Predators eye Threshers firm after collapse
Gordon Brothers, the US-based restructuring specialist, is understood to be interested in acquiring some or all of the collapsed off-licence group First Quench.
Trouble: First Quench has gone into administration owing millions
Administrators from KPMG were appointed on Friday to take control of the business and seek possible buyers.
The 1,202-store chain includes formats trading under the names Threshers, Victoria Wine, Wine Rack, Bottoms Up, The Local and Haddows.
Gordon Brothers has been beefing up its European team this year and scouring the UK for possible investment projects.
Others that may be interested in parcels of stores are European Food Brokers, owned by millionaire convenience store entrepreneur Raj Chada, rival off-licence chain Oddbins and value chain Bargain Booze, controlled by private equity firm ECI Partners.
KPMG was drafted in to consider options for the group before its collapse became inevitable and said it had already been contacted by potential buyers.
Richard Fleming, UK head of restructuring at KPMG, said First Quench had gone into administration after running out of working capital and being unable to refinance.
He said it still owed millions of pounds to suppliers and the taxman. However, staff would continue to be paid.
Simon Baile, managing director of Oddbins, said: 'If the right opportunity came along then of course we would have a look at making a bid.'
Oddbins last week filed its report and accounts that showed the 130-strong chain reducing its loss from £10.5m in 2007 to £8.3m last year.
Baile added: 'We've made significant progress, but we're not patting ourselves on the back just yet.'
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