The Wine Rack brand will continue to trade after the administrator of owner First Quench Retailing sold the rights to the fascia and 13 of its stores.
The stores bought by Venus Wine & Spirits Merchants are in London and the south east of England.
Administrator KPMG has admitted it is struggling to complete the sale of the 1,200-store estate formerly run by First Quench. It has also announced the closure of a further 391 stores, resulting in 2,140 redundancies.
“Despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market,” said KPMG’s UK head of restructuring. Richard Fleming.
“However, we are still in talks regarding the sale of over 100 stores and hope to be able to make a further announcement about this shortly.”
He added: “We also remain hopeful that some of the 391 stores announced today might still be sold as going concerns before the closure process is completed, but with stock now running low in the remaining stores, it has been necessary to make plans to close them.”
KPMG had previously announced the closure of 754 stores, 247 of which are now shut.
Read more
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KPMG expects to sell off all FQR fascias (14 November 2009)
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