UK: Greggs eyes First Quench buy, bid deadline nears
Greggs, the UK retail bakery chain, has confirmed it is interested in buying around 100 Threshers stores from the collapsed First Quench Retailing group.
First Quench Retailing collapsed into administration last month and administrator KPMG is attempting to sell the majority of its 1,200 stores, which include Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine.
A spokesperson for Greggs confirmed the group's interest to just-drinks today (12 November).
"Greggs are interested in buying 100 stores but whether they will be able to get any, I don't know," he said. "I think the bids are in tomorrow." If successful, stores would be converted to Greggs outlets.
KPMG, the administrators for First Quench Retailing, today declined to name interested parties.
"When a company is in administration you want to sell it as quickly as possible, so we need to make sure the sale process happens pretty quickly," A KPMG spokesperson said.
"We're looking towards bids by the end of this week and then hopefully we will start to progress things next week.
"It's still in the negotiation process and we've had stacks of interest so we're just working out the best one."
KPMG yesterday announced a further 35 job cuts First Quench head office. The move leaves the retailer with 92 head office staff, compared to 208 prior to its collapse into administration, and follows KPMG's decision to liquidate 373 of First Quench's 1,200 stores, with the loss of more than 1,700 jobs.
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