This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
News
Wine Rack saved
The trading name of bereft First Quench Retailing merchant, Wine Rack, has been snapped up by drinks wholesaler Venus Wine & Spirit Merchants.
As well as the Wine Rack brand, the wholesaler confirmed it has also acquired 14 Wine Rack stores located in London and the south east of England.
A new company has been formed to handle the takeover. LCL Enterprises will run the operation under the leadership of Venus Wine & Spirits Merchants’ chairman Laki Christoforou (pictured). Vice chairman of LCL Enterprises will be James Rackham, chairman of rival distributor Emporia Brands, which is also an independent wine merchant.
Christoforou has confirmed that the 14 shops he acquired were all profitable and added he hopes to retain several of the existing employees. He said: “My colleague James Rackham and I have visited each of these stores personally in the last few days. I can honestly say we were impressed with the staff in all of them which is why we are very keen to retain the 90 staff working in these outlets.
“We are confident that Wine Rack can soon become a growing and thriving business again which is why we were interested to purchase the trading name Wine Rack along with these 14 stores.”
Venus, which currently owns its own retail store in central London (Gerry’s of Old Compton Street) is to open another Gerry’s in Leeds early next year.
Venus has an annual turnover of £45 million and has increased its sales by 15% in value and volume in the last 12 months.
Jane Parkinson, 30.11.2009