Fuham Road Wine Rack to Close

Other stores will trade until buyer is found

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The administrators of First Quench Retailing, the company behind a number of off-licence chains including Wine Rack, Threshers and Victoria have announced the closure of 373 stores, including Wine Rack at 674 Fulham Road.

Richard Fleming, UK Head of Restructuring at KPMG, and joint administrator, said: " Unfortunately, after reviewing the viability of the store network, 373 loss-making stores are to be closed. Depending on stock levels, 247 of the stores will continue to trade until 25th November, with 126 trading until 2nd December.

"As part of the closure programme, liquidation sales will take place at each of the stores scheduled to be closed with the stock being sold off at a discount."

He added that remaining stores, which include Wine Rack branches in Wandsworth Bridge Road and Fulham Palace Road, will continue to trade as usual until a buyer could be found.

He added: "So far, we have received considerable interest in the business from a range of buyers, including trade, individual investors and private equity. The remaining stores are trading well and we believe they present and attractive investment. We are confident of securing a sale in the coming weeks.

 

 

 

November 10, 2009

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