LONDON (Reuters) – The administrators of First Quench Retailing have cut 81 head-office jobs at the owner of British off-licence chains Threshers and Wine Rack and expects to make more redundancies as they look for a buyer.
“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,” Richard Fleming, UK head of restructuring at administrators KPMG, said on Friday.
KPMG said it had not immediately closed any of First Quench’s 1,202 stores, which also include The Local, Bottoms Up, Victoria Wine and Haddows brands, but that it was assessing each of their viability.
“81 redundancies have been made at head office, based in Welwyn Garden City. Unfortunately it is likely that some store closures and further redundancies will be made,” it said.
First Quench, backed by private equity firm Vision Capital, employs around 6,300 people. (Reporting by Mark Potter; Editing by Erica Billingham)