Victorian discount-supermarket chain 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 on January 24.
“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 Mr 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.”
Based in Melbourne, the company has almost 200 staff, both in retail and administration.
The buyer was due to take day-to-day control of the business from yesterday (April 12) via a licence agreement, with completion of the sale expected immediately before the second meeting of creditors, which is to be held around mid-May.
A spokesperson for the entity that has acquired the NQR business – a private-equity group run by “like-minded deep-discount professionals” – says it looks forward to reviving the 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 and partners of the NQR business,” the spokesperson said.
NQR is promoted as offering a simple and effective clearance solution for manufacturers, wholesalers and retailers, with big-brand products at low 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 administrators’ appointment.