BusinessBusiness RecoveryKwik Save call in KPMG after payment problems

Kwik Save call in KPMG after payment problems

Struggling food chain turns to Big Four firm in bid to launch a recovery, after damaging payment problems 

KPMG has been drafted in
by beleaguered chain Kwik
Save
to advise its top brass on a rescue plan.

The convenience store took the decision to bring in KPMG after a number of
suppliers including
Arla witheld stock after
‘payment problems’, the Telegraph reported.

The Kwik Save business was sold to a private equity consortium in February
2006 after a merger by previous owner, Somerfield. But since then, accounts
filed at Companies House by Somerfield have detailed Kwik Save’s ongoing
difficulties.  

The accounts revealed that in the year to April 2006 like-for-like sales
plummeted by £16.9% and  more than £77.8m of stock at both Somerfield and Kwik
Save had to be written off.

Further reading:

Leeds United creditors’ meeting set for 1
June
 

KPMG cooking up refinancing plan for Little
Chef
 

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