Struggling supermarket chain Kwik Save has secured a "substantial investment" that it hopes will reinvigorate the 229-store business.

"We aren't releasing many details as yet," a spokesperson for the company told just-food today (2 February), confirming that the unnamed investor will take a majority stake in the company.

The investment, rumoured to be worth around GBP70m (US$137.84m), is scheduled to be complete by 16 February. The company said that as part of the agreement a new CEO and chairman would be appointed.

"The business will now move to implement its strategy to ensure Kwik Save has a successful and secure future," the company said in a statement emailed to just-food.