FIRST QUENCH DELIGHTED WITH 33m PROFIT

Published: 23 July, 2008

First Quench has announced an operating profit of 33.1 million for its first full financial year under the ownership of Nomura International's Principal Finance Group. This compares with a loss of 28.6 million in the previous year's figures. The UK's largest drinks retailer recorded 1.1 billion of sales (10% of the market), reduced overhead costs by 30% and has invested 10 million in new systems and infrastructure. Chief executive David Williams said: It's been an extraordinary year of progress. We've been completely focused on turning the business around to give it a viable future, and we've delivered. We have embarked on a series of investments in people and systems that will enable First Quench to continue as a hugely significant force in drinks retailing.' Williams gave due credit to the new management team, although one prominent member, Philip Selwood (ex-commercial director), left unexpectedly at the end of February to pursue his career elsewhere'. His role at First Quench is now obsolete. According to a spokesman, the company will be looking for someone who is more specialised in the supply chain side of the business'.

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