Costcutter rules out First Quench bid


costcutter interior1Convenience retailer Costcutter is reported to have ruled out buying any of the stores on the market as a result of First Quench Retailing falling into administration.

The symbol group has over 1,500 stores in the UK and had been linked with a bid for some of the outlets, which trade as Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine.

But Costcutter told offlicencenews.co.uk it had considered a bid but decided against it.

Administrator KPMG has already closed over 700 First Quench stores but said a number of interested parties had contacted it about the business.

Costcutter grew sales in the first half-year by 10.3% to £324m with the chain averaging turnover of more than £12m per week.

It said turnover could exceed £600m for the financial year.

 

 

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