Pension Corporation, the insurance company set up by entrepreneur Edmund Truell to buy out company pension funds, this week finally sealed an acquisition of First Quench’s £160m pension scheme, which includes the schemes of Threshers and Wine Rack, six years after its first attempt.

The 2,000 former employees of the firm, which went bust in 2009, have reason to toast the complicated deal. David Collinson, co-head of business origination at Pension Corporation, said the firm was "proud" to have secured better benefits for members "and bring stability after what must have been a concerning time for the members".