200 Threshers outlets – as a going concern. No shops have been closed immediately.
The Lovells team advising First Quench in the run-up to its insolvency was led by business restructuring and insolvency partner Stephen Foster alongside fellow partners Joe Bannister and Debbie Gregory and real estate insolvency partner Daniel Norris.
KPMG UK head of restructuring Richard Fleming commented: "Trading in the off-licence sector has become increasingly competitive in recent years, with the recession proving too much of an additional burden in this case. The business has a comprehensive geographic footprint, however, and we believe this presents a compelling opportunity to other retailers who may wish to extend their reach. We will continue to trade the remaining business while we seek a buyer."
Earlier this month, Denton Wilde Sapte secured the lead role advising on the administration and pre-pack sale of parts of restaurant chain Tootsies.
The top 20 UK law firm was drafted in to advise the administrators, BDO, on the deal, which will see 11 of Tootsies' 21 restaurants purchased by restaurant chain Giraffe Concepts.
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