BusinessBusiness RecoveryKwik Save avoids administration

Kwik Save avoids administration

Kwik Save ditches administration plan after management raise additional funds 

Kwik
Save
has secured funds to stop the retailer from entering into
administration.

Following days of press speculation, Grant Thornton partner Les Ross said the
accounting firm’s partners were not required to manage a Kwik Save
administration, as the retailer withdrew its petition order for an
administration today.

‘Grant Thornton
has today confirmed that while it had been on standby to deal with an
administration, [Kwik Save] management had been making strenuous attempts to
raise additional funding and has now been successful in doing so.

‘Consequently at a Court hearing on Wednesday 7 March, the director’s
petition for an administration order was withdrawn,’ said Ross.

Further reading:

KPMG administrators called in at
Toyworld

Insolvency set back 20 years by court
ruling

Retail chain calls in
KPMG

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