Kwik Save has
suffered a dramatic increase in the number of County Court judgments issued
against it by creditors in the last few months, Accountancy Age can
The company, which announced it will shut a third of its stores to try and
save the business, saw 36 CCJs entered against the company since 23 January, to
the value of £1.2m.
But the retailer had no CCJs issued against it in the previous 12 months.
Since chief executive Paul Niklas announced a £50m injection into Kwik Save
in March, the company continued to have CCJs issued against it. Following
Niklas’ announcement, 14 CCJs were issued, to the value of £494,000.
The figures underline the financial difficulties faced by the retailer in the
past few months.
One CCJ, issued at Redditch County Court, was to the value of £134,304.
In comparison Tesco had 11 CCJs issued against it during the last 18 months,
to the value of £63,000, figures from credit rating agency
‘If Kwik Save has had a £50m rescue package recently I can’t see it,’ said
Graydon MD Martin Williams.
Kwik Save would not comment on the figures.
Political and economic uncertainty behind the fall in confidence
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal