First Quench goes into administration

First Quench Retailing,FQR,KPMG,Threshers, News Wine News
  • Friday 30 October 2009

First Quench Retailing has gone into administration.

The drinks retailer filed for bankruptcy late on Thursday, leaving 6,500 employees facing an uncertain future.

In a statement, the company said ‘all stores will stay open and all the company's 6,500 employees will be paid as usual next week.

‘The Board's discussions with KPMG confirm that the best prospect for the business is a sale as a going concern thereby preserving as many jobs as possible.

‘The administrators have confirmed that they will be seeking to operate the business as normal whilst seeking a sale as a going concern, and this will include meeting next week's payroll.’

First Quench, which owns Threshers and Wine Rack, has appointed KPMG as administrator.

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