A private consortium of investors has put together a GBP50m (US$97.5m) rescue package for struggling food retailer Kwik Save. It is hoped that the cash injection will save the retailer, which has been in constant decline since it was sold by Somerfield.
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The consortium was led by Paul Niklas, who has been appointed Kwik Save chairman and CEO.
According to the company, this latest investment will secure Kwik Save’s future. The group aims to become the “face of local shopping”. The new board will review the range, services and operations offered by the company in order to meet customer expectations at a local level.
“I recognise that there will be difficult decisions to be taken over the coming months to ensure Kwik Save survives in an increasingly competitive marketplace,” Niklas said. “Initially, I will be working hard to develop relationships with existing and new suppliers to ensure stock is replenished to acceptable levels before implementing a long-term strategy.”
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