Further details have emerged about the group that took over the struggling UK discount store brand Kwik Save on Monday (27 February).

An entrepreneurial group of retailers from inside and outside the brand, called BTTF, purchased 171 stores from Somerfield – which said it wanted to focus on high street shopping through its own brand.

BTTF, which is led by Paul Niklas former managing director of construction company Formica, also includes former Kwik Save director Steve McArdle and Alan Birchall, former managing director at Costcutter International.

Kwik Save’s presence in the UK will be slashed in half as a consequence of the deal, with new owners BTTF taking over the mantle of a brand termed unsuccessful by previous operators Somerfield.

In the deal, estimated to be worth around GBP200m (US$350.7m) by Reuters, 102 stores will be converted to the Somerfield brand name and a further 77 sold to other retailers. Because only BTTF will continue the operation of Kwik Save stores, in total it means the termination of 179 Kwik Save supermarkets.

The brand conversions will be completed by March as further transitions continue through the year. BTTF has stressed there will be no redundancies in the purchased stores and has established its head office in Huddersfield, leading to the creation of over 50 jobs.

Niklas said: “Today marks a recommitment to the Kwik Save brand and its already strong local presence. We will, over time, be refreshing the store image whilst maintaining the existing offer of quality branded products at competitive prices. We will also be looking for opportunities to source local produce wherever possible, to bring local products direct to the local community.”