BusinessBusiness RecoveryKwik Save hit by dramatic rise in CCJs in last few months

Kwik Save hit by dramatic rise in CCJs in last few months

Kwik Save creditors issued over £1m in County Court judgments against the struggling retailer since January, Accountancy Age can reveal

web exclusive

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
reveal.

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

Graydon
revealed.

‘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.

Further reading:

Ken Bates: Leeds could be doomed without
CVA

Administration is tactical victory for relegated clubs

Government blasted over ‘insolvency-lite’
proposals

Related Articles

Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

1d Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

2m Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

6m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

7m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

9m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

10m Emma Smith, Managing Editor