Grocery clearance store business NQR has been sold as a going concern and will continue to operate.
Bruno Secatore and Luke Targett of turnaround, restructuring and insolvency advisory firm Cor Cordis were appointed as Administrators of the Australian-owned NQR Grocery Clearance Stores business on 24 January 2018.
NQR offers a simple and effective clearance solution for manufacturers, wholesalers and retailers, offering big brand products at cheap prices across Victoria. The business has continued to trade throughout the Administration period from its remaining 14 stores, after four stores were closed shortly after the appointment.
“Following a process of making improvements to prepare the business as an attractive asset for sale, we are very pleased to be able to announce that an agreement to sell the business as a going concern has been successfully negotiated,” Cor Cordis Partner Luke Targett said.
“We consider this to be a very positive result given the tough retail environment. We appreciate the unwavering support of the NQR staff, suppliers and loyal customers. We are pleased that the long established business will continue to provide a niche offering to the community and that so many jobs have been saved,” he said.
Based in Melbourne, the company currently has almost 200 staff, both in retail and administration.
The Purchaser will take day-to-day control of the business from 12 April 2018 by way of a License Agreement with completion of the sale expected to occur immediately prior to the second meeting of creditors around mid May 2018.
A spokesman for the entity that has purchased the NQR business – a private equity group run by like-minded deep discount professionals – said that they look forward to reviving the NQR business, a true Australian owned discount grocery business, with a key focus on delivering unparalleled savings to everyday customers.
“In the coming weeks there will be a formal announcement from the incoming CEO who will announce exciting news for all customers, suppliers & partners of the NQR business,” the spokesperson said.
The NQR business will continue to operate as normal and will be focused on offering great discounts on leading grocery items to all its customers.