Turnaround funds eye Threshers business - sources

* Little Chef owner R Capital eyes stores

* Convenience stores and multiple retailers also looking

* Threshers franchise business may be spun out

By Simon Meads and Tom Freke

LONDON, Nov 6 (Reuters) - Funds specialising in turning around troubled companies are among the favourites to buy the stores of British liquor chain Threshers from administrators, people familiar with the matter said on Friday.

Private equity firms, convenience store operators, rival off-licence chains and retailers are all poring over First Quench's stores, which include Threshers and other chains, as its administrator KPMG looks to secure a speedy sale, the people said.

R Capital, the owner of Little Chef, the roadside restaurant chain that called in Michelin-starred chef Heston Blumenthal to revitalise the menu at the chain, is looking at the business, as is private equity firm Rutland Partners, sources said.

Hilco and Endless, which also specialise in turning around distressed companies, are interested in all or parts of First Quench's network, sources said.