Kwik Save wins stay of execution
Kwik Save wins adjournment to stay out of administration, as it looks to agree refinancing deal with KPMG's help
Kwik Save has agreed an adjournment of its application for entering into
administration.
The courts awarded the troubled retailer the adjournment to allow it time to
sort out a refinancing package.
KPMG is working with Kwik Save
directors to agree a funding package that will save ‘many jobs’ at the
company.
‘Over the past ten weeks, since the business was taken over by new
management, there has been considerable time and capital injected. However, it
became evident that unless the business was restructured, additional funding
would not be forthcoming and it would not have a strong financial future,’ said
a Kwik Save statement.
Accountancy Age revealed that since Kwik Save refinanced earlier in
the year it had continued to face a barrage of county court judgments against
it.
Further reading:
Kwik Save hit by dramatic rise in CCJs in
last few months