Bristol Threshers off-licence jobs under threat
The First Quench Retailing (FQR) group, which also owns Wine Rack and Haddows, is weighing its options after warning earlier this year of its ability to continue as a going concern.
The firm has around 100 staff and 17 stores in the Bristol area, trading under the Thresher, Wine Rack, Bottoms Up, Victoria Wine and The Local brand names.
In a statement, the group said: "The board of FQR notes speculation about the future of the company.
"It is no secret that the credit crunch has made a very competitive marketplace even more challenging.
"The board, in consultation with its advisers, has been actively considering a number of restructuring and strategic options for FQR and any decision will be made in the best interests of the business and its stakeholders."
The company, which employs 6,500 mainly part-time staff, at 1,300 shops in England, Scotland and Wales, has been struggling with problems including competition from the supermarkets and the impact of the financial slump.
KPMG is advising the group on its options which include finding a buyer to take it over.
The wine industry, like the rest of the retail sector, has been hit hard by the downturn.
Majestic Wine recently reduced its minimum purchase requirement from 12 bottles to six in a move seen as a way of insulating the group by allowing it to hang on to existing clients while attracting new ones.
Threshers has been busy shutting stores for many months. Earlier this month, First Quench announced that Martin Healy, its acting chief executive, had resigned to "pursue other business interests".
Some franchisees have complained about not receiving sufficient stock to fill their shelves.
It is understood that a pre-pack administration – where the business is able to rise out of administration almost immediately following a pre-arranged sale of its assets – is a potential option for the firm.
A company voluntary agreement – which involves insolvency arrangements with creditors and avoids administration – is also thought to be a possibility, although this process is considered less suited to First Quench.
Stores affected in the Bristol area include:
● Wine Rack: Totterdown, Clifton Village, Henleaze, Stoke Bishop and Keynsham
● Thresher: Bedminster, Bishopston, Backwell, Yatton, and two in Clifton
● Bottoms Up: Gloucester Road and Fishponds
● Victoria Wine: Staple Hill
● The Local: Henbury, Mangotsfield and Weston-super-Mare
Comment on this story