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
The convenience store took the decision to bring in KPMG after a number of
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
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.