FQR refuses to comment on administration rumours
First Quench has refused to comment on speculation that it is on the brink of going into administration.
The retailer is understood to be taking advice about its future from auditor KPMG, but told OLN no decision had yet been made.
FQR said: “The board of FQR notes recent media speculation about the future of the company. 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 FQR and any decision will be made in the best interests of the business and its stakeholders.”
Earlier this month, FQR appointed Johan Van de Steen as its new executive chairman to oversee a new turnaround plan. At the same time owner Vision Capital injected £10 million to accelerate the strategy which centered on improving availability and operational efficiencies.