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petition for an administration order was withdrawn,’ said Ross.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

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

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

Business Recovery Manchester law firm enters into administration

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

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m 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

8m 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

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor