PwC to help find £30m for grocer
Huge cash injection needed for Kwik Save stores
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.