UK- Vision Capital's First Quench goes into administration

The group has appointed KPMG as adminstrators, who are currently seeking a buyer for the business. A quick sale, however, is thought to be unlikely, threatening the jobs of 6,500 people.

The company has said that the adminstrators plan to run the business as normal while attempting a sale.

First Quench owns Threshers, The Local, Wine Rack and Haddows in Scotland. It operates 1,300 shops. The business was hit hard by the downturn last year as well as by the withdrawal of credit insurance across the sector. Vision Capital invested £85m into the company along with a £20m loan.

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