Nomura International’s Principal Finance Group is buying First Quench from Punch Taverns and Whitbread for £225m.
The off-licence chain has about 2,500 outlets in the UK, trading as Wine Rack, Thresher, Victoria Wine and Bottoms Up.
Punch will use its 50% share of the deal to develop its core pub estate and reduce debt. It wants to expand its Q sports bars chain and its Great Local neighbourhood pub operation.
Whitbread will use its share to expand its hotels and leisure business, including Marriott Hotels, Café Rouge and David Lloyd Leisure, by acquisition and organic growth.
Financial Times 11/09/00 page 28
The Daily Telegraph 11/09/00 page 27, page 29 (thecitychecklist) The Times 11/09/00 page 21 (What The Sunday Papers Say), page 23
The Independent 11/09/00 page 9 (What The Sunday Business Papers Said)
The Guardian 11/09/00 page 23
