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    PwC to help find £30m for grocer

    PwC to help find £30m for grocer

    Huge cash injection needed for Kwik Save stores

    Author Date published September 21, 2006 Categories

    PricewaterhouseCoopers has been called in by Back To The Future (BTTF), the
    owner of Kwik Save, to advise on a £30m fundraising.

    Some sources claim the money is need by the supermarket to stem heavy
    losses, while others close to Kwik Save insist that the money is being raised to
    finance development of a new store format currently being tested in a small
    number of stores

    BTTF, which is led by Richard Peacock, chief executive of Peacock Group,
    bought Kwik Save in February from Somerfield.

    According to the Times, when owned by Somerfield the chain was
    estimated to lose £1m a week.

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