Supermarket operator Somerfield has sold struggling discount chain Kwik Save to retail company BTTF.
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Somerfield has released the Kwik Save brand name and 171 stores to BTTF, a new company specifically formed to operate Kwik Save.
In addition, 102 Kwik Save stores will be converted to the Somerfield brand name and a further 77 Kwik Save stores sold to other retailers.
Somerfield said in a statement: “The operation of Kwik Save along side the core business has been unsuccessful and Kwik Save has incurred substantial losses.”
Reuters news agency suggested a purchase price for the deal of around GBP200m.
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By GlobalData
