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Threshers owner in administration
Posted: 30 Oct 2009, 06:11
by 2 As and a B
First Quench, the owner of Threshers, The Local, Wine Rack, and Haddows, has gone into administration.
Administrators KPMG will look to save "as many jobs as possible" by selling the business as a going concern.
All stores will stay open and all the company's 6,500 employees will be paid as usual next week, they said.
The company had been looking at various ways of restructuring the business to avoid administration as it struggles during the recession.
It has suffered from increased competition from supermarkets, and from stock problems earlier this year.
'Challenging marketplace'
It said it had been unable to warn staff of the move to call in KPMG.
"It is with great regret that the board was not able to brief our colleagues prior to [the announcement] being made public," the company said.
"This was always our intention but, unfortunately, the news leaked. There is a full programme of communication which will commence from Friday morning to our colleagues," it added.
On Wednesday, First Quench released a statement saying that "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 First Quench and any decision will be made in the best interests of the business and its stakeholders."
First Quench has 1,300 stores under its various different brand names.
http://news.bbc.co.uk/1/hi/business/8332813.stm
This is a disaster. There are 4 Threshers in town, one expensive real ale off-licence and several supermarket chain stores.
Posted: 30 Oct 2009, 08:45
by re
Hope the workers keep their spirits up. They'll just have to grin and beer it. sorry.
Posted: 30 Oct 2009, 09:17
by Mark
re wrote:Hope the workers keep their spirits up. They'll just have to grin and beer it. sorry.
I'm not having a wine at your post, but shouldn't it read 'gin & beer it' ?
Posted: 30 Oct 2009, 10:11
by 2 As and a B
Those that red the signs could tell that all was not rosé.
Posted: 30 Oct 2009, 10:22
by re
Mark wrote:I'm not having a wine at your post, but shouldn't it read 'gin & beer it' ?
Damn you're right, you out-punned me. No sour grapes from me though. I'm not bitter.
Posted: 30 Oct 2009, 10:28
by emordnilap
Another victory for Tesco, eh?
(No, that's not a pun, it's sad reality).
Posted: 30 Oct 2009, 10:33
by 2 As and a B
re wrote:Mark wrote:I'm not having a wine at your post, but shouldn't it read 'gin & beer it' ?
Damn you're right, you out-punned me. No sour grapes from me though. I'm not bitter.
Stout fella!
Posted: 30 Oct 2009, 10:40
by emordnilap
More workers on the brew.
Alcohol you if I think of any more.
Posted: 30 Oct 2009, 10:59
by 2 As and a B
All white, likewise if I hear of any brewing on the grapevine.
Posted: 30 Oct 2009, 11:07
by neckiep
It sounds like a rum deal to me. This thread is starting to get off topic with all these puns. Can people just stick to talking about peak ale in future.....
Posted: 30 Oct 2009, 11:17
by emordnilap
A corker! I see your pint! A barrel of laughs. I'm getting a pain from laughing...but it might be a sham.
Posted: 30 Oct 2009, 12:00
by Andy Hunt
Difficult not to be bitter about this recession - it's not a pretty pitcher.
Thresher as a brandys one of the strongest out there, they've racked up a pretty distinctive label over the years - at yeast they still have the bols to try and continue trading now they've distilled it down to the most profitable area and syphoned off the dregs. May as well give it one more shot, no use in doing it by halves is it. Measure for measure it has to be one of the more liquid sectors of the economy - it's just that the bar has been raised a bit.
No baileys-out for the drinks industry it seems. It's a wkd business.
Posted: 30 Oct 2009, 12:04
by emordnilap
Thanks bud.
Posted: 30 Oct 2009, 12:13
by Andy Hunt
Always have to cap it off don't you.
Posted: 30 Oct 2009, 13:01
by emordnilap
Coors I have.