BusinessBusiness RecoveryKPMG sells Kwik Save stores

KPMG sells Kwik Save stores

Administrators of troubled supermarket chain say they have sold 56 stores for £18m, saving 600 jobs

KPMG has secured a partial rescue package for Kwik Save after it sold a
number of stores but many redundant staff face a fight to reclaim lost wages.

The Big Four firm was appointed administrator of the supermarket company last
Friday following the closure of 90 stores, with the loss of 1,100 jobs.

But 56 stores were sold in a £18m deal – the outlets will be rebranded as
Fresh Express with staff at those outlets being paid in arrears on Tuesday,
according to
reports
.

Those losing their jobs are unlikely to be paid by administrators and will
have to make claims to the government for statutory redundancy pay.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

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

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor