KPMG fails to sell off Haddows

29 October, 2010

Haddows is the last “live asset” of First Quench not to have been sold by the administrator, it has emerged.

A year after the off-licence business was put into the hands of KPMG with debts of £41 million, the Haddows name has failed to find a buyer despite once dominating the Scottish off-sales market.

Administrator Ian Corfield told OLN he was pleased with the progress that had been made in the past 12 months and hoped to have “some good news” for FQR creditors in the near future.

At present they have been told to expect 1.4p in the pound, but KPMG still has some negotiations to complete involving the pension fund and logistics company Norbert Dentressangle.

KPMG recently applied to the court for an extension to the administration. Corfield said at one point around 50 KPMG staff were involved in the process, a number which has been scaled down to fewer than five.

First Quench Special from page 11




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