The managing director of struggling discount supermarket chain Kwik Save will be leaving the company after the retailer secured new financial backing rumoured to be in the region of GBP30m (US$56m).
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“We aren’t giving an exact figure, but it is in that region,” a representative for the company told just-food this afternoon (17 October).
The retailer was purchased by private investment consortium Back to the Future (BTTF) in July, and has secured new financial backing from an unnamed private investor to help fund expansion, refurbish stores and revamp the company’s image.
Andrew Villars, the second managing director to leave the group in four months, joined Kwik Save in July.
“Commercial director David Birchall will serve as acting MD. We are looking into replacing the role of MD and restructuring the company,” the Kwik Save spokesperson told just-food.
Kwik Save said yesterday that it had bought 45 Somerfield stores, taking its portfolio to 229 outlets in the UK. All staff will become employees of Kwik Save and there will be no redundancies, the company added.
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By GlobalData
