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Thresher Group sold for undisclosed sum

Published:  23 July, 2008

Consortium led by private equity and pension investor Edmund Truell picks up the struggling chain.

Terra Firma, the private equity firm run by Guy Hands, sold the some 2000-strong stores to Truell founder of Duke Street Capital along with the pension assets of the Thorn television rental business.

It is unclear whether Hands made any profit on the sale. The amount has not been disclosed.

Hands bought the chain from leisure groups Whitbread and Punch in 2000 for 225m.

Thresher owns The Local, Wine Rack, Threshers off-licences and Hadows in Scotland. It has around 12,000 employees.

Despite boasting that it has half the British population within 10 minutes walk of a store, the chain has suffered in recent years due to competition from supermarkets and "booze cruise" trips to France.