Unwins was founded as a family-owned and run business in 1843, in Kent. It remained in family ownership until March 2005, when it was sold to private equity firm DM for £32 million.[1] With Unwins being based primarily in London and the south-east of England, the fate of its fortunes suffered from its restrictve geography. With the advent of the 'booze cruise' cut-price cross-channel ferries (along with, to a lesser extent, LeShuttle operating through the Channel Tunnel) allowing Unwins' target market ready access to a vast array of high quality, and popular brands of French wines along with beers and spirits – all by the case loads, at rock-bottom cash-and-carry prices – this put an untenable strain on both the business model, and their long-term future profitability.[1]
On 19 December 2005, Unwins collapsed and went into insolvency, with, at the time, the closure of 381 stores and the loss of 1,800 Unwins staff jobs.[1] Accountancy firm KPMG were appointed as joint administrators, and they were able to sell 200 former Unwins stores to rival firm and First Quench Retailing-owned Thresher Group, and intended saving 1,200 former jobs.[1] It was reported that the ultimate downfall of Unwins was due to its failure to adapt and evolve its offerings to the needs and requirements of the current market trends.[1]
Thresher Group, which then already had around 2,000 UK stores, including Wine Rack, Victoria Wines and Bottoms Up – were to convert its 200 Unwins stores into the Threshers brand.[1] Thresher Group having completed the integration of the Unwins stores into its South East England estate found itself in a similar situation to the company it had partially rescued and First Quench the holding company entered administration 29 October 2009. KPMG were appointed as joint administrators.
