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News
Hatch Mansfield successful in FQR debt recovery
Good news has emerged from one substantial creditor of the First Quench Retail collapse in late October last year.
Hatch Mansfield, which was owed £850,000 by the off-licence chain, has managed to reduce its debt to £30,000 including legal fees.
Key to its debt recovery was the decision by administrators KPMG to accept Hatch Mansfield’s retention of title claim – the supplier’s right to reclaim delivered but unsold goods.
Patrick McGrath MW, managing director of Hatch Mansfield, UK agent for Taittinger, Louis Jadot and Errazuriz among others, explained: “The reason we managed to recover the debt was down to a good working relationship we had with the administratior – right from day one we we worked closely with them.”
News of Hatch Mansfield’s success follows further drinks business reports of successful debt recovery by FQR creditors.
In particular, and similarly, UK importer Mentzendorff recovered significant quantities of stock following the pursuit of the company’s Retention of Title claim.
Patrick Schmitt, 01.02.10